Blog

The Moroccan Economy in Brief: Friday, November 8, 2019

A new investment of MAD 270 million in Immorente Invest's cash position:
Immorente Invest is finalizing, more than a year in advance, the investment program of the MAD 400 million raised at the time of its initial public offering in May 2018. It has just acquired "Atrium" and "Contempo", totalling approximately 13,000 m2 fully leased. This investment of MAD 270 million is in addition to the MAD 250 million invested in 2018 and 2019, including the construction of a 17,500 m2 covered plant for Faurecia, the acquisition of 2,500 m2 of offices leased by Huawei and Engie's headquarters in Bouskoura over an area of nearly 9,500 m2 built.


Regus opens its 18th Moroccan centre:
Regus continues to grow in Morocco. The specialist in flexible workspaces has just opened a new site in Casablanca, in Anfa Place. This is its 18th business centre in Morocco, a very attractive market for International Workplace Group (IWG), Regus' parent company. "Morocco, the 3rd most attractive African country in the world according to the World Bank's latest "Doing Business 2020" ranking, has become a strategic market for IWG," says Regus. In Anfa Place, the new business centre has private offices, 99 workstations, a coworking area, meeting rooms and parking spaces.


Bank loans: growth of 5.1% at the end of September 2019:
Bank credit growth was virtually flat at the end of September 2019. In its latest monetary statistics, Bank Al-Maghrib reports a 5.1% increase for a total outstanding amount of MAD 898.4 billion, representing an additional MAD 43.86 billion in outstanding amounts compared to the same period of the previous year. By analysing the evolution of loans by economic purpose, the central bank shows an increase in real estate loans. They consolidated by 3.4% in the first nine months of the year. The outstanding amount reached for this purpose was MAD 274.73 billion. Outstanding housing loans amounted to MAD 213.08 billion during the same period, including MAD 6.88 billion in equity financing for housing. Loans to real estate developers continued their downward trend. They amounted to around MAD 58.60 billion, down 2%.


Equity Invest raises €8 million:
8 million euros, or nearly 85 million dirhams, is the amount raised by Equity Invest S.A. in mezzanine financing from the South African fund Vantage Capital. This financing will be dedicated mainly to the organic and external growth of the Moroccan group. In particular, it will enable Equity Invest to strengthen its stake in Unisystem Group by acquiring the shares of the SME Croissance fund, managed by AfricInvest, and to integrate more technology companies into its fold, whether in Morocco in particular or in Africa in general.


Sound Energy sells 51% of its Moroccan assets for $112.8 million:
Only a few days after its agreement with ONEE to supply the latter with 0.5 billion cubic metres of gas per year, Sound Energy concluded an agreement to sell a large part of its interests in the Oriental region. For the time being, the British company has not yet disclosed the name of its new partner. However, it claims to have selected it from among 23 suitors with whom it has signed non-disclosure agreements. The prior agreement signed with the new partner covers the Tendrara concession, the Tendrara Petroleum Agreement and the Anoual permit, all located in the east of the Kingdom and referred to as Eastern Morocco in the contract.