Blog

The Moroccan Economy in Brief: Monday, April 15, 2019

Jumia makes its entrance on Wall Street:
Jumia, the African leader in online commerce, took its first steps on Wall Street on Friday with great fanfare. The company's stock jumped by about 30% from its debut on the famous New York Stock Exchange (NYSE) trading floor under the symbol "JMIA", around 14:20 GMT. On this occasion, the first listing on the NYSE of an African technology company, New York Square, rolled out the red carpet: it displayed a large poster in the company's orange and black colors on its exterior facade and let the managers ring the bell marking the beginning of the session. The transaction raised $196 million.


The AMMC is conducting studies to integrate the Blockchain and ICOs:
The Moroccan Capital Market Authority (AMMC) is working on a project to digitalize capital market infrastructure. Studies are underway to integrate new technologies such as Blockchain, Initial Coin Offering (ICO), Artificial Intelligence, Internet of Things... Recall that ICO is a fundraising method that works by issuing digital assets that can be exchanged for cryptomeria.


Launch of the mobile application "VisitMeknes":
On the eve of the opening of the 14th edition of the International Agricultural Show, the Meknes Provincial Tourism Council (CPT) has just launched the new mobile application "VisitMeknes". According to a CPT press release, this free application allows visitors to freely organise their stay thanks to a complete tourist offer, gathered around the routes and themes of discovery common to the three provincial entities: Meknes, Moulay Driss Zerhoun and Volubilis.


Cosumar will unveil at SIAM its "Attaissir" solution for upstream agriculture:
Cosumar innovates and launches its new "Attaissir" solution. This application, which will be unveiled at the Salon international de l'agriculture au Maroc (SIAM), which is being held from April 16 to 21 in Meknes, is a digital solution designed to accelerate the improvement of the overall performance of the upstream agricultural sector in the sugar sector. "Attaissir" is a digital solution designed by Cosumar's teams and a Moroccan start-up. The upstream cultivation and harvesting processes of the sugar plant are thus digitized, facilitating the management of the key stages of the cultivation of the approximately 80,000 strategic partner farmers of Cosumar who cultivate and supply the sugar plants from which the sugar consumed in Morocco is extracted," the sugar group stresses.


Aluminium du Maroc gains nearly 20% in one week:
The Casablanca Stock Exchange ended Thursday's trading session up, with its two main indices Masi and Madex gaining 0.22% and 0.23% respectively. At the end of this session, the Masi, a global index composed of all equity-type stocks, stood at 11,022.73 points, and the Madex, a compact index composed of continuously quoted stocks, accumulated 8,945.04 points. This upward trend is supported by the FTSE CSE Morocco 15 which gained 0.48% to 9,909.29 points, and the FTSE Morocco All-Liquid which increased 0.27% to 9,488.96 points.