The Moroccan Economy in Brief: Monday, August 8, 2022
Tanger-Tétouan-Al Hoceima: 8.4 billion dirhams in investments in the first half of the year:
The Unified Regional Investment Commission (CRUI) of the Tangier - Tetouan Al-Hoceima region, approved in the first half of 2022 a total amount of investments of more than 8.4 billion dirhams with the key to the creation of 30,000 new stable jobs in the long term. Industrial projects constitute a third of the approved projects, which comforts Tangier and its region in its second place as an industrial hub in the country. In second place comes the trade sector with 24% of approved projects. The services sector is also experiencing a considerable rise with a share of 22% of the total.
Agricultural value added is expected to drop by 14%:
Projected agricultural value added is expected to fall by 14%, which would translate into a drop in growth points of 1.8, according to the Ministry of Agriculture, Maritime Fisheries, Rural Development and Water and Forestry. This is partly due to a poor cereal season, where production fell by 67% compared to the previous year. Taking into account the final production of cereals, the performance of arboriculture, market gardening and spring crops and the positive effects of the programme to mitigate the effects and impact of the rainfall deficit, in particular on livestock farming, the forecast value added is expected to fall by 14%,' states the Ministry in a statement, noting that the impact of this decline on overall GDP is -1.8 percentage points.
Life Label: Capital increase of 180 million dirhams:
Label Vie intends to strengthen its capital. The company has convened an extraordinary general meeting on September 9, with in particular on the agenda an authorization to increase the share capital of the Company, reserved for the employees of the Company, its subsidiaries and other companies of the group to which the Company belongs in Morocco. The transaction covers a maximum amount of 180,000,000 dirhams per issue of a maximum number of 61,099 new shares, at a subscription price within a range between 2,946 dirhams and 3,600 dirhams per share, to be fully paid up in cash.
3 Moroccan banks in the Top 30 of the MENA region:
Three major Moroccan banks are among the top 30 banking groups in the Middle East and North Africa region, according to a new ranking compiled by Forbes Middle East. Attijariwafa bank (AWB) occupies 14th position, while Banque Centrale Populaire (BCP) and Bank of Africa (BoA) rank 21st and 27th respectively. According to Forbes, the top 30 banks in the Middle East have a total market value of $586.6 billion and total assets worth $2.5 trillion as of June 28. Saudi Arabia leads the ranking with 10 banks, followed by the United Arab Emirates with seven, Qatar (4), Morocco (3), Kuwait (2), while Egypt, Bahrain, Jordan and Oman is placed with a bank each .
Casablanca Stock Exchange: A week in the green
The Casablanca Stock Exchange closed the week of August 1 to 5, 2022 in the green, its main index, the Masi, taking 1.09% to 11,947.29 points. The Morocco Stock Index 20 (MSI20), which reflects the price performance of the 20 most liquid companies, gained 1.48% to 968.8 points and the Casablanca ESG 10, the benchmark Environment, Social and Governance (ESG) index. , appreciated by 1.4% to 894.53 points. Thus, at the end of this week, 16 sector indices ended on a positive note, against 5 in negative territory and two others stable .