The Moroccan Economy in Brief: Saturday, December 7, 2019

The world cereal market favourable to Morocco:
Good news for Morocco, which will have to rely more on exports for its cereal supplies this season. The world market should be favourable to it both in terms of supply and price. Indeed, according to the Food and Agriculture Organization (FAO), cereal prices have fallen, with its cereal price index falling by 1.2% in November, "in a context of strong competition among the world's major wheat exporters," it explains. This index was, moreover, the only component of the global FAO food price index that fell in November. The others have seen increases, which has led to a surge in global food prices.

The United States and Morocco have excellent cooperation that is set to grow stronger:
During a press briefing on Thursday evening back to Washington, two senior American officials stressed Washington's commitment to continue to support Morocco's economic efforts, particularly in improving the business climate, recalling, in this sense, the importance of the free trade agreement between the two countries and the number of American companies operating in the Kingdom. In this regard, they noted the "very productive" cooperation at the Millennium Challenge Corporation, a mechanism that has allocated $450 million to a multitude of programmes in the areas of training, the business environment and women's empowerment.

Immorente Invest posted a strong increase in turnover in the third quarter:
The consolidated turnover of Immorente Invest financing company reached MAD 17.7 million in the 3rd quarter of 2019, up 179% compared to the same period of the previous year. At the end of September 2019, Immorente Invest achieved a consolidated turnover of MAD 37.8 million, up 132% compared to the same period last year (MAD 16.3 million), the company said. Net rents reached MAD 15.7 million in the 3rd quarter of 2019 compared to MAD 5.4 million in the 3rd quarter of 2018, an increase of 187%.

A new EBRD branch opened in Agadir:
After Casablanca and Tangier, the European Bank for Reconstruction and Development (EBRD) opened its third regional office in Agadir on Monday, December 2, covering the regions of Souss-Massa and Marrakech-Tensift. The official opening of this new EBRD branch was marked by the presence of EBRD Vice-President Alain Pilloux alongside Nadia Fettah Alaoui, Minister of Tourism, Handicrafts, Air Transport and Social Economy, the Wali of the region, the President of the Regional Council and many economic leaders and actors.

Cocimar reduces its stake in Ciments du Maroc:
HeidelbergCement Group, the parent company of Ciments du Maroc, sold nearly 500,000 shares representing 3.6% of Cimar's capital. The shares were sold to a limited number of Moroccan institutional investors in block trades. Following this transaction, HeidelbergCement Group will retain its 51% consolidating majority stake in Cimar through Cocimar and Procimar SA. HeidelbergCement reaffirms its commitment to remain the long-term reference shareholder of Ciments du Maroc, a key strategic asset in the Group's portfolio.