The Moroccan Economy in Brief: Thursday, November 25, 2021

The Casablanca Stock Exchange is close to balance at the opening:
The Casablanca Stock Exchange was close to balance Wednesday at the opening, its main index, the Masi, taking 0.02% to 13,309.90 points (pts). The Morocco Stock Index (MSI20), an index of the 20 most liquid stocks, advanced 0.05% to 1,083.68 pts, and the Madex, a compact index composed of stocks listed on a continuous basis, nibbled 0.02% to 10,790.38 pts.

Aradei Capital boosts its turnover:
Aradei Capital has achieved during the first nine months of the year a consolidated turnover according to IFRS standards of MAD 303.8 million against MAD 193.9 million in the same period of 2020, i.e. an increase of 56.7% year-on-year. This evolution confirms the upward trend initiated since the beginning of 2021 and is mainly explained by the increase in the scope of consolidation (acquisition of the shares of the OPCI CLEO PIERRE SPI-RFA in March 2021 and the effect of the openings of Sela Park Témara and Sela Park Agadir in September and October 2020); and the gradual recovery of the real estate investment company's performance on the constant scope of consolidation after a year of 2020 disrupted by the sanitary context.

Morocco-AfDB: €114.03 million financing agreement:
A financing agreement for an amount of €114.03 million (about MAD 1.184 billion), for the benefit of the Support Program for the Inclusive and Sustainable Development of Agricultural and Rural Areas (PADIDZAR), has been signed between Morocco and the African Development Bank. The said agreement was initialed on Tuesday in Rabat by the Minister Delegate in charge of the Budget, Faouzi Lekjaa, and the resident representative of the African Development Bank's National Office in Rabat, Achraf Tarsim, in the presence of the Minister of Agriculture, Maritime Fishing, Rural Development and Water and Forests, Mohammed Sadiki, the Ministry said in a statement.

Bond issue: Al Omrane revises its rates:
The Holding Al Omrane group announced, in a statement released Tuesday on the website of the Moroccan Capital Market Authority (MCMA), the revision of the face rate of the bonds of the "F" tranche of its ordinary and social & Green Bonds of November 23, 2018. The new interest rate, which will be applied from November 23, 2021, is 2.55%, with a maturity of 10 years, a risk premium of 100 basis points (bps) and a full 52-week rate (monetary basis) as published by Bank Al-Maghrib on 17/11/2021 (value date 16/11/2021) of 1.55%, Al Omrane said.

Digital transformation: PwC Morocco seals partnership with SAP:
PwC Morocco is joining forces with SAP in the field of digital transformation. The firm has signed a "strategic" partnership with SAP to extend and strengthen the SAP Global Alliance in the Maghreb and support the technological transformation of companies. The global network PwC will rely on strong technological alliances with the largest publishers in the market including SAP to offer companies competitive value propositions and support them in their digital transformation, says PwC. This alliance with SAP will strengthen the expertise of PwC teams in Morocco, it adds.