Mister1979
21-03-2007, 13:43
Morocco signs $2.3bn deals
Wednesday 21 March 2007
RABAT: Morocco's government ratified private sector deals worth 19.38 billion dirhams ($2.3bn) yesterday, evidence that a boom in foreign direct investment is continuing, official news agency MAP said.
[B]Seven investment conventions covering property, tourism, steel manufacturing and business service outsourcing were signed by government and industry officials in a ceremony presided over by Prime Minister Driss Jettou, MAP said.[/B]
Iberostar Hotels and Resorts will build a 3,000-bed tourism and residential complex in the southern city of Marrakesh and Dubai-based Emaar Properties will develop another in the north with 1,200 beds, along with a retail zone and business centre.
[B]Maghreb Steel will build a plant on Morocco's coast near the economic capital Casablanca and Logica-CMG plans to build an IT development, maintenance and software support centre, MAP said.[/B]
It was unclear whether some of the projects, already approved by Morocco's Investment Commission, were part of deals already announced.
Meanwhile, Morocco's central bank unveiled a set of Sharia-compliant banking products yesterday, venturing for the first time into Islamic finance with the aim of bringing banking services to more of the kingdom's population.
Moroccan lenders will be allowed to offer leasing (Ijara) products whereby they rent an asset to a customer who may later be able to buy it at a fixed date.
Moucharaka products will involve lenders taking shares as partners in a company's equity while Mourabaha will allow a lender to buy an asset and re-sell it to a client in instalments at a margin decided in advance.
"The introduction of the Ijara, Moucharaka and Mourabaha products should allow a widening of banking services and contribute to a higher rate of banking in the economy," Bank Al Maghrib said in a statement.
http://www.gulf-daily-news.com/Story.asp?Article=173409&Sn=BUSI&IssueID=30001
Wednesday 21 March 2007
RABAT: Morocco's government ratified private sector deals worth 19.38 billion dirhams ($2.3bn) yesterday, evidence that a boom in foreign direct investment is continuing, official news agency MAP said.
[B]Seven investment conventions covering property, tourism, steel manufacturing and business service outsourcing were signed by government and industry officials in a ceremony presided over by Prime Minister Driss Jettou, MAP said.[/B]
Iberostar Hotels and Resorts will build a 3,000-bed tourism and residential complex in the southern city of Marrakesh and Dubai-based Emaar Properties will develop another in the north with 1,200 beds, along with a retail zone and business centre.
[B]Maghreb Steel will build a plant on Morocco's coast near the economic capital Casablanca and Logica-CMG plans to build an IT development, maintenance and software support centre, MAP said.[/B]
It was unclear whether some of the projects, already approved by Morocco's Investment Commission, were part of deals already announced.
Meanwhile, Morocco's central bank unveiled a set of Sharia-compliant banking products yesterday, venturing for the first time into Islamic finance with the aim of bringing banking services to more of the kingdom's population.
Moroccan lenders will be allowed to offer leasing (Ijara) products whereby they rent an asset to a customer who may later be able to buy it at a fixed date.
Moucharaka products will involve lenders taking shares as partners in a company's equity while Mourabaha will allow a lender to buy an asset and re-sell it to a client in instalments at a margin decided in advance.
"The introduction of the Ijara, Moucharaka and Mourabaha products should allow a widening of banking services and contribute to a higher rate of banking in the economy," Bank Al Maghrib said in a statement.
http://www.gulf-daily-news.com/Story.asp?Article=173409&Sn=BUSI&IssueID=30001