RABAT, March 12 (KUNA) -- A Moroccan newspaper reported on Thursday that three Gulf investment groups have revealed their intention to invest USD 250 million this year in Morocco, including the Kuwait Fund for Arab Economic Development (KFAED)Kuwait Fund for Arab Economic Development (KFAED)
Kuwait Fund for Arab Economic Development
KFAED
» Researchand the Kuwait Finance House Group (KFH)Kuwait Finance House Group (KFH).
"Al-Jareeda Al-Oula" newspaper quoted a KFAEDKFAED official as saying that the fund plans to pump between USD 60 to 100 million to contribute to the financing of one of the most important investment deals carried out by a Kuwaiti group in Morocco.
The newspaper, quoting the Kuwaiti official, who preferred to remain anonymous, said that Morocco is one of the most important investment destinations for Kuwaiti businessmen.
The newspaper added that the (KFHKFH
Kuwait Finance House
KFH
Last: 1.060 KWD
- 0.011
-1.030%
» Chart Data) is currently conducting a series of studies of the market in Morocco to discuss investment opportunities, saying that this group is able to expand its investment in Morocco.
In the same context, the newspaper quoted an official from the "ENOCENOC" group of the United Arab Emirates as saying that the group decided to invest USD 150 million to set up an investment project in the northern city of Tangier.
The Executive Director of the ENOCENOC Group Saeed Khoury said the investment will be to build the first phase of the plant in Tangier which is scheduled to enter service in the first quarter of next year.
© Copyright Kuwait News Agency 2009.
Friday, 13 March 2009
Wednesday, 18 February 2009
Morocco to invest $7 bln to upgrade manufacturing
FES, Morocco (Reuters) - Morocco unveiled a 62.4 billion dirhams investment plan to upgrade its key manufacturing business amid the global crisis and lure more foreign investment, government officials said.
The 2009-2015 plan, which commits the state to invest 12.4 billion dirhams and private sector to expand operations by investing 50 billion, focuses in six eight industries ranging from avionics parts to electronics, textile and agrobusiness.
"This plan gives a visibility about the future and underscores the willingness of the government to back the some sectors which could be affected by the crisis," Finance Minister Salaheddine Mezouar told a news conference late on Friday.
The plan details 111 measures to be taken by the government and private business during seven years ranging from easy access to the credit, tax incentives, vocational training to improve worker skills, cutting red tape and corruption as well as developing more free industry zones for foreign investors.
"This plan reflects our vision to look beyond the current the crisis to improve the economy's competitiveness and attractiveness," added Mezouar, who was among several ministers and top business leaders addressing reporters on the plan.
King Mohammed presided over the signing of the plan, officially called National Pact for Industrial Emergence, by ministers and top bankers and business leaders at his palace in Fes to highlight the significance of the scheme for the economy.
The manufacturing sectors, the government is seeking to boost, account for fourth of the country's $53 billion economy and almost half of exports and employ 1.2 million workers.
The government expects the manufacturing business to create
220,000 new jobs, add 50 billion dirhams to the country's gross domestic product and almost double manufacturing exports to 205 billion dirhams when the plan ends in 2015.
The 2009-2015 plan, which commits the state to invest 12.4 billion dirhams and private sector to expand operations by investing 50 billion, focuses in six eight industries ranging from avionics parts to electronics, textile and agrobusiness.
"This plan gives a visibility about the future and underscores the willingness of the government to back the some sectors which could be affected by the crisis," Finance Minister Salaheddine Mezouar told a news conference late on Friday.
The plan details 111 measures to be taken by the government and private business during seven years ranging from easy access to the credit, tax incentives, vocational training to improve worker skills, cutting red tape and corruption as well as developing more free industry zones for foreign investors.
"This plan reflects our vision to look beyond the current the crisis to improve the economy's competitiveness and attractiveness," added Mezouar, who was among several ministers and top business leaders addressing reporters on the plan.
King Mohammed presided over the signing of the plan, officially called National Pact for Industrial Emergence, by ministers and top bankers and business leaders at his palace in Fes to highlight the significance of the scheme for the economy.
The manufacturing sectors, the government is seeking to boost, account for fourth of the country's $53 billion economy and almost half of exports and employ 1.2 million workers.
The government expects the manufacturing business to create
220,000 new jobs, add 50 billion dirhams to the country's gross domestic product and almost double manufacturing exports to 205 billion dirhams when the plan ends in 2015.
Ministers and business leaders insist the global crisis would not have a big impact on growth this year, expecting the economy to expand by 6 percent versus 5.8 percent last year.
"The plan aims at improving Morocco's offer for foreign investors. The plan looks beyond the global crisis and prepare Morocco to attract foreign investment when the global economy rebounds," said Ahmed Chami, the industry minister.
Rabat government cites local worker salaries, up to 10 times lower than average in Europe, and its closeness to European markets as its main advantages to attract foreign investors and grow exports.
It bets on free trade deals linking Morocco to the European Union and United States to make the North African country into a platform for trade investment.
"The plan aims at improving Morocco's offer for foreign investors. The plan looks beyond the global crisis and prepare Morocco to attract foreign investment when the global economy rebounds," said Ahmed Chami, the industry minister.
Rabat government cites local worker salaries, up to 10 times lower than average in Europe, and its closeness to European markets as its main advantages to attract foreign investors and grow exports.
It bets on free trade deals linking Morocco to the European Union and United States to make the North African country into a platform for trade investment.
Monday, 9 February 2009
Dana sets production record, plans US$347 million spend
ABERDEEN, SCOTLAND: Dana Petroleum Plc has achieved record average oil and gas production of approximately 39,400 BOE/d delivered in 2008, a 29 percent increase over 2007.
Dana achieved first oil production from the Grouse development in December 2008, and is currently producing from 31 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands. The company's proven and probable reserves increased to a new record high of 194 million BOE at end of 2008, representing a reserves replacement of approximately 300 percent.
The company also acquired new acreage in the UK 25th and the Norwegian 2008 APA rounds, with a total of 37 blocks awarded.
Dana's working interest production for 2009 expected to average between 37,000 and 41,000 BOE/d. The company currently is drilling or participating in eight exploration wells of a total of 17 wells scheduled for 2009 in the UK, Norway, Egypt and Morocco. Planned 2009 capital investment is approximately GBP235 million (US$347 million) across existing fields and licenses.
Dana Chief Executive Tom Cross said, "Dana delivered record production in 2008 and also had an excellent year with the drillbit, adding record oil and gas reserves and replacing production by some 300 percent. The Group is now producing from 31 oil and gas fields, progressing two new field developments which are due on-stream in 2009 and 2010, and working on a number of highly attractive potential development projects.
"2009 will see the delivery of an extensive exploration program. A total of 17 wells are planned for this year, focused on the UK, Norway, Morocco and Egypt.
The company has a strong Balance Sheet, alongside a valuable portfolio of growth opportunities and is well positioned to deliver further commercial transactions."
Dana has already secured rigs for the majority of the 17 further wells planned for 2009. Key wells to highlight during 2009 include the ongoing drilling of two wells in the Rinnes area; the Tornado and Anne Marie prospects West of Shetland; the Eitri and Trolla wells in Norway; the SE July well in the Gulf of Suez, Egypt; two wells in the prolific offshore Nile delta, Egypt; and the Taffejart prospect, onshore Morocco.
Dana holds a 10 percent interest in the Fulla discovery announced last week by StatoilHydro. The well was drilled in the North Sea by Seadrill semisubmersible West Alpha.
Dana achieved first oil production from the Grouse development in December 2008, and is currently producing from 31 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands. The company's proven and probable reserves increased to a new record high of 194 million BOE at end of 2008, representing a reserves replacement of approximately 300 percent.
The company also acquired new acreage in the UK 25th and the Norwegian 2008 APA rounds, with a total of 37 blocks awarded.
Dana's working interest production for 2009 expected to average between 37,000 and 41,000 BOE/d. The company currently is drilling or participating in eight exploration wells of a total of 17 wells scheduled for 2009 in the UK, Norway, Egypt and Morocco. Planned 2009 capital investment is approximately GBP235 million (US$347 million) across existing fields and licenses.
Dana Chief Executive Tom Cross said, "Dana delivered record production in 2008 and also had an excellent year with the drillbit, adding record oil and gas reserves and replacing production by some 300 percent. The Group is now producing from 31 oil and gas fields, progressing two new field developments which are due on-stream in 2009 and 2010, and working on a number of highly attractive potential development projects.
"2009 will see the delivery of an extensive exploration program. A total of 17 wells are planned for this year, focused on the UK, Norway, Morocco and Egypt.
The company has a strong Balance Sheet, alongside a valuable portfolio of growth opportunities and is well positioned to deliver further commercial transactions."
Dana has already secured rigs for the majority of the 17 further wells planned for 2009. Key wells to highlight during 2009 include the ongoing drilling of two wells in the Rinnes area; the Tornado and Anne Marie prospects West of Shetland; the Eitri and Trolla wells in Norway; the SE July well in the Gulf of Suez, Egypt; two wells in the prolific offshore Nile delta, Egypt; and the Taffejart prospect, onshore Morocco.
Dana holds a 10 percent interest in the Fulla discovery announced last week by StatoilHydro. The well was drilled in the North Sea by Seadrill semisubmersible West Alpha.
Wednesday, 31 December 2008
Weak pound lead UK sun seekers from traditional European destinations for new locations like Morocco experts said yesterday.
As sterling’s slump to euro parity pushes up the cost of Continental breaks, holidaymakers are booking up to head off to what has been dubbed the “Costa del Kasbah” in 2009.
Travelers are turning their backs on expensive food and accommodation in Spain, France and Greece, where the pound does not go as far as it used to, and turning to alternative resorts in Morocco in North Africa, said independent travel agent Sam Smith, the vice-chairman of Abta in South Wales.
He told the Western Mail around 40% more people had booked to visit those destinations next year than in 2008.
“People still want to go on holiday despite the credit crunch, but are spending their money wisely. “
“In terms of Continental holidays, last year wasn’t too bad because the credit crunch had yet to hit. But, a reasonably educated guess is that holidays to Turkey and Morocco are around 40% up for 2009.”
She said: “People are prepared to make sacrifices in the credit crunch, but I find one thing they don’t want to sacrifice is their holiday, so they are looking for advice about where to go to best the best value for money.
“Gone are the days when people went to Majorca for a good deal.”
Post Office research found that since December last year the price of a three-course meal including wine in Spain had risen from £30.20 to £37.22.
At its all-time low in 2000, the euro was worth 57p on foreign currency markets – today it is worth about 96p.
A spokesman said: “With the position of the currencies unlikely to get much better, we expect people will continue to look farther afield to north Africa and Turkey, which offer much better value for money and where you can still find dinner for two for £20.”
Airlines such as Ryanair and easyJet have increased flights to Morocco and Turkey in the past 18 months, with some tour operators responding to the pressure by cutting the cost of breaks to Spain.
Travelers are turning their backs on expensive food and accommodation in Spain, France and Greece, where the pound does not go as far as it used to, and turning to alternative resorts in Morocco in North Africa, said independent travel agent Sam Smith, the vice-chairman of Abta in South Wales.
He told the Western Mail around 40% more people had booked to visit those destinations next year than in 2008.
“People still want to go on holiday despite the credit crunch, but are spending their money wisely. “
“In terms of Continental holidays, last year wasn’t too bad because the credit crunch had yet to hit. But, a reasonably educated guess is that holidays to Turkey and Morocco are around 40% up for 2009.”
She said: “People are prepared to make sacrifices in the credit crunch, but I find one thing they don’t want to sacrifice is their holiday, so they are looking for advice about where to go to best the best value for money.
“Gone are the days when people went to Majorca for a good deal.”
Post Office research found that since December last year the price of a three-course meal including wine in Spain had risen from £30.20 to £37.22.
At its all-time low in 2000, the euro was worth 57p on foreign currency markets – today it is worth about 96p.
A spokesman said: “With the position of the currencies unlikely to get much better, we expect people will continue to look farther afield to north Africa and Turkey, which offer much better value for money and where you can still find dinner for two for £20.”
Airlines such as Ryanair and easyJet have increased flights to Morocco and Turkey in the past 18 months, with some tour operators responding to the pressure by cutting the cost of breaks to Spain.
Wednesday, 17 December 2008
Canamens Signs Offshore Exploration Agreements in Morocco
LONDON, December 17, 2008 /PRNewswire via COMTEX/ -- Canamens is pleased to announce the signing of a suite of agreements - including an Association Contract, a Petroleum Agreement and a Reconnaissance Contract, along with associated permits and a licence - to explore for oil in Morocco.
These agreements were signed in Rabat on 15th December 2008 between Canamens and Morocco's Office National Hydrocarbures et des Mines (ONHYM).
The first agreement is a Reconnaissance Contract in respect of the "Essaouira Shallow Offshore" area, located in shallow water (<500 metres). Canamens will reprocess and acquire new 2D seismic and following evaluation prospectivity, decide whether to convert the license to an exploration permit, or elect not to proceed.
The second and third agreements are an Association Contract and Petroleum Agreement which govern 4 Exploration Permits for a similar location but in deeper water (generally over 500 metres), the "Essaouira Deep Offshore" area. Under these agreements Canamens will reprocess and acquire new 2D seismic and, following evaluation, have the option to extend into a second period with an accompanying 3D seismic and drilling commitment, or drop without further obligation.
Under these agreements, which cover an area of over 11,000km2, Canamens will be the operator with a 75% equity stake in both the Reconnaissance Licence and the Exploration Permits, with the remaining equity held by ONHYM. Canamens will bear 100% of the costs up until the development stage.
The agreements represent Canamens' first investment in Morocco.
Following the signing of the agreements by Madame Amina Benkhadra, Morocco's Minister of Energy and Director General of ONHYM, and Canamens Vice President of Exploration,
John Pickard said:
"We are delighted to be taking this first step into Morocco. North Africa is a strategic focus area for Canamens and we believe that Morocco offers exciting prospects for Canamens, and that the country's relatively unexploited offshore province offers significant hydrocarbon prospects. Canamens believes that it has skills and experience which are highly relevant to these prospects and is optimistic that it will be able to build on this first step to develop a material presence in the Moroccan oil industry."
Madame Amina Benkhadra said:
"We are pleased to be undertaking this opportunity with Canamens, a company which has exploration experience across the world. Essaouria is an area known for its potential. We hope that with joint efforts - the expertise of Canamens and the knowledge of ONHYM's geologists, the area can be explored and good opportunities and discoveries will occur. We are pleased to welcome Canamens to Morocco, and hope we will have every success in our new exploration."
Notes to Editors
Canamens is a private equity funded upstream oil and gas company. Its aim is to acquire assets with existing or near-term production opportunities, with field development and exploration potential where it can add real value through its industry experience and through its relationship with leading industry service providers. Sector Asset Management and Goldman Sachs are its two principal investors.
The National Office of Hydrocarbons and Mining (Office National Hydrocarbures et des Mines - ONHYM) is a public organization representing the interests of the Kingdom of Morocco in the field of Exploration and Production of Hydrocarbons and Mining resources.
ONHYM's mission is to explore and exploit Hydrocarbons and the Mineral resources (except phosphates) and enter into partnership/joint venture with national and international players in the Oil & Gas industry to explore its resources. ONHYM is the organization of reference in the field of Hydrocarbon and Mining research working for the evaluation and the promotion of sedimentary basins of Morocco within a legal, advantageous and safer tax framework.
For further information please contact:
Canamens Energy Limited +44(0)207-845-7555
Greg Coleman, Chief Executive
Tony Carruthers, Commercial Director
Cynthia Dubin, Finance Director
http://www.canamens.com
Bell Pottinger +44(0)207-861-8562
Roger Cartwright
Thursday, 11 December 2008
Paraguay interested in strengthening economic relations with Morocco,
The meeting of foreign ministers of South American countries ended days ago with a final declaration in which the (Mercosur) underlines its determination to launch very soon trade negotiations with Morocco, and they stressed their desire to move towards signing a free trade agreement with the Gulf Cooperation Council (GCC).
Mercosur (Argentina, Brazil, Paraguay and Uruguay, and Venezuela in the accession process) and the GCC (Saudi Arabia, Bahrain, United Arab Emirates, Kuwait, Qatar and Oman) the two entities have signed in May 2005 an agreement of economic cooperation, which became effective in October 2006 in Riyadh, and they started negotiations for a free trade agreement.
Paraguay has just withdrawn its recognition of Polisario ( Moroccan separatist group backed and based in Algeria) as a step to closer relations with Morocco, Paraguay has entered in a huge democratic reform process, the new foreign minister Jorge Lara Castro who declared that the statements by the former totalitarian government were dropped entirely days after his replacement, therefore Paraguay government asked Polisario Representatives, located in the Algerian consulate in the capital Asunción, to stop all diplomatic activity and to leave the country.
By Jalal Nali
Mercosur (Argentina, Brazil, Paraguay and Uruguay, and Venezuela in the accession process) and the GCC (Saudi Arabia, Bahrain, United Arab Emirates, Kuwait, Qatar and Oman) the two entities have signed in May 2005 an agreement of economic cooperation, which became effective in October 2006 in Riyadh, and they started negotiations for a free trade agreement.
Paraguay has just withdrawn its recognition of Polisario ( Moroccan separatist group backed and based in Algeria) as a step to closer relations with Morocco, Paraguay has entered in a huge democratic reform process, the new foreign minister Jorge Lara Castro who declared that the statements by the former totalitarian government were dropped entirely days after his replacement, therefore Paraguay government asked Polisario Representatives, located in the Algerian consulate in the capital Asunción, to stop all diplomatic activity and to leave the country.
By Jalal Nali
Thursday, 27 November 2008
US company Dell celebrate its 5th year in Morocco
Dell blows its 5th candle in Morocco. With a current workforce of more than 1,700 employees, Dell Morocco has increased its income and diversifies its activities. "The site of Casablanca is a complete success for Dell. In 5 years we have built a team capable of huge challenges and experience, well know and recognized by our customers and our Dell colleagues everywhere. We manage a wide range of sales activities, support and services for many Dell European customers, particularly of large groups.
Dell Casablanca is distinguished by its operational excellence but also by the quality of its human resources and its working environment, all assets will allow us to envisage the future with optimism, "said Anwar Dahab, CEO Dell Morocco SAS. For example, the segment sales to individuals for the Spanish market were launched in pilot in March 2004 with a team of 9 people. Since February 2007, the entire business sales to individuals for Spain are managed on our site in Casablanca, by a team of 22. The activity SMEs generally for the Spanish market following the same path since its inception in October 2004. The technical support teams, with a customer satisfaction rate of 90%, and many certifications obtained, reinforce our position as expert in Europe.
By Jalal Nali
Dell Casablanca is distinguished by its operational excellence but also by the quality of its human resources and its working environment, all assets will allow us to envisage the future with optimism, "said Anwar Dahab, CEO Dell Morocco SAS. For example, the segment sales to individuals for the Spanish market were launched in pilot in March 2004 with a team of 9 people. Since February 2007, the entire business sales to individuals for Spain are managed on our site in Casablanca, by a team of 22. The activity SMEs generally for the Spanish market following the same path since its inception in October 2004. The technical support teams, with a customer satisfaction rate of 90%, and many certifications obtained, reinforce our position as expert in Europe.
By Jalal Nali
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