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.

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

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

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

Rezidor Announces a New Radisson Resort in Saïdia/Morocco

Rezidor Announces a New Radisson Resort in Saïdia/Morocco

STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News:
The Rezidor Hotel Group (STO:REZT) announces the Radisson Resort & Spa Saïdia in Morocco – the property featuring 384 rooms and 97 villas is scheduled to open in Q3 2010. “With this signing we are adding a new and emerging country to our pipeline and are now present in 53 countries across EMEA”, comments Kurt Ritter, President & CEO of Rezidor. “In the Middle East and Africa we now have 47 hotels with almost 11,500 rooms in operation and under development – a clear sign for our commitment to this region.”
The Radisson Resort & Spa Saïdia is a common project between Rezidor and Property Logic, the developer behind Le Jardin de Fleur resorts in Morocco. "We are delighted to partner with such an important international brand as Radisson because of its outstanding quality and services that are renowned in the industry. Our companies share a common vision for luxury standards that will make the Saïdia resort a world class tourism destination,” said Mr. Joop Huisman, Managing Director of Property Logic.
Mediterrania-Saïdia is located on the northeast Mediterranean coast of Morocco and famous for its 6 kilometers of unspoiled coastline. Besides its luxury suites and villa residences the Radisson resort will offer 4 restaurants, 3 bars, a Moroccan-themed Spa and Thalasso centre comprising 1,500 square meters, 5 outdoor pools, 1 indoor pool, 2 fitness centers, a kids club, shops, tennis courts, an amphitheatre and a beach club. The resort’s 1,500 square meters of meeting and conference facilities will make it ideal for business and leisure travelers alike.
Facts & Figures
Hotel Radisson Resort & Spa Saïdia (to open)
Rooms 384 rooms and 97 villas
About the Rezidor Hotel Group:
The Rezidor Hotel Group is one of the fastest growing hotel companies in the world. The group features a portfolio of over 330 hotels in operation and under development with more than 68,000 rooms in 53 countries.
Rezidor operates the brands Radisson SAS Hotels & Resorts, Regent Hotels & Resorts, Park Inn and Country Inns & Suites in Europe, Middle East and Africa, along with the goldpoints plusSM loyalty programme for frequent hotel guests. Rezidor has signed a worldwide license agreement with the Italian fashion house Missoni, in order to develop and operate a lifestyle hotel brand of the same name: Hotel Missoni.
In November 2006, Rezidor was listed on the Stockholm Stock Exchange. With 42%, Carlson Companies is the main shareholder.
The Corporate Office of the Rezidor Hotel Group is based in Brussels, Belgium.
For more information on Rezidor, visit www.rezidor.com.
This information was brought to you by Cision http://newsroom.cision.com

Covering 10 percent of the world's demand

Morocco to build high-yield mobile phone camera factory

Copyright:
XINHUA NEWS AGENCY
Source:
Comtex Business
Wordcount:

169RABAT, Jun 16, 2008 (Xinhua via COMTEX News Network) -- The U.S. firm Tessera Technologies, one of the world's leading providers of miniaturization technologies for the electronics industry, has announced it will build a factory in Morocco that will provide 10 percent of the world's needs for mobile phone cameras. Tessera is now working to create a new company in Morocco, Nemotek Technology, which will be able to produce 100 million mobile phone cameras, which is 10 percent of the world's demand, local MAP news agency quoted the company's CEO Bruce McWilliams as saying. McWilliams appreciated Morocco's strategic location between Europe and North Africa, adding that the kingdom's important asset is its competitive cost of living, compared with other emerging economies. McWilliams, who was speaking at the commencement of the English- language Al Akhawayn University in central Morocco city of Ifrane, stressed the importance of training in boosting economy. He cited the examples of Japan, South Korea and Singapore which have built up their economies by launching job-creating projects.

Property in Morocco: An Emerging Market

Property in Morocco: An Emerging Market

The property market in Morocco, a North African country, is booming and property development is taking hold in a big way. Morocco is already beginning to garner notice from holidaymakers in Northern Europe, and its government’s plans to create more jobs and increase tourism by 2010 are likely to boost the economy and the property market in the next two years. Investors interested in getting in on a promising market before it peaks might want to give

Morocco some thought.

Located at the northern tip of Africa, Morocco is just a ferry ride away from southern Spain. It shares a border with Algeria to the east, its western edge is Atlantic coastline and the Mediterranean lies to the north. The country is slightly larger than the state of California, covering a total area of 446,550 square kilometers. Approximately 34.3 million people are estimated to live in the country by July 2008, and the population is growing at an estimated rate of approximately 1.5 percent, according to the CIA World Factbook.
Morocco is a Muslim country, with 98.7 percent of the population subscribing to the religion, and the country’s official language is Arabic. The government is a constitutional monarchy—similar in structure to the governments of the United Kingdom, Malaysia and Spain—with a monarch who rules in conjunction with a bicameral parliament. The Moroccan Parliament is divided into the Chamber of Counselors and the Chamber of Representatives. There is also a Supreme Court. King Mohamed VI has been the king of Morocco since 1999. Elected Prime Minister Abbas El Fassi has been in office since 2007.

The national unemployment rate is 15 percent, according to the CIA World Factbook. This is significantly higher than the national unemployment rate in the U.S., which was 5 percent as of April, according to the Bureau of Labor Statistics. It is also above the 7.6 percent unemployment rate in nearby Spain, but it is comparable to the unemployment rates of 14.1 percent and 13.9 percent respectively in nearby Algeria and Tunisia, according to the CIA World Factbook. 15 percent of the Moroccan population is below the poverty line.
Morocco has an estimated GDP of $127 billion as of 2007. Its major industries include tourism, textiles and rock mining and processing, according to the CIA World Factbook. The national currency is the Moroccan dirham; one dirham is worth approximately $0.14. The inflation rate for consumer prices is 2.1 percent as of 2007.
Why buy property in Morocco?

“The [Moroccan real estate market] is booming; real estate development is everywhere,” according to Amine Maoouni, business development coordinator for the Moroccan American Trade and Investment Center (MATIC).

The U.S. and Morocco signed the U.S.-Morocco Free Trade Agreement in June 2004. The first treaty between the U.S. and Morocco was ratified in 1787 at the urging of Benjamin Franklin, and is the longest unbroken treaty in U.S. history, according to the Office of the U.S. Trade Representative.

King Mohammed VI implemented Plan Azur/Vision 2010 in January 2001. This is a strategic tourist development program which will develop holiday property and encourage the growth of Morocco’s tourist industry. Under the plan, the government hopes to create 600,000 new jobs and reach 10 million visitors in 2010, according to Commercial Site Development Services (CSDS) Ltd. (www.csdsltd.com), a U.K.-based Moroccan property agency.

“Since the launch of ‘Vision 2010,’ more than 20,000 new hotel beds have already come on the market and thousands of others have been renovated. In 2010, Morocco will have more than 250,000 hotel beds, including 180,000 located in or around the cities,” according to CSDS. The plan also calls for six new seaside resorts, five of which will be along the Atlantic coast and one of which will be on the Mediterranean coast. This plan to bolster Morocco’s tourist industry and the creation of new jobs could mean opportunity to overseas investors hoping to get in before prices jump as value rise.

“There’s a huge property boom at the moment....There’s even talk of a tunnel that will run from Spain to Tangiers. It’s becoming very popular with the U.K. and Northern Europeans,” Nolan Everard, managing director of CSDS, said. “It’s only really beginning at the moment. It’s like Dubai was five years ago.”
The main square in Marrakesh is the largest of its kind in AfricaBuying Moroccan property
Where should investors look to buy if considering property in Morocco?
“Marrakesh, Marrakesh, Marrakesh!” Everard said. “Marrakesh is essentially two cities, [there is] the old medina which is like going into an Indiana Jones film. And it also has the main square in Marrakesh and it’s the largest open square in Africa....Every day there are new people coming to Marrakesh. There are 99 flights to Marrakesh every week from [the] U.K., just the budget airlines. Year-round occupancy is 85 percent.”
Agadir, a favorite holiday destination among Northern Europeans on Morocco’s Atlantic coast, is also a good place to consider, he said.

If purchasing property off-plan (VEFA), be aware that Morocco has implemented specific rules governing the sales process for these properties. Not all developers may abide by these rules, so be sure to complete proper due diligence and check into developers’ processes and credentials beforehand. These laws require that the deposit and all payments prior to the sale’s completion must be underwritten by a bank guarantee, according to CSDS. They also enforce a penalty for late delivery. VEFA developments are also required to be inspected by independent engineers to ensure that each stage has been properly completed before further payments are made.
Agadir is a favorite destination for many EuropeansApproximately 5 to 6 percent of the purchase price should be allotted for transaction fees. This encompasses the stamp duty (2.5 percent), legal fees (1.1 percent), notary fees (0.5 percent) and land registry (1.5 to 2 percent), according to Wafin: Moroccan Connections in America.
Potential problems
“It’s still very early....What’s happened is, where there’s any gold rush where property’s concerned, you get a lot of cowboys. Everyone’s trying to get a piece of Marrakesh at the moment,” Everard said. Sometimes developers may be so eager to cash in on Morocco’s promising market that they may not follow all the necessary regulations. Investors need to be cautious and conduct thorough due diligence on all possible real estate purchases to ensure that they are legitimate before proceeding.

“Before [some developers] even get permission, they start building,” Everard said. “Make sure the developer has outline planning, has a construction permit, and has all of his ducks in a row.”
Investors should also know that any contracts for off-plan properties that do not follow Morocco’s VEFA guidelines are void. If the developer goes bankrupt or fails to complete the property for any other reason, investors could be left in the lurch without any way to recoup their payments.

It’s critical that U.S. investors use a reputable overseas property lawyer when making property purchases in Morocco. Approach trade organizations or use Google to get the initial search started. Everard recommends looking for large groups that practice in multiple countries, as they are more likely to be reputable, researchable and to have the necessary resources to help investors with their purchases.