Said Temsamani, MoroccoTomorrow Member
Since King Mohammed VI assumed leadership in 1999 Morocco has experienced steady economic development. This has been based on macroeconomic and structural reforms, with an economic plan with objectives such as the privatization of some state-owned enterprises, promotion of exports and tourism, creation of jobs and infrastructure construction. The country has since shown financial stability with generally low inflation and progress in developing the services and industry sectors. The country continues is now referred to as “a pillar of development in the region”. Undoubtedly it is an emerging market and reforms continue to modernize the stock market, to revise corporate regulation, to ease the availability of credit, to protect intellectual property rights and to open all sectors to national and foreign investment. Within this healthy economy and stable political regime, top tier global investment funds have started to pay more attention to Morocco’s potential investment opportunities either through direct investments or joint ventures. Two weeks ago King Mohammed VI and the leaders of Qatar, the United Arab Emirates, and Kuwait announced combined commitments of approximately $3 billion from their respective sovereign-wealth funds to create Wessal Capital, a fund that will invest in Moroccan tourism. This will have a dramatic effect in strengthening Morocco’s tourism business. Certainly this decision will encourage other investors to join this giant effort and/or create similar initiatives. Morocco has become a safe and credible economic “harbor” in the region for world class investors. On December 5 an ambitious and world class fashion project was launched. Morocco Mall, the biggest commercial center in Africa has open its gates for thousands of visitors and stylish shoppers from Morocco and abroad. The mall’s mission was to create 5,000 direct jobs and 21,000 indirect ones domestically, according to developers. This giant commercial project is another statement and tangible proof that Morocco has become an attractive investment haven. World labels, such as Lafayette, Gucci, Lacoste, Banana Republic will place their shops at Morocco Mall. Moroccan and Europeans Starbucks fans won’t have to take a flight to the States for a frappuccino or a vanilla latte; they can now go to Casablanca to enjoy that. Now shoppers have a panoply of destination choices. They can go to New York, Paris, Rome, London or Casablanca
