Author: OBG Admin

Cosumar: Fast-moving consumer goods

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Cosumar, the only sugar operator in Morocco, is a de facto monopoly operating seven sugar mills and one raw sugar refinery. The company has a total annual production capacity of 1.65 tonnes. To cope with local market cycles the group has developed a business model that enables it to produce sugar from sugar beets or from raw imported sugar. With this flexible industrial approach, Cosumar is able to satisfy local demand regardless of the agricultural output in Morocco, and as a semi-integrated operator controlling the complete value chain for sugar production, the group is continuously striving to develop agricultural output in Morocco to reduce the

George Richani-CEO-Al Ahli Bank of Kuwait

Greater access to finance in Morocco

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Until recently, investment opportunities on the Casablanca Stock Exchange (CSE) were limited to securities on the equity and bond markets, both of which were dominated by major Moroccan corporates, or investing in mutual funds based on such securities. However this is set to change, with the CSE and market authorities working in recent years on the launch of a wide range of new products, services and exchanges. Small Listings Prominent among these are a new board listing small and medium-sized enterprises (SMEs), which will be created by the new stock exchange law currently being worked on by the government (see overview). The London Stock Exchange

Lesieur: Consumer goods

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Founded in 1942 Lesieur has emerged as a leading player in the Moroccan agribusiness sector, with a 57% market share of its core business – edible oil. Endowed with the largest refining capacities in Morocco, Lesieur is gradually becoming a pan-African competitor, seeking opportunities in new markets via exports and foreign direct investment. Benefitting from strong brand recognition and loyalty, the group is continuously capitalising on its know-how and experience to further diversify and enrich its product mix thanks to a proactive research and development strategy. Product Lines Lesieur produces and markets five product categories: seed oils, olive oil, body soaps and gels, detergents and

Maroc Telecom: Telecoms

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Maroc Telecom (MT) is the leading operator in the telecommunications sector in Morocco with operations in Morocco and sub-Saharan Africa. In January 2015, MT acquired six additional sub-Saharan subsidiaries, bringing the international portion of the business contribution to revenue to 42%. While subSaharan Africa remains mostly a mobile market, the firm engages in Morocco in both the mobile and fixed segments. The stock has traded in the Casablanca Stock Exchange under the ticker IAM since 2004 and accounts for more than 20% of the total market capitalisation of the market. MT is poised to regain some of the glow lost in Morocco amid a fierce

Résidences Dar Saada: Real estate

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Résidences Dar Saada (RDS) is a Moroccan social and intermediate housing pure play listed on the Casablanca Stock Exchange since December 2014. In less than four years, RDS successfully transitioned from a medium-sized real estate company to the third major operator in the Moroccan social and intermediate housing market, with about 5990 units delivered in 2014, compared to 896 units in 2009. Following its initial public offering (IPO), the company ownership structure is as follows: 1) The Berrada family, 55%; 2) foreign and Moroccan institutional holders, 25%; and 3) a free float of 20%. The company’s 2014 performance was excellent, particularly considering the difficult business

Emmanuel Macron-President of France

Morocco increases role for the private sector

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In line with a global trend to increase private sector activity in infrastructure development, Morocco is now host to several major public-private partnership (PPP) projects, including the kingdom’s largest power station and port at Jorf Lasfar and Tanger-Med, respectively. PPP success has left the government keen to boost the number of such projects, and privately financed public infrastructure initiatives in particular, in the process expanding government services and infrastructure without upfront investment. This interest in PPPs has gained traction under a new law to enhance clarity around the regulatory framework governing contracts. Benefits  While procedures vary depending on the arrangement involved, many PPP contracts require

Pham Hong Hai-CEO-HSBC Vietnam

Morocco expanding trade and investment to develop partnerships

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Over the past 15 years Morocco has signed free trade agreements (FTAs) with some of the largest economies in the world. This has impacted the kingdom’s trade figures, though in some cases it has also been followed by increases in trade deficits with these partners. The next major accord Morocco is likely to sign is a Deep and Comprehensive FTA (DCFTA) with the EU that expands the existing Association Agreement (AA) to cover trade in services as well as harmonising Morocco’s trade regulatory framework with the EU. The accord has, however, faced some domestic opposition and negotiations remain on hold. The kingdom has also been

George Richani-CEO-Al Ahli Bank of Kuwait

Morocco establishes new rules to address exposure to equity market

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The Moroccan insurance industry is one of the kingdom’s largest sectors of institutional investors. It is heavily invested in local equities, which has given rise to concerns that this is exposing it to high levels of risk. However, plans to gradually introduce new solvency regulations should mitigate this by making insurers choose between putting up additional capital to cover the risks or reducing their equity holdings. Sector investments are likely to have performed well in 2014 and should have a strong 2015, though falling interest rates will make it harder for firms to find new fixed-interest investments to cover savings product liabilities. The value of

Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Morocco promoting scientific research as key focus for education

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A comprehensive reform programme to improve access and enhance the performance of the education system has been under way in Morocco. Notably, the authorities are working to restructure the sector as a whole by grouping universities under umbrella bodies to increase their visibility on a national and regional level. This will also help achieve greater economies of scale. For instance, in September 2014 Casablanca-Ain Chock University merged with the University of Mohammedia, establishing University Hassan II Casablanca. The University of Rabat-Agdal and the University of Mohammed V-Souissi also merged in September 2014 to create Mohammed V University. By combining resources and expertise, the mergers will

Mohammed El Etreby-Chairman-Banque Misr

Morocco using vocational training to counter high youth unemployment rate

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At present, the vocational training system in Morocco consists of one main public provider, the Bureau of Professional Training and Employment Promotion (Office de la Formation Professionnelle et de la Promotion du Travail, OFPPT), which was created in 1974 to increase the pool of professionally trained citizens. In 2014/15, the OFPPT trained 370,000 people, including over 100,000 for industrial trades, almost 50,000 for the construction and building materials sector, over 25,000 in hospitality and tourism, and nearly 2000 for the logistics and transport sectors. Institutional Reform Institutional reforms for vocational training have focused on improving the quality of training, raising the involvement of professionals in