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Analysis

Caring for those in need: A new programme is making health care available to lower-income communities
OBG
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In a bid to reduce the gap between health care access in urban districts and rural areas, as well as increase support for low-income citizens, the government has shifted rolling out its new health insurance programme into full gear. The new medical assistance regime (Regime d'Assistance Medicale, RAMED) was officially inaugurated by King Mohamed VI on March 6, 2012, and full implementation began…

Analysis

Getting technical: Authorities are working to increase the number of engineers
OBG
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Economic development has allowed Morocco to start competing in new industries and innovative sectors, driven by the country’s Industrial Emergence Plan. However, it has also exposed a lack of adequate qualified human resources in certain essential areas. TRAINING: The need to increase the number of engineers for different industrial sectors was first tackled in 2006, when the government set…

Analysis

Cash flow and capital: An overview of corporate law and recent reforms
OBG
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While the law provides for a wide variety of corporate structures, most companies are joint stock companies, governed by Law 17-95, as amended, or limited liability companies (LLCs) governed by Law 5-95, as modified. Joint stock companies are required to have no less than five shareholders and a minimum capital of Dh300,000 (€26,670), or Dh3m (€266,700) if listed on the Casablanca Stock Exchange.…

Analysis

Global standards: Modernising the legal system to attract foreign investors
OBG
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The year 2013 is set to see several important steps in the legislative trend towards the modernisation of the Moroccan economy. The term “modernisation” in this context suggests that new laws will be implemented to bring the economy in line with global standards and offer investors new financial products, thus creating new potential and capital injections for the country. One key element…

Analysis

Increased commitment: Standardising health care provision and labour policies
OBG
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Decree 1-02-296 (October 3, 2002) promulgated Law 65-00 to form mandatory basic health coverage. In essence, this law demonstrates increased commitment from the state to ensure free medical services to the population, as well as the provision of quality medical services to all segments of the community. AREAS COVERED: Several decrees have been adopted to further implement provisions of the law,…

Analysis

Modernising financial laws: Tracking efforts to raise standards in the derivatives market
OBG
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The modernisation of financial trading has necessitated the enactment of new legislation. While only in draft format, these laws indicate a drive to upgrade the legal environment for domestic and global trading. The Draft Law 42-12 (April 19, 2012) on derivatives exchange, stipulates the rules to organise the derivatives market and to ensure regulation by Bank Al Maghrib and the Financial Markets…

Analysis

Moving money: Steps to codify the regulation of foreign exchange
OBG
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With the modernisation of financial laws, it has also been necessary to reform and adapt Moroccan foreign exchange regulation. On November 16, 2011, the legislator enacted the Moroccan Office of Exchange (MOE) Circular, in the process compiling and codifying 815 articles for all regulation applicable to foreign exchange. ACCOUNTS & CURRENCY: The Circular permits local banks to open accounts…

Analysis

New free zones: The ins and outs of offshoring to encourage foreign investment
OBG
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Part of Morocco’s strategy to attract foreign investors is the creation of free zones. To date, six integrated industrial zones have been established, all within the region of Tangier, and with each one dedicated to a different sector of the economy, including car manufacturing, aeronautics and sports, among others. Prime Ministerial Circular No 9/2007 created nearshoring zones, dedicated to…

Analysis

Status report: The advantages attached to gaining CFC status
OBG
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Law 44-10 enacted in December 2010, created the first Moroccan financial centre. Since the kingdom represents Africa’s second-largest market capitalisation, the common ambition of the Moroccan legislature and the Casablanca marketplace is to create a financial centre that will attract international and regional investments from the Maghreb and West Africa. GAINING STATUS: Law 44-10 created…

Overview

At the crossroads of continents: Diversity defines the country’s geography and people
OBG
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At the junction of multiple worlds, Morocco is characterised by diversity and complexity. The kingdom is perched on the western edge of the Arab region, on the north-west corner of Africa and is adjacent to the southern tip of Western Europe. It also sits astride both the Mediterranean Sea and the Atlantic Ocean. In terms of linguistic diversity, the country hosts not only Arabic but also…