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Analysis

African expansion: Working to position itself as a gateway to African markets
OBG
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Morocco has long been a cultural and economic crossroads between the Middle East, Africa and Europe. Waves of immigration from the Middle East from the 7th century onward have largely shaped the country’s distinctive heritage, and sizable capital flows from the Middle East continue to have an important role in financing development projects today. Morocco is also working to further deepen its…

Analysis

Helping hand: Partnerships are the foundation of growing trade volumes
OBG
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While Morocco has good relations with a broad range of countries, it has long maintained particularly close ties with three key partners, namely the US, Europe (both the EU as a bloc and several key member states individually, above all France) and Gulf Cooperation Council (GCC) countries. The areas of cooperation between the kingdom and these partners include trade, investment and security; all…

Analysis

Integrated development: Efforts to improve social indicators making an impact
OBG
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In the last two decades, Morocco has accelerated broad-based efforts to expand access to social services and encourage inclusive growth. Most notably, a spate of reforms adopted in the early 2000s helped to expand women’s rights and increase recognition of Berber cultures and languages. The impact has been noticeable and on the whole, Morocco has strong socio-economic indicators compared to other…

Analysis

Eyes on all horizons: Banks are diversifying their sources of funding
OBG
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Liquidity has been a frequent topic of discussion in the banking sector over the past number of years. However, as Hassan El Basri, director-general in charge of risks at Banque Centrale Populaire (BCP), indicates, liquidity in Morocco’s banking system reflects that of a “normal” banking system. According to El Basri, people talk of illiquidity due to the fact that one can identify two…

Analysis

Financial inclusion: The post office has become one of the nation’s largest banks
OBG
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With an average banking penetration rate of only 18% in the MENA region, according to figures from the World Bank, much ado has been made in recent years as to the potential role of postal systems in boosting financial inclusion. As existing and trusted entities with extensive networks that reach into rural areas where banks are largely absent, post offices are an obvious under-tapped resource…

Analysis

Label Vie: Distribution
OBG
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COMPANY OVERVIEW: Label Vie is the number two operator in the modern distribution sector in Morocco, with a 30% market share in terms of surface area versus 54% for Marjane/Acima, its competitor. The group operates in three business segments: supermarkets, in which it is number one, with 43 stores; hypermarkets, in which it is number three, with three stores; and hyper cash, in which it is number…

Analysis

Salafin: Banking
OBG
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COMPANY OVERVIEW: Salafin is the number three operator in the Moroccan consumer credit market in terms of net banking income, outstanding loans and net income. Salafin operates in two main areas: the auto financing business, one of the less risky segments in the consumer credit market, which represents 53% of its total outstanding loans, and in the personal loans segment, which represents 47%.…

Analysis

Smaller pie, bigger slice: Reclassification as a frontier market could prove a salve for liquidity
OBG
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Silver linings can shine in unlikely places. Although the Casablanca Stock Exchange (CSE) has seen a bit of a rebound following improved earnings reports in the fourth quarter of 2013, in recent years it has grappled with liquidity problems, to the point where, two years ago, daily trade volumes reached all-time lows. The reasons for this vary. Some point to the CSE’s small pool of listed…

Analysis

Société des Brasseries du Maroc: Beverages
OBG
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COMPANY OVERVIEW: Founded in 1919 and floating on the Casablanca stock market since 1943, Société des Brasseries du Maroc (SBM) is the leading Moroccan brewer with a market share of more than 95%. Its portfolio of activity includes beer (90% of consolidated sales in 2012), wine, bottled water and the Nicolas franchise retail network. Currently, SBM operates numerous industrial plants with a production…

Analysis

Greener pastures: Global population and economic growth are set to drive increasing demand for fertiliser
OBG
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The fertiliser sector in Morocco is largely export-oriented, as the high price for the product constrains the potential for increases in domestic demand. Global demand for fertiliser is expected to grow in the coming years due to international population and income growth, which will require an increase in agricultural inputs to ensure sufficient food supply. The shrinking size of arable land will…