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Morocco-Saudi Arabia joint maritime line to start operations soon

Published

2 years ago

April 23, 2022

The Chairman of the Moroccan-Saudi Arabian Business Council, Khalid Benjelloun, on Friday, announced that a maritime line which will connect Morocco and Saudi Arabia will be launched in the coming weeks.

Benjelloun said the initiative will give a new impetus to economic and trade cooperation between the two countries when it starts operations.

“The Federation of Saudi Chambers has signed an agreement with a shipping company to establish a direct line between Morocco and Saudi Arabia,” said Benjelloun in a statement at the end of the Moroccan-Saudi Business Forum held in Jeddah.

The integration, according to him, will provide opportunities for the “economy of both countries to establish fruitful industrial partnerships and investments and create joint value added and local jobs.”

Saudi Arabia which is Morocco’s largest trading partner in the Arab world, had a total value of bilateral trade with the north African country amounting to 17.2 billion dirhams in 2021 ($1.76 billion), according to data provided by the Minister of Industry and Trade, Riyad Mezzour, who led the Moroccan delegation at the forum.

Opening of a Maritime Line Between Morocco and Saudi Arabia https://t.co/36BbluTy8u via @TheMaghrebTimes

— The Maghreb Times 🇩🇿🇱🇾🇲🇦🇲🇷🇹🇳🇵🇸 (@TheMaghrebTimes) April 22, 2022

“With the agreement, there is the need to relax administrative restrictions on exports and imports and the establishment of a Moroccan-Saudi investment fund to facilitate market access for small and medium enterprises, encourage partnerships between companies in both countries, and help them obtain financing,” Benjelloun said.

“During the Forum’s proceedings, investment and partnership opportunities between Morocco and Saudi Arabia and the potential of the two countries’ markets were reviewed, as well as the obstacles facing investors and the solutions proposed to promote investment and double the volume of trade between the two countries.

“The Forum was also a platform to enhance partnership between the two countries’ private sectors,” he added.

Related Topics:Featured Maritime Morocco Saudi Arabia

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Ezz al-Arab appointed as Egypt’s CIB chairman

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Commercial International Bank (CIB), Egypt’s largest private bank, announced on Monday that long-time chairman and previous CEO Hisham Ezz al-Arab will become CEO.

Neveen Sabbour, a board member, will take over as chairman, according to a statement. Hussein Abaza, the outgoing CEO, will be replaced by Ezz al-Arab, who will hold the role for three years.

In Egypt, the market share held by traditional banks is expected to reach US$35.84 billion. As more clients choose online and mobile banking options, Egypt’s banking industry is seeing an increase in digital banking services.

The new appointments are part of “to lead the bank’s multifaceted business transformation and continue its programme to support recognised potential future leaders,” the announcement stated.

Ezz al-Arab, chairman and managing director since 2002, resigned in October 2020 due to “compliance concerns” from the national bank.

In August 2022, a year before his tenure expired, central bank governor Tarek Amer resigned due to a currency crisis. Ezz al-Arab was requested to rejoin as chairman in December.

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Nigerian inflation falls again, drops to 32.15% in August

Published

1 day ago

September 16, 2024

Ifeoluwa Dada

Nigeria’s August inflation rate declined for a second month to 32.15% from 33.40% in July, the statistics office reported on Monday. This comes after the month of July saw the first decrease in consumer inflation in Africa’s largest country in almost a year.

Analysts predict August’s slowdown may be short-lived after two gas price increases this month enraged citizens facing the worst cost-of-living crisis in a generation.

The removal of a decades-old gasoline subsidy, devaluation of the naira currency, and increase in energy costs by President Bola Tinubu have raised prices.

Reforms attempt to boost economic growth and public finances.

The central bank’s next interest rate decision next week may be influenced by inflation figures. The apex bank has hiked rates four times this year to curb inflation, and economists say July’s hike may be the last.

Further petrol price increases and northern flooding that swept away crops could raise food prices.

“On the whole, disinflation should continue with the headline rate falling below 30% by year-end, but upside risks remain,” Capital Economics Africa analyst David Omojomolo wrote.

He claimed rising petrol prices might “slow the pace of the disinflation process” and that the central bank would not drop rates until early next year.

Food inflation dropped from 39.53% to 37.52% in August. It remained the greatest inflation driver in August.