Morocco's Economy Set to Grow 3.5%, IMF Says

IMF expects the Moroccan economy to grow by 3.5% in the medium term, driven by investments. (Reuters)
IMF expects the Moroccan economy to grow by 3.5% in the medium term, driven by investments. (Reuters)
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Morocco's Economy Set to Grow 3.5%, IMF Says

IMF expects the Moroccan economy to grow by 3.5% in the medium term, driven by investments. (Reuters)
IMF expects the Moroccan economy to grow by 3.5% in the medium term, driven by investments. (Reuters)

Morocco’s economy strengthened last year on recovery in domestic demand and exports, with growth expected to pick up to about 3.5 percent over the medium term, boosted by stronger investment, the International Monetary Fund has said.

Stronger domestic demand should gradually “widen the current account deficit towards 3 percent” of gross domestic product, while inflation is projected to “continue to fall slowly as pressures on commodity and food prices fade”, the IMF said on Wednesday, following a staff visit.

The gradual reduction of the fiscal deficit over the next three years looks “appropriate”, the IMF added.

“This will require completing the reform of the tax system, including the VAT [value added tax], improving tax administration, rationalizing spending, including the transfers to state-owned enterprises, and expanding the use of the Unified Social Registry to all social programs.”

Morocco must focus on accelerating structural reforms to boost inclusive growth, the IMF said.



Saudi Arabia Issues New Industrial Licenses for Aircraft Maintenance and Repair

The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)
The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)
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Saudi Arabia Issues New Industrial Licenses for Aircraft Maintenance and Repair

The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)
The announcement was made during the first edition of the Aerospace Connect Forum in Jeddah. (SPA)

The Saudi Ministry of Industry and Mineral Resources announced the issuance of new industrial licenses for aircraft maintenance, repair, and overhaul (MRO) services in the Kingdom.

The announcement was made during the first edition of the Aerospace Connect Forum, held in Jeddah under the patronage of Minister of Industry and Mineral Resources Bandar Alkhorayef and organized by the National Industrial Development Center (NIDC).

The newly introduced industrial licenses, launched in collaboration with the General Authority of Civil Aviation and the General Authority for Military Industries, cover various activities, including aircraft and drone maintenance and repair, navigational and electronic systems servicing, and comprehensive aircraft overhaul operations, said the ministry.

The new licenses will allow investors to benefit from the advantages of industrial licensing, access government incentives and capabilities, and contribute to the development and localization of the Kingdom’s aviation industry—a key sector targeted in the National Industrial Strategy.