Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
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Morocco to Open Two Deepwater Ports in 2026 and 2028, Minister Says

A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)
A general view of Tanger Med Port, on the Strait of Gibraltar, east of Tangier, Morocco June 6, 2024. (Reuters)

Morocco will open a new deepwater Mediterranean port next year and another on the Atlantic in 2028, Equipment and Water minister Nizar Baraka said, as the North African country aims to replicate the success of Africa's largest port, Tanger Med.

Nador West Med, under construction on the Mediterranean, is scheduled to be operational in the second half of 2026, Baraka told Reuters in an interview.

It will offer 800 hectares for industrial activity, with plans to expand to 5,000 hectares, surpassing Tanger Med's industrial zones, he said.

The port will also host Morocco's first liquefied natural gas (LNG) terminal - a floating storage and regasification unit (FSRU) - linked by a pipeline to industrial hubs in the northwest, as Morocco pushes investments in natural gas and renewable energy to reduce dependence on coal.

Further south on the Atlantic coast, Morocco is building a $1 billion port in Dakhla, in the disputed Western Sahara region.

The facility will be surrounded by 1,600 hectares for industrial activities and 5,200 hectares for farmland irrigated by desalinated water, Baraka said.

"The port will be ready in 2028 and will be Morocco's deepest at 23 meters," Baraka said. Such depth would support heavy industries focused on processing raw materials from Sahel countries, he said.

Officials have marketed Dakhla as a gateway for landlocked Sahel nations to global trade.

Both Nador and Dakhla ports will include quays dedicated to exporting green hydrogen once production begins, Baraka said.

Nador and Dakhla would be Morocco's third and fourth deepwater ports after Tanger Med and Jorf Lasfar, an energy, bulk cargo and phosphates exports port on the Atlantic.

By 2024, industrial zones near Tanger Med hosted 1,400 firms employing 130,000 people across sectors including automotive, aeronautics, textiles, agri-food and renewable energy, official figures show.

Morocco is also considering building a port in Tan-Tan on the Atlantic in partnership with green hydrogen investors, Baraka said. "We are conducting studies to decide the appropriate size of the port," Baraka said.



Citibank Closes UAE Branches Temporarily as Precautionary Measure

A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
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Citibank Closes UAE Branches Temporarily as Precautionary Measure

A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)

Citibank will close its branches and financial centers in the United Arab Emirates through March 14 as a precautionary measure, the bank's website showed on Thursday, following a wave of banks sending staff home as the crisis in the Middle East deepens.

The ⁠US bank plans ⁠to reopen all affected branches on March 16, but the branch in the Mall of the Emirates in central Dubai, will remain open ⁠during this period, it said.

Earlier this week, Citi told its staff to evacuate offices in the Dubai International Financial Centre (DIFC) and Dubai's Oud Metha neighborhood, telling them to work from home until further notice.

HSBC, another major global bank, has closed all branches in ⁠Qatar ⁠until further notice, according to a customer notice, saying the measure was to ensure the safety of staff and customers.

Banks across the region have stepped up precautions after Iran threatened banking interests linked to the US and Israel.


OPEC: Ongoing Geopolitical Developments Warrant Close Monitoring of Markets

OPEC's report focused on February market conditions prior to the Feb. 28 conflict outbreak (Reuters)
OPEC's report focused on February market conditions prior to the Feb. 28 conflict outbreak (Reuters)
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OPEC: Ongoing Geopolitical Developments Warrant Close Monitoring of Markets

OPEC's report focused on February market conditions prior to the Feb. 28 conflict outbreak (Reuters)
OPEC's report focused on February market conditions prior to the Feb. 28 conflict outbreak (Reuters)

The Organization of Petroleum Exporting Countries (OPEC) has maintained, for the seventh consecutive month, its 2026-2027 global oil demand growth projections unchanged.

OPEC kept its forecast for global oil demand growth at 1.38 million bpd for 2026 and at 1.3 million bpd for 2027.

The Iran war has severely impacted global supply chains, as the Gulf region is crucial to the world's oil and gas supply.

The war sent oil prices surging close to $120 a barrel on Monday before they later eased to around the low $90s, as markets weighed the risk of wider disruption against hopes the conflict might still be contained.

OPEC's report focused on February market conditions prior to the Feb. 28 conflict outbreak, therefore, not reflecting the war’s impact on the volume or price of oil.

“Ongoing geopolitical developments warrant close monitoring, although their impact, if any, on the growth forecast may be too early to determine,” OPEC said ⁠in the report, referring to economic growth.

OPEC also ⁠said output by the wider OPEC+, which includes the Organization of the Petroleum Exporting Countries plus other producers such as Russia, averaged 42.72 million bpd in February, up 445,000 bpd from January, citing secondary sources.

Crude oil production by OPEC rose by 164,000 bpd in February compared to January 2026, reaching around 28.63 million bpd, according to the group's latest Monthly Oil Market Report.

The largest output increase came from Venezuela, while Nigeria recorded the biggest decline last month.

And for the second month, OPEC kept its forecast for the growth of oil supply of non-OPEC countries at 630,000 bpd in 2026, and at 610,000 bpd in 2027.

Early this month, the eight OPEC+ countries agreed to a modest oil output boost of 206,000 bpd for April, a decision framed as a response to steady market fundamentals and global economic growth.

The eight members had raised production quotas by about 2.9 million bpd from April through December 2025, roughly 3% of global demand, before pausing increases for January to March 2026 due to seasonal weakness.


IMF Says it Has Made Progress in Pakistan Funding Talks

Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro
Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro
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IMF Says it Has Made Progress in Pakistan Funding Talks

Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro
Students ride on motorbikes with their parents while heading to schools, after the government announced that schools would close for two weeks, starting March 16, following austerity measures to save fuel amid the US-Israeli conflict with Iran, in Karachi, Pakistan, March 10, 2026. REUTERS/Akhtar Soomro

The International Monetary Fund said on Wednesday it has made "considerable progress" in talks with Pakistan ⁠over its funding ⁠facilities and that discussions will continue.

"While considerable progress was made ⁠in the discussions, these will continue in the coming days, including to more fully assess the impact of recent global developments on Pakistan’s economy ⁠and ⁠the EFF-supported (Extended Fund Facility) program," IMF advisor Iva Petrova said in the statement.

Pakistan is in an ongoing $7 billion IMF program.

Tanker drivers in Pakistan said they were facing long waits at depots due to a shortage of fuel, as the government played down fears of another rise in prices.

The US-Israeli war with Iran has disrupted shipping and damaged oil and gas facilities in the Middle East, raising global oil prices as countries scramble to deal with concerns over supply.

Dozens of tankers, which supply fuel across Pakistan, were seen parked at the side of the road on Tuesday at depots near Lahore, the capital of Punjab, the country's most populous province.

Last week, the government in Islamabad hiked prices by about 20 percent, triggering long lines and panic buying at filling stations across the country.