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Moroccan Banks Invest $1.84 Billion in Africa in 10 Years

Dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, June 29, 2017. The picture was taken on June 29, 2017. REUTERS/Youssef Boudlal/Illustration
Dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, June 29, 2017. The picture was taken on June 29, 2017. REUTERS/Youssef Boudlal/Illustration
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Moroccan Banks Invest $1.84 Billion in Africa in 10 Years

Dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, June 29, 2017. The picture was taken on June 29, 2017. REUTERS/Youssef Boudlal/Illustration
Dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, June 29, 2017. The picture was taken on June 29, 2017. REUTERS/Youssef Boudlal/Illustration

Moroccan bank investments have exceeded MAD17.5 billion (USD1.84 billion) in 25 African states between 2007-2017, according to a report issued by the Ministry of Economy and Finance.

The report revealed that the investments in this period represented 52.2 percent of total Moroccan investments in Africa distributed as follows: 16.4 percent in the telecommunications sector, 12.3 percent in industry and 5.8 percent in insurance.

It added that despite the geographical diversity, the investments were mainly carried out in specific countries such as Egypt (30.5 percent), Ivory Coast (19.4 percent) and Senegal (12 percent).

The report revealed that Attijariwafa Bank, BMCE Bank and the Banque Centrale Populaire (BCP) have signed deals with African governments and banks of African countries as part of the expansion of cooperation between Morocco and African partners.

The deals dealt with funding programs of infrastructure, socio-economic projects, and government budgets.

Total client deposits at African branches of Moroccan banks reached MAD188 billion (USD20 billion) respectively as follows: Attijariwafa Bank (48.6 percent), BMCE Bank (33.2 percent) and the Banque Centrale Populaire (18.2 percent).

African client deposits at Moroccan banks have grown 13.5 percent since 2009, said the report. Senegal comes first in terms of deposits by around 16.4 percent, followed by Ivory Coast (12.2 percent), Tunisia with 11.9 percent and Egypt (10 percent).

Total loans of Moroccan banks to African clients reached MAD159.6 billion (USD17 billion) distributed as follows Attijariwafa Bank (47.8 percent), BMCE Bank (31.9 percent) and the Banque Centrale Populaire (20.3 percent).

The report called on Moroccan banks in Africa to expand their operations and grant priority to technological developments.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.