Morocco Inaugurates Extension to Africa's Already Biggest Port

Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...
Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...
TT

Morocco Inaugurates Extension to Africa's Already Biggest Port

Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...
Morocco's King Mohammed VI arrives for a lunch at the Elysee Palace as part of the One Planet Summit in Paris, France, December 12, 2017. REUTERS/Philippe ...

Moroccan King Mohammed VI on Friday, June 28, will oversee the inaugural of the Tanger Med 2 extension at the country’s top cargo port. The expansion is officially opening for business after completing a months-long operations trial.

The new berth extends over 1,600 meters and has an estimated capacity of 4.2 million iron containers. This expansion will increase the total capacity of the whole port complex to 9 million containers. The project also includes the construction of an additional 400-meter extension, which will also accommodate about one million containers.

Overall cost of the expansion totaled around $ 2.8 billion.

The extension to Africa's already biggest port, will further develop the facility after it had already adopted digital processing, an upgrade which has reflected positively on its performance, especially in terms of duration of processing.

Tanger Med cargo port, lying on the coasts of Tangier and off Mediterranean waters, consists of 4 berths, the first of which was inaugurated in 2007.

It is worth noting that last April, DHL Global Forwarding, a leading international provider of air, sea and road freight services, signed a deal with Tanger Med to set up its new Africa-Europe Logistics Hub in the Tanger Med port.

“The strategic location of Tanger Med presents a huge opportunity for us. Its ability to support multi-modal connectivity, especially its maritime, as well as road connections to Casablanca and the South, will allow us to expand and enhance our customer service offering,” said Christelle Fadel, General Manager, DHL Global Forwarding, in a press release.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
TT

Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."