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 ...
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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.



Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.