Morocco Inaugurates Tanger-Med 2 of Tangier Port

Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)
Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)
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Morocco Inaugurates Tanger-Med 2 of Tangier Port

Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)
Crown Prince of Morocco Moulay Hassan during the port’s inauguration (MAP)

Crown Prince of Morocco Moulay Hassan, son of Morocco's King Mohammed VI, inaugurated Tanger-Med 2 of Tangier port, which will enhance the country’s position in the Euro-Mediterranean region.

Tanger-Med 2 now has the largest Mediterranean port capacity and by connecting Morocco to 77 countries and 186 ports, the port contributed to the location of the Kingdom of Morocco on the international maritime scene, announced head of the Tanger Med special agency Fouad Brini.

“Tanger today represents the top port in the Mediterranean in terms of capacity.”

Morocco is now in the 17th place according to the United Nations Conference on Trade and Development (UNCTAD), Brini said, adding that: “That's something to be proud of.”

Brini pointed out that the port provides Morocco with world-class infrastructure in Gibraltar Strait and makes the Kingdom a regional and industrial player of the first level in Africa and the Mediterranean. He added that the visionary decision of the King of Morocco to launch the studies and construction of Tanger-Med 2 enabled Tangier port of tripling its capacity from 3 million to 9 million containers per year.

The Head of the agency added that in 2018, Tanger-Med 1 handled 3.4 million containers, which enabled it to be located as the first port in Africa, ahead of Egypt’s Port Said on the Suez Canal and Durban in South Africa.

Tanger-Med is the first African port to be labeled EcoPort, part of the main environmental initiative which features equipment that respects the environmental standards of the European Maritime Ports Organization.

Brini noted that the momentum of development will continue for a new investment program worth $900 million, adding that this investment program aims at keeping pace with the growth of Moroccan industrial and agricultural exports, through expanding port processing capabilities and creating new facilitation zones.

This dynamism will contribute to improving the logistics competitiveness of the African continent and confirm Morocco’s integration in the world's leading logistics corridors by enabling Tanger-Med to be located within the world's top 20 container ports, explained Brini.

He recalled that 12 years after the actual launch of the project, the innovative model of the Tanger-Med Agency's governance is systematically brought up in the best global practices.

A.P. Moller Maersk CEO Morten Engelstoft said that Tanger-Med is one of the most developed ports within the port network in which the group operates. He added that this port platform is one of the strategic centers within the global network of A.P. Moller Maersk.

Engelstoft noted that Tanger-Med is a leading port with a very advanced technology that offers effective and safe solutions. He praised the extraordinary business climate in Morocco, stressing that Maersk reaffirmed its commitment and trust in country.

Tanger-Med 1 & 2 port director Rachid Houari stated that the port put Morocco in the category of the world's great marine countries.

He also pointed out that Morocco has become an inevitable destination, and Tanger-Med is an indispensable port.

The extension is the result of nine years of work and 1.3 billion euros of public funding along with an equivalent amount pumped in by private investors, explained Houari.



Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Allows Contracting Exceptions for Firms without Regional HQ

The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia has introduced greater flexibility into its investment environment, allowing government entities, under strict controls to safeguard spending efficiency and ensure the delivery of critical projects, to seek exceptions to contract with international companies that do not have regional headquarters in the kingdom.

The Local Content and Government Procurement Authority notified all government bodies of the mechanism to apply for exemptions through the Etimad digital platform.

The step is designed to balance enforcement of the “regional headquarters relocation” decision, in force since early 2024, with the needs of technically specialized projects or those driven by intense price competition.

Under a government decision that took effect at the start of 2024, state entities, including authorities, institutions and government-affiliated funds, are barred from contracting with any foreign commercial company whose regional headquarters in the region is located outside Saudi Arabia.

According to the information, the Local Content and Government Procurement Authority informed all entities of the rules governing contracts with companies that lack a regional headquarters in the kingdom and related parties.

Government entities may request an exemption from the committee for specific projects, multiple projects or a defined time period, provided the application is submitted before launching a tender or initiating direct contracting procedures.

Submission mechanism

In two circulars, the authority detailed how to submit exemption requests and clarified the cases in which contracting is permitted under the controls. It said the exemption service was launched on the Etimad platform in November 2025.

The service is available to entities that float tenders through Etimad. Requests for tenders launched before the service went live, as well as those issued outside the platform, will continue to follow the previously adopted process.

Etimad is the kingdom’s official financial services portal run by the Ministry of Finance, aimed at driving digital transformation of government procedures and boosting transparency and efficiency in managing budgets, contracts, payments, tenders and procurement. The platform streamlines transactions between state entities and the private sector.

Technical criteria

When issuing the contracting controls, the government made clear that companies without a regional headquarters in Saudi Arabia, or related parties, are not barred from bidding for public tenders.

However, their offers can only be accepted in two cases: if there is no more than one technically compliant bid, or if the offer ranks among the best technically and is at least 25% lower in price than the second-best bid after overall evaluation.

Contracts with an estimated value of no more than 1 million riyals ($266,000) are also exempt. The minister may, in the public interest, amend the threshold, cancel the exemption or suspend it temporarily.

More than 700 headquarters

More than 700 multinational companies had relocated their regional headquarters to Riyadh by early 2026, exceeding the initial target of attracting 500 companies by 2030. The program seeks to cement the kingdom’s position as a regional business hub and to localize global expertise.

When announcing the contracting ban, Saudi Arabia said the move was intended to incentivize foreign firms dealing with the government and its affiliated entities to adjust their operations.

It aims to create jobs, curb economic leakage, raise spending efficiency and ensure that key goods and services procured by government entities are delivered inside the kingdom with appropriate local content.

The government said the policy aligns with the objectives of the Riyadh 2030 strategy unveiled during the recent Future Investment Initiative forum, where 24 multinational companies announced plans to move their regional headquarters to the Saudi capital.

It stressed that the decision does not affect any investor’s ability to enter the Saudi economy or continue working with the private sector.

 


IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
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IMF Board to Review Staff-level $8.1 Bln Agreement for Ukraine

The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko
The city's downtown on a frosty winter day, amid Russia's attack on Ukraine, in Kyiv, Ukraine February 19, 2026. REUTERS/Alina Smutko

The International Monetary Fund on Thursday said its board ​would review a staff-level agreement for a new $8.1 billion lending program for Ukraine in coming days.

IMF spokeswoman Jule Kozack told reporters that Ukrainian authorities had completed the prior actions needed to move forward with the request ⁠of a new ⁠IMF program, including submission of a draft law on the labor code and adoption of a budget.

She said Ukraine's economic growth in 2025 ⁠was likely under 2%. After four years of war, the country's economy had settled into a slower growth path with larger fiscal and current account balances, she said, noting that the IMF continues to monitor the situation closely.

"Russia's invasion continues to take a ⁠heavy ⁠toll on Ukraine's people and its economy," Kozack said. Intensified aerial attacks by Russia had damaged critical energy and logistics infrastructure, causing disruptions to economic activity, Reuters quoted her as saying.

As of January, she said, 5 million Ukrainian refugees remained in Europe and 3.7 million Ukrainians were displaced inside the country.


US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
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US Stocks Fall as Iran Angst Lifts Oil Prices

A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid
A screen displays a stock chart at a work station on the floor of the New York Stock Exchange (NYSE) in New York City, US, April 6, 2022. REUTERS/Brendan McDermid

Wall Street stocks retreated early Thursday as worries over US-Iran tensions lifted oil prices while markets digested mixed results from Walmart.

US oil futures rose to a six-month high as Iran's atomic energy chief Mohammad Eslami said no country can deprive the Islamic republic of its right to nuclear enrichment, after US President Donald Trump again hinted at military action following talks in Geneva.

"We'd call this an undercurrent of concern that is bubbling up in oil prices," Briefing.com analyst Patrick O'Hare said of the "geopolitical angst."

About 10 minutes into trading, the Dow Jones Industrial Average was down 0.6 percent at 49,379.46, AFP reported.

The broad-based S&P 500 fell 0.5 percent to 6,849.35, while the tech-rich Nasdaq Composite Index declined 0.6 percent to 22,621.38.

Among individual companies, Walmart rose 1.7 percent after reporting solid results but offering forecasts that missed analyst expectations.

Shares of the retail giant initially fell, but pushed higher after Walmart executives talked up artificial intelligence investments on a conference call with analysts.

The US trade deficit in goods expanded to a new record in 2025, government data showed, despite sweeping tariffs that Trump imposed during his first year back in the White House.