Morocco’s King Places Railway Project at Top of Priorities

Moroccan King Mohammed VI (File Photo: Reuters)
Moroccan King Mohammed VI (File Photo: Reuters)
TT

Morocco’s King Places Railway Project at Top of Priorities

Moroccan King Mohammed VI (File Photo: Reuters)
Moroccan King Mohammed VI (File Photo: Reuters)

Morocco’s King Mohammed VI has brought back to the forefront the project to create an industrial railway system in Morocco, after three years of stalemate.

The King has publicly called on the competent government sectors, the Ministry of Equipment and Transport and the Ministry of Trade and Industry, to put this project at the top of priorities.

In a speech addressing the Moroccan people on the occasion of the 44th anniversary of the Green March, he said: “I invite the authorities concerned to give serious thought to the development of a rail link between Marrakech and Agadir, as a first step before extending it to the rest of the southern regions."

"We should also expand the road network, which I am seeking to further develop through the construction of the Agadir-Dakhla highway," he said.

The project of the Industrial Railway System dates back to 2015, when the National Railway Plan was developed in accordance with the directive announced by King Mohammed VI, in his speech on the occasion of the 40th anniversary of the Green March in November 2015.

The railway plan aims to increase the number of cities linked by train, from 23 to 43, by 2040, giving priority to the Marrakech-Agadir line, then Tiznit in the south, to the Mauritanian-Moroccan border.

The 2040 rail plan also proposes linking 12 Moroccan ports to the railway network instead of the current 6 ports, and linking 15 Moroccan airports instead of the one current airport, Mohammed V Airport.

The plan’s investment cost is estimated at 400 billion dirhams ($42 billion).



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.