Morocco’s King Places Railway Project at Top of Priorities

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



Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month
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Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi's MAIR Group to List in Abu Dhabi Next Month

Abu Dhabi-based MAIR Group, an investment firm active in sectors including food retail and commercial real estate, said on Thursday it would list on the local bourse next month.

The company, which operates over 100 stores in the United Arab Emirates (UAE) under the ADCOOP and SPAR brands, said in a statement the listing on the Abu Dhabi securities exchange (ADX) would take place on Dec. 9.

It did not disclose the amount of stock shareholders and employees plan to sell through the so-called direct listing, which takes place when a company offers shares to the public without going through a bank-backed initial public offering, Reuters reported.

As MAIR prepares to list "we are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey," Managing Director and CEO Nehayan Al Ameri said.

MAIR, which also manages more than 12 shopping centers through its commercial real estate division, booked revenues of 1.2 billion dirhams ($326.7 million) in the first half of 2024.

Last year, it distributed 135 million dirhams in dividends, equal to 12.11% of the share capital, to its over 12,000 shareholders.