Morocco Hopes to Boost Domestic Tourism to Save Key Sector

Marrakech at dusk, Morocco. (Getty Images)
Marrakech at dusk, Morocco. (Getty Images)
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Morocco Hopes to Boost Domestic Tourism to Save Key Sector

Marrakech at dusk, Morocco. (Getty Images)
Marrakech at dusk, Morocco. (Getty Images)

Morocco's government and tourism industry hope to encourage more Moroccans to explore the ancient souks of Marrakech and the beaches of Agadir this year, to make up for the collapse in foreign visitors due to the global pandemic.

A TV advertising campaign, launched by the government, reminds citizens of the country's many attractions with the slogan "until we meet”, reported Reuters.

Tourism represents 7% of Moroccan economic activity, employing more than half a million people and generating $8 billion in foreign currency inflows last year, when 13 million foreigners flew into the North African kingdom.

"We know foreign tourists are not coming this summer," said Tourism Minister Nadia Fettah Alaoui, adding encouraging domestic tourism was the starting point for reopening the sector.

The crisis, with a full lockdown and a ban on all international travel since March, has reduced the income of many workers however, restricting their budget for holidays. Most hotels in Morocco are also more tailored to the needs of foreign tourists.

Domestic tourism represents 30% of hotel arrivals, and 1 million Moroccans go abroad every year, spending $2 billion.

Lahcen Zelmat, head of the hotel federation, said serviced apartments with pool access would likely prove more successful with locals than the rooms most hotels offer. He urged the government to offer state workers hotel allowances.

Nabila Darif, a Rabat-based civil servant, said she was considering a holiday in Morocco rather than Spain this year if she could find "a calm destination with nature".

The government has already taken some action to try to help tour operators, hotels and domestic airlines, drafting a law that would allow them to offer future reservations to guests rather than refund bookings cancelled over the crisis.

It has also deferred taxes and asked banks to offer debt repayment holidays. It is handing out 2000 dirhams ($200) a month to workers who have been furloughed by companies.

Morocco's travel industry lobby group CNT has demanded these measures be extended beyond June, saying that with government investment of $170 million, the industry could recover by 2022. Without help, it risked delaying a recovery until 2024.



Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
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Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo

Danish shipping firm Maersk announced Monday that Oman's port of Salalah, which was hit by a drone at the weekend, would start to reopen from Tuesday.

The Oman authorities said one worker was injured and minor damage caused by the strike on the port, which is run by Maersk subsidiary APM Terminals and is one of the key shipping facilities in the Gulf state.

Maersk said the area damaged was "limited" and that the port's management would take "necessary measures" to progressively build up to full capacity.

Some "constraints" would remain but additional safety and "preventive" measures had been taken because of the strike, it added.


US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
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US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)

Wall Street stocks opened higher Monday after US President Donald Trump claimed progress in talks with Iran, even as he threatened to destroy key oil facilities on Kharg Island and to decimate the country's power infrastructure.

International benchmark Brent North Sea crude was up 2.2 percent to $115.02 per barrel on Monday morning, while the main US oil contract, West Texas Intermediate, rose 1.7 percent to $101.35, AFP reported.

All three major US indices started the week on the front foot.

About ten minutes into trading, the tech-rich Nasdaq Composite was up 0.8 percent at 21,124.23, the Dow Jones Industrial Average rose 0.9 percent at 45,566.69, and the broad-based S&P 500 also rose 0.9 percent to 6,426.20.

Art Hogan of B. Riley Wealth Management said investors "would desperately like to see an exit ramp in this war."

Still, even as Trump claims progress towards talks, he is often contradicted by Tehran and the Middle East region remains engulfed by war, with US-Israeli strikes continuing, Iran's retaliation targeting US allies in the Gulf and Israeli strikes against Lebanon expanding.

"The market's going to wake up every day and try to figure out where we are in the war with Iran and what that means for energy prices," said Hogan.

"If in fact, the president's announcement on Truth Social can be even taken a little bit seriously about negotiations going well, then the market would celebrate that."

Hogan added that markets were currently oversold and therefore "very susceptible to any good news, especially as it pertains to this war in Iran."

Monday's gains came after a series of losses last week, with the S&P 500 ending the week lower for the fifth straight week, its longest such run in four years.


Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)
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Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's total reserves fell by a hefty $22 billion last week to $155.5 billion, bringing their declines since the start of the Iran war to $55 billion, bankers said, Reuters reported.

They said the central bank sold $18 billion in foreign exchange last week, meaning its total forex sales amid the one-month war totaled $44 billion.

The central bank's net reserves fell $22.5 billion last week to $35 billion, the bankers also said.