عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Morocco Launches $13 Bn Green Investment for Phosphate Complex

King Mohammed VI presides over the presentation of the green investment program of the Cherif Phosphate Office. (MAP)
King Mohammed VI presides over the presentation of the green investment program of the Cherif Phosphate Office. (MAP)
TT
TT

Morocco Launches $13 Bn Green Investment for Phosphate Complex

King Mohammed VI presides over the presentation of the green investment program of the Cherif Phosphate Office. (MAP)
King Mohammed VI presides over the presentation of the green investment program of the Cherif Phosphate Office. (MAP)

The Moroccan government signed a Memorandum of Understanding with the Cherif Phosphate Office (OCP) related to the new "green investment program."

King Mohammed VI presided over the signing ceremony that was held at the Royal Palace in Rabat on Saturday.

The $13 billion investment plan covers the period between 2023 and 2027, as well as a MoU between the Group and the Moroccan government.

The investment program is part of the administrative framework in the transition to green energies and a carbon-free economy. It also extended the working session chaired by the King on November 22 that was devoted to developing renewable energies.

OCP President and General Manager Mostafa Terrab presented the results of the previous investment program, which allowed it to establish its position in the fertilizer market.

The Group's fertilizer production capacities tripled, placing among the world's phosphate fertilizer producers and exporters.

It relied on the research and development capabilities of the Mohammed VI Polytechnic University (UM6P) to benefit from the opportunities offered by new industrial and digital technologies and develop innovative technologies' expertise for rational fertilization.

Terrab presented to King Mohammed the new "green investment program," which is based on increasing fertilizer production capabilities, with a commitment to achieving carbon neutrality before 2040 by boosting reliance on renewable energies.

The Group aims to provide all its industrial facilities with green energy by 2027 by investing in solar and wind power.

The investment plan, Terrab announced, includes supporting programs for Small and Medium-Sized Enterprises (SMEs) operating in the industrial, agriculture, and energy sectors.

It would contribute to the emergence of an innovative national ecosystem and create new opportunities for employment and professional integration of young people.

The new program has allocated a total investment of $13 billion between 2023 and 2027 and aims to increase the local integration rate to 70 percent to support 600 Moroccan industrial enterprises and create 25,000 direct and indirect jobs.

Most Viewed

 
 
Business

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
TT
TT

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.