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Morocco to Spend $580 Mln to Attract More Tourists

People walk past a solar tree that generates energy using panels, in front of the landmark Kotoubia mosque in Marrakech, Morocco, Nov. 12, 2022. (AP)
People walk past a solar tree that generates energy using panels, in front of the landmark Kotoubia mosque in Marrakech, Morocco, Nov. 12, 2022. (AP)
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Morocco to Spend $580 Mln to Attract More Tourists

People walk past a solar tree that generates energy using panels, in front of the landmark Kotoubia mosque in Marrakech, Morocco, Nov. 12, 2022. (AP)
People walk past a solar tree that generates energy using panels, in front of the landmark Kotoubia mosque in Marrakech, Morocco, Nov. 12, 2022. (AP)

Morocco plans to spend 6.1 billion dirhams ($580 mln) up to 2026 to develop its tourism sector in order to attract more visitors and bring in hard currency, the government said on Friday.

The government plans to spend more money on marketing, develop more types of attractions for tourists, upgrade hotels and build new ones, and train more people to work in the sector, the prime minister's office said.

It aims to attract 17.5 million tourists by 2026, up from 11 million last year. In 2019 Morocco had 13 million visitors.

The plan would help create 200,000 new jobs in the sector over the next four years, the government said.

Last year, the sector's revenue more than doubled compared to 2021 to 91 billion dirhams, exceeding 2019 levels.

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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
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Gold Edges Higher in Holiday Trade; Eyes on Fed's 2025 Plan

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold inched higher on Thursday in holiday-thinned trade, as investors focused on the US Federal Reserve's interest rate strategy and anticipated tariff policies under President-elect Donald Trump, both of which could influence the metal's direction in the coming year.

Spot gold rose 0.2% to $2,619.59 per ounce, as of 0023 GMT.

According to Reuters, bullion has surged approximately 27% so far this year, scaling multiple record highs, fueled by significant Fed rate cuts, including a jumbo reduction in September, and heightened geopolitical uncertainties.

Meanwhile, US gold futures steadied at $2,637.10.

In a holiday-curtailed week, trading volumes will likely thin out as the year-end approaches, and Markets are eyeing jobless claims data due later in the day, while preparing for major policy shifts, including tariffs, deregulation and tax changes, in 2025 as Trump returns to the White House in January.

On the geopolitical level, the Palestinian militant group Hamas and Israel traded blame on Wednesday over their failure to conclude a ceasefire agreement despite progress reported by both sides in past days.

Gold is considered a safe investment option during economic and geopolitical turmoil and tends to thrive in a low interest rate environment.