Moroccan Minister of Industry: We will Cover 8% of UK's Electricity Needs

 Moroccan Minister of Industry and Trade Ryad Mezzour (Asharq Al-Awsat)
Moroccan Minister of Industry and Trade Ryad Mezzour (Asharq Al-Awsat)
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Moroccan Minister of Industry: We will Cover 8% of UK's Electricity Needs

 Moroccan Minister of Industry and Trade Ryad Mezzour (Asharq Al-Awsat)
Moroccan Minister of Industry and Trade Ryad Mezzour (Asharq Al-Awsat)

Moroccan Minister of Industry and Trade Ryad Mezzour said that his country was working to provide the United Kingdom with 8% of its total electrical needs, from low-cost renewable energy sources.

In an interview with Asharq Al-Awsat on the sidelines of a visit to London, Mezzour emphasized the importance of the huge XLinks energy project, which links Morocco with Britain, with the participation of ACWA Power.

According to the minister, the project aims to provide about 8% of electricity in the UK from Moroccan production, and to secure nearly 7 million British homes with low-cost electricity by 2030, through four direct submarine cables stretching over a distance of more than 3,800 km.

- Energy Diversity -

Morocco has emerged as one of the most important producers of renewable energy around the world, and has adhered to the Paris climate agreement, which aims to contain global warming by 1.5 degrees.

“We don’t have a large stock of hydrocarbons, so we have looked for our competitive advantage in renewables. Today, we are among the top three countries in the world to produce renewable energies, along with Chile and the Australian West Coast,” Mezzour underlined.

“We are committed to an energy mix to generate electricity. We aim to produce 52 percent of our electricity from renewable sources by 2030.”

- Inflation -

On a different note, the minister said that his country succeeded in controlling inflation and ensuring food supplies, despite the global challenges that resulted from the Covid-19 pandemic and the Ukraine war.

In the past years, Morocco focused on the development on the local industry, which was reflected in the success of the Made in Morocco label to access international markets.

Mezzour noted that ''Made in Morocco'' was a three-pronged concept.

“A product made in Morocco is first of all a product with at least 40 percent of its added value made locally.”

As for the second axis, it revolves around quality.

“This means that the product complies with international quality standards,” he said, adding: “Third, Made in Morocco is a brand that includes different products, with a clear identity based on competitiveness and quality in all its aspects.”

- Food security -

Asked about threats to food security, in the wake of the Ukraine war, Mezzour said: “Morocco is a country that was built over twelve centuries on the basis of ensuring food security. Moroccans sometimes refer to their country as “the store”, in reference to Morocco’s ability to store and provide its population with food, in appropriate quantities and prices, even when supplies are declining.”

Today, although inflation has caused the prices of certain products and some foodstuffs such as oil to rise, manufacturers are deploying huge efforts to ensure permanent availability, according to Mezzour.

“The prices have witnessed a controlled development, thanks to a responsible relationship between manufacturers, residents and customers,” he added.

On the other hand, the minister said that Morocco was witnessing very complex climatic conditions, with a significant decrease in rainfall this year, which prevented the country to achieve the usual levels of production.

“Despite these factors, we were able to provide products, control inflation, and subsidize the prices of basic foodstuffs such as bread and sugar,” he emphasized.

- The aviation industry -

Today, the Moroccan aviation industry is one of the “most dynamic in the world,” and one of the most competitive, according to Mezzour.

“Today, Morocco can manufacture 42 percent of aircraft with highly advanced technologies, which is unique in the world,” he noted.

In this context, at the Farnborough Air Show in London, Morocco signed a Memorandum of Understanding with “one of the largest airlines in the world, Collins, to develop an integrated system in which we jointly commit to developing a network of suppliers.”

“This will allow Collins to invest up to $1 billion annually in Morocco. It’s only a first step, as we are working with several of the Collins Group companies to develop similar systems,” Mezzour told Asharq Al-Awsat.

- Integrated industrial system -

Morocco and Saudi Arabia agreed to set a road map that paves the way for the creation of an integrated industrial system, aimed at enhancing investment opportunities and creating added value and job opportunities in the two countries.

Mezzour praised this agreement, which was announced during talks he held last April with the Saudi Minister of Industry and Mineral Resources, Bandar Al-Khorayef.

“Rabat and Riyadh benefit from strong ties to promote integration between the two countries’ industrial platforms.... This cooperation will allow both platforms to improve their competitiveness, growth and access to other markets,” he stressed.

“Saudi Arabia, and other Gulf countries, possess important raw materials, whether in the field of energy or minerals such as aluminum and others, the development of which may constitute an opportunity, especially in the automotive and aviation industries. For its part, Saudi Arabia is developing a huge and interesting industrial platform, which can benefit from Moroccan suppliers.”



Sri Lanka Raise Fuel Prices after IMF Loan Instalment

People enter the Central Bank of Sri Lanka headquarters in Colombo, Sri Lanka, May 26, 2026. REUTERS/Akila Jayawardena
People enter the Central Bank of Sri Lanka headquarters in Colombo, Sri Lanka, May 26, 2026. REUTERS/Akila Jayawardena
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Sri Lanka Raise Fuel Prices after IMF Loan Instalment

People enter the Central Bank of Sri Lanka headquarters in Colombo, Sri Lanka, May 26, 2026. REUTERS/Akila Jayawardena
People enter the Central Bank of Sri Lanka headquarters in Colombo, Sri Lanka, May 26, 2026. REUTERS/Akila Jayawardena

Sri Lanka raised fuel prices by up to six percent on Sunday, in line with IMF plans to recover energy costs and phase out subsidies to stabilize the economy.

Petrol was raised to 434 rupees ($1.33), up from 410, while diesel increased to 407 rupees a liter from 392, AFP quoted the state-run Ceylon Petroleum Corporation as saying.

The price hike came days after the International Monetary Fund released a $695 million instalment of a $2.9 billion bailout loan, agreed in early 2023 to stabilize the cash-strapped South Asian nation.

The IMF wants Sri Lanka to ensure cost recovery for both fuel and electricity tariffs, which have been subsidized by the government since the start of the conflict in the Middle East in February.

President Anura Kumara Dissanayake, in a letter to the IMF made public by the Washington-based international lender, said fuel subsidies will be phased out by September.

Since the United States and Israel began attacking Iran on February 28, triggering a global energy crisis, Sri Lanka has raised petrol and diesel prices by about 48 percent. Electricity has increased by a third.

The Strait of Hormuz, a key waterway through which about 20 percent of global oil exports pass in peacetime, has been effectively closed by Iran.

Sri Lanka imports all its oil and also buys coal for electricity generation.

Colombo has warned that the fighting in the Middle East, and any prolonged conflict, could seriously undermine its efforts to emerge from the economic meltdown of 2022.

Sri Lanka defaulted on its $46 billion foreign debt in 2022 after running out of foreign exchange. Since then, Colombo has been drawing down the IMF bailout loan to stabilize the country.


European Commission Vows Tougher Action on Trade with China

 Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
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European Commission Vows Tougher Action on Trade with China

 Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)
Worker use a forklift to transfer goods at the Xiaomi logistic center, in Beijing, China on Friday, May 29, 2026. (AP)

The EU's trade and investment relationship with China is "not sustainable", the European Commission said on Friday, vowing a stronger response as commissioners discussed how best to shield Europe's industries from surging Chinese imports.

Commissioners were pitching ideas ahead of an EU leaders' summit on June 18 to 19, and possible proposals could include forcing EU firms to diversify supply chains or introducing new trade mechanisms to curb China's access to the EU market in chemicals, metals and clean energy technology.

"As economic and security interests become ever more intertwined, both dimensions will require a more robust and coherent response," the Commission said.

Any concrete proposals for the response ‌are not expected ‌to be announced until the third quarter of this year.

Western governments are ‌trying ⁠to reverse some ⁠of the offshoring to China that peaked in the early 2000s, depleting industrial know-how and hubs in their countries, particularly in the US and EU members.

China's commerce ministry said on Saturday in response that Europe should abide by World Trade Organization rules, uphold free trade and fair competition, and firmly oppose protectionism and unilateralism.

"Should the EU insist on unilaterally introducing new trade instruments and imposing discriminatory restrictions, China will resolutely take countermeasures and adopt effective measures to safeguard its own interests," it said in an online statement.

TRADE ⁠IMBALANCES, OVERCAPACITY IN FOCUS

The Group of Seven (G7) wealthy nations will ‌also tackle trade imbalances and overcapacity at a mid-June summit ‌as China increasingly flexes its dominance on rare earths and other metals that are critical for sectors including defense, ‌tech, energy and automotive industries.

US President Donald Trump has pitched "America First" and, early this year, the ‌EU proposed a new "Buy European" policy and RESourceEU to accelerate the development of critical mineral supply chains in the EU as well as partnerships with mineral-rich countries from Central Asia to Australia and Brazil.

China's Foreign Ministry accused the EU on Thursday of using trade data selectively to justify claims of imbalances, and it has repeatedly threatened "strong ‌countermeasures" should the EU adopt "Buy European" and revised tech sovereignty policies. China rejects the notion that its trade practices are unjust.

Europe's industry faces ⁠a tougher climate than ⁠US rivals, constrained by higher energy costs and stricter regulation.

Industry Commissioner Stephane Sejourne said this week he wants the bloc's existing trade tools such as import duties and quotas to be used "more systematically" across sectors, rather than targeting specific companies or materials.

The EU has tried to curb some Chinese imports, with mixed results.

The bloc imposed tariffs on heavily subsidized Chinese electric vehicles, but not hybrid models. Hybrids accounted for nearly 40% of new car registrations so far this year and China's market share in Europe continues to rise.

While the Commission is keen to adopt a tougher stance, it will have to navigate differences between France and Germany to pass major legislation.

"Paris argues that Europe's open market is absorbing the combined effects of Chinese subsidies and US protectionism," Carsten Nickel, deputy research director at Teneo, wrote in a report.

"Germany's position is more conflicted," Nickel said, with concerns about mounting pressure on German manufacturing constrained by the deep dependency of big industrial groups on China's market.


Regional Turmoil Drives Growth at Egyptian Ports While Cutting Suez Canal Revenues

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
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Regional Turmoil Drives Growth at Egyptian Ports While Cutting Suez Canal Revenues

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)
Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean. (Egyptian Ministry of Transport)

The Suez Canal may have incurred heavy losses due to regional tensions and instability in recent years — from the war in Gaza to the conflict involving Iran — those same disruptions have contributed to a significant surge in activity at Egyptian ports and in transit trade.

However, Egyptian economists said the strong increase in container traffic at the country’s ports is not enough to compensate for the canal’s losses.

They stressed that government initiatives, including efforts to expand transit trade, may only help reduce part of the revenue shortfall.

At the end of April, Egyptian President Abdel Fattah al-Sisi said Egypt had lost nearly $10 billion in Suez Canal revenues because of attacks on ships in the Bab el-Mandeb Strait.

Egyptian ports have experienced increased activity in recent months amid supply-chain disruptions linked to the Iran conflict. Maritime connections with regional countries have expanded, including the launch of the NEOM–Safaga multimodal logistics corridor linking Gulf Cooperation Council countries with Europe.

The Egyptian government has also reinforced trade links between the Gulf and Europe through the “Ro-Ro” shipping line connecting Damietta Port with Italy’s Port of Trieste to increase trade volumes.

In the energy sector, oil flows through Egypt’s SUMED pipeline rose following disruptions in global energy supply chains caused by the closure of the Strait of Hormuz.

Amr El-Samadouni, secretary-general of the International Transport and Logistics Division at the Cairo Chamber of Commerce, said the recent tensions in the Strait of Hormuz have “strengthened Egypt’s position as a regional hub for logistics services and supply-chain management.”

In a statement, El-Samadouni said the developments provide Egypt with “an important opportunity to offset part of the decline in Suez Canal revenues by attracting a share of urgent shipments that cannot tolerate long delays, especially in sectors linked to fast-moving trade and time-sensitive supply chains.”

According to a statement by Egypt’s Ministry of Transport on Thursday, the country’s port sector recorded a major increase in cargo and container handling. Egyptian ports handled 11.1 million twenty-foot equivalent units (TEUs) in 2025, compared with 8.9 million in 2024, representing growth of 24.3 percent.

Transit container traffic also increased sharply, reaching 6.7 million containers in 2025, a rise of 36 percent. The number of ships calling at Egyptian ports climbed to 17,288 voyages in 2025, up 6.6 percent, according to the ministry.

Egypt has an extensive network of seaports along both the Red Sea and the Mediterranean and is investing heavily in upgrades to strengthen its role in regional and international trade.

The Ministry of Transport said the modernization program aims to transform Egypt into a regional hub for transport, logistics, and transit trade while boosting the ports’ ability to attract investment and handle growing trade volumes.

Despite the improvements in port activity, “they cannot compensate for the losses of the Suez Canal,” said Walid Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation.

He noted that revenues from trade and container handling “may reduce the losses but cannot fully replace them,” adding that shipping traffic through the canal has yet to return to pre-Gaza war levels.

Gaballah told Asharq Al-Awsat that continued regional instability makes recovery in Suez Canal traffic increasingly difficult.

Egyptian economist Mostafa Badra also said there can be no direct comparison between canal revenues and port trade income. “There is no substitute for the canal as a major source of foreign currency,” he told Asharq Al-Awsat, noting that revenues generated by port trade remain far below the canal’s earnings under normal conditions.

Badra added that the government’s port-development strategy is intended to strengthen Egypt’s logistics capabilities and reinforce the Suez Canal’s role as a global trade corridor while primarily supporting domestic trade. By contrast, he said, the canal itself remains a vital artery in global supply chains.

Egypt recently rose three places in the UNCTAD Liner Shipping Connectivity Index, ranking 19th globally, first in Africa, and second in the Arab world, according to the Ministry of Transport.