AGP Executive Report

Morocco’s Business Climate: Morocco has topped the African business-climate ranking in the CIAN barometer, scoring 3.9/5, with investors pointing to stability, location, infrastructure and reforms—while urging faster customs, more transparency and better digital readiness. Energy & Fertilizers: OCP says it will ramp back to 100% sulphur-based fertilizer production by end-June 2026 after the global sulphur crisis tied to Hormuz pushed prices sharply higher; the move aims to protect supply when competitors cut output. Oil Shock Risk: A Policy Center for the New South study warns a 20% oil-price jump could cut Morocco’s GDP by 1.6% and endanger 5% of jobs, hitting transport, agriculture, construction and fertilizers. Remittances for Rural Resilience: IFAD and Bank Al-Maghrib highlight remittances’ role in rural resilience and jobs, calling for more financial inclusion and longer-term investment use. Sports Business in Morocco: Saga Communication and No Com (Paris/Madrid/Barcelona/Mexico City) formed a sports-focused alliance to help clubs, federations and sponsors with brand, sponsorship value, reputation and influence strategy. World Cup Costs & Fan Friction: Coverage of the 2026 tournament spotlights sticker shock and FIFA/US barriers that make attendance harder for many fans, including Moroccans watching from abroad. Digital Sovereignty: UN-linked reporting from Tangier stresses that Africa’s economic security depends on who controls data—storage, processing and governance. Shelter Afrique Upgrade: Shelter Afrique rebranded in Rabat as a multilateral development bank, expanding housing-finance capacity across Africa.

Morocco at the World Cup: Atlas Lions defender Noussair Mazraoui is racing to be fit for Morocco’s Brazil opener after an injury in a Norway friendly, with the medical team taking a cautious approach. Water & infrastructure finance: Morocco secured €250m in EBRD funding for drinking-water upgrades, alongside an €250mln EBRD water financing programme reported in the week’s coverage. SME liquidity law (Africa-wide relevance): Nigeria’s National Assembly passed a Factoring, Assignments and Receivables Financing Bill to let businesses convert unpaid invoices into cash—explicitly cited as a model that countries like Morocco have benefited from. Aviation & tourism links: flynas announced direct Jeddah–Rabat flights from July 4, while Royal Air Maroc launched a Casablanca–Los Angeles direct route ahead of the tournament travel rush. Business & markets: Morocco’s OCP Group is reported to be planning a $540m subordinated perpetual bond issue, and Morocco’s ONEE signed a €250m EBRD programme for water infrastructure. World Cup media access: In the UK, BBC and ITV confirmed free-to-air coverage of all 104 matches, with ITV carrying 29 group games and the BBC the remaining 25.

Morocco’s Water & Infrastructure Finance: ONEE secured a €250m financing programme with the EBRD to modernise drinking-water infrastructure, underlining Morocco’s push to upgrade utilities ahead of growing demand. Textiles Circular Economy: IFC says Morocco’s textile waste recycling sector could attract about $1.9bn and create 30,000+ jobs, pointing to a fast-growing jobs-and-investment theme for industrial policy. Capital Markets for SMEs: LCCI and NASD rallied SMEs around capital-market funding, while Nigeria’s Senate passed a Factoring and Receivables Financing Bill to unlock a $50bn+ factoring market for MSMEs—useful context for Morocco’s own SME financing debates. Housing Finance Branding: Shelter Afrique Development Bank unveiled a new brand identity at its Rabat AGM, signalling a renewed push for affordable housing and urban development across Africa. Sports Meets Business (Morocco angle): As the 2026 World Cup kicks off, Morocco is in Group C with Brazil, Haiti and Scotland—while FIFA’s wider tournament expansion and off-field rules continue to shape sponsorship and media economics. Gaming Integrity: Morocco’s NLA DG urged stronger action against illegal gambling, warning it drains revenues and livelihoods.

Water & Infrastructure Finance: ONEE signed a €250m programme with the EBRD to modernize Morocco’s drinking-water production, in two tranches, with energy-efficiency upgrades and technical support. Circular Economy & Jobs: IFC says recycling textile waste in Morocco is commercially viable, with trials turning 427 tons of offcuts into new materials and pointing to up to $1.9bn in private investment and 30,000+ jobs. Capital Markets & Corporate Funding: OCP Group is set to raise up to $540m via a subordinated perpetual bond for its next investment phase, including higher fertilizer capacity and more renewables and water security. Energy Transition & Nuclear Readiness: Jeune Afrique reports Morocco is technically positioned for a civilian nuclear push, with a focus on small modular reactors as global financing attitudes shift. Trade & Investment Links: Morocco and Chile moved to deepen ties in trade, agriculture, mining, renewables and ports, with B2B meetings planned and a future free-trade agreement discussed. Wealth & Finance Sector: Capgemini’s World Wealth Report shows Morocco’s millionaires rose 16.8% in 2025, the fastest in Africa, raising pressure on local wealth-management services. Aerospace Industrial Expansion: Trelleborg opened its Midparc aerospace sealing-systems plant near Casablanca, investing about 130m dirhams and creating 150–200 jobs. Diplomacy & Security: Morocco reiterated its Libya political-solution stance at the AU Peace and Security Council, while separate coverage highlights ongoing Morocco–Europe security cooperation. Food Packaging Regulation Watch: EU regulators are weighing a proposal to classify TFA as a reproductive hazard, reviving attention on PFAS concerns in Morocco’s food-contact packaging. World Cup Business Angle (Morocco tie-in): FIFA’s new hydration breaks add ad inventory, and Morocco is among the Arab teams highlighted for the tournament’s record Arab representation.

Morocco–World Cup Business: Morocco’s opener vs Brazil is set for June 14 at MetLife Stadium, with the match listed among the tournament’s key early fixtures and heavy fan interest around the event. Security & Policy: Morocco’s FM Nasser Bourita used the El Jadida counter-terrorism meeting to push the King’s “vision” for tackling terrorism’s regional spread, links to transnational crime, and the role of AI in threats. Energy Investment: Morocco plans to invest about $16bn over five years to add 16 GW of renewables, pushing clean power above 45% of the energy mix and expanding self-consumption and microgrids. Trade & Industry: China-Africa Economic and Trade Expo (Morocco session) in Casablanca aims to leverage China’s zero-tariff policy to deepen Sino-Moroccan trade and supply-chain integration. Digital/Defense Tech: Morocco is increasingly positioned as a drone manufacturing hub, including UAV testing and local production of loitering munitions. Governance & Markets: A new Africa performance index ranks South Africa first and highlights how governance, influence, and innovation shape investor outlooks beyond GDP. Migration/Rules: The EU Migration and Asylum Pact becomes fully applicable June 12, with critics warning it could weaken asylum safeguards and increase detention.

Renewables Push: Morocco plans to invest nearly $16bn over five years to add about 16 GW of solar and wind capacity, lifting renewables to above 45% of the energy mix, with reforms to expand self-consumption and microgrids for households and businesses. Morocco in the World Cup Spotlight: With the 48-team tournament starting June 11, Morocco is listed among the contenders in major odds tables and is set for a high-profile group stage matchup (including Brazil in the early fixtures highlighted by local viewing plans). Energy & Trade Diplomacy: Morocco’s ambassador to Bangladesh was urged to expand hiring of Bangladeshi skilled workers across healthcare, agriculture, infrastructure, textiles and ICT, aiming to deepen trade and investment links. Tax Modernization (Regional): At a Rabat tax symposium, WATAF’s executive secretary flagged digital transformation as key to boosting domestic revenue mobilization across West Africa. World Cup Business Reality (US): A US hotel operator says World Cup demand is far below FIFA hype, with occupancy staying “steady and average” rather than booming.

Morocco-China Trade: A Morocco session of the China-Africa Economic and Trade Expo (June 10-12 in Casablanca) is set to deepen ties after China’s zero-tariff policy for 53 African countries, with 2025 bilateral trade at $10.96bn. Frontier Markets Boost: Morocco ranks third globally in the S&P Dow Jones Frontier BMI (7.8% weighting), with 39 listed firms and $112.95bn aggregate capitalization. Growth Update: Morocco’s GDP grew 4.9% in 2025 (up from 4.4%), led by a 7.1% rebound in agriculture and resilient domestic demand, though financing needs widened. Energy Transition & Youth: Energy Transition Minister Leila Benali presented Morocco’s clean-energy vision in Lausanne, stressing industrial sovereignty and skills for the next generation. Education Push: PM Aziz Akhannouch says public school enrollment rose 7.4% to 730,000+ new students, alongside a sharp education budget increase to 99bn dirhams by 2026. Energy Storage Focus: A global look at long-duration energy storage highlights grid bottlenecks and rising investment needs—relevant as Morocco scales renewables. Critical Minerals Deal: Aterian’s Eastinco signed a long-term supply agreement for Rwanda tin-tantalum-tungsten concentrates, aiming to grow its Africa trading platform. World Cup Angle: Morocco is flagged as a “dark horse” contender for 2026, with attention also on Morocco’s group-stage matches.

Morocco’s World Cup TV access: SNRT secured rights for Morocco’s group matches, with Morocco vs Brazil (June 13, 11pm Morocco time) on Arryadia and beIN Sports MAX 4 plus BBC One/iPlayer, Morocco vs Scotland (June 19, 11pm) on SNRT free-to-air and beIN Sports MAX 1/3/5, and Morocco vs Haiti (June 24, 11pm) on SNRT. Energy infrastructure: Morocco and Nigeria are pushing for a definitive deal by end-2026 on the long-delayed $25bn, 5,600-km African Atlantic Gas Pipeline, but financing and cross-border security remain major hurdles. Agriculture & labor: A Moroccan union (UMT) urged stronger protections for seasonal workers in Spain after a Moroccan strawberry-field worker died in Huelva from heatstroke, citing poor housing and oversight gaps. Business & finance: Morocco’s OCP is planning a $540m subordinated perpetual bond issue, while Shelter Afrique will hold its 45th AGM in Rabat next week. Trade policy watch: The US USTR proposed Section 301 forced-labor tariffs (10%–12.5%) affecting imports from 60 economies, a reminder for exporters to monitor compliance risk. Tourism momentum: Morocco welcomed 7.7m tourists in the first five months of 2026, keeping growth momentum.

OCP Financing: Morocco’s OCP Group is preparing a up-to 5bn dirhams (about $540m) subordinated perpetual bond, approved by the AMMC, to fund its next industrial, energy and water-security push, including lifting fertilizer capacity from 16m to 19m tonnes by 2027. Tourism Momentum: Morocco welcomed 7.7m tourists by end-May 2026 (+7% year-on-year), with May alone up 13% to nearly 1.7m, as infrastructure and hotel capacity upgrades keep the sector growing. Education & AI: Morocco is debating how to use AI in schools beyond plagiarism fears—experts argue it should help with personalized learning and better links between education and job needs. Human Rights Platform: Morocco hosted a UN Universal Periodic Review retreat in Rabat, with participants focusing on turning recommendations into measurable improvements. Seasonal Worker Safety: A Moroccan union in Spain is calling for stronger protections for seasonal female farmworkers in Huelva after a reported heatstroke death. Business Expansion: XPENG says it has launched operations in Morocco and Tunisia, building a North Africa “triangle” and opening a major sales and service center in Tunisia.

Tourism Momentum: Morocco welcomed 7.7 million tourists in the first five months of 2026, up 7% year-on-year, with May alone hitting 1.7 million (+13%), as the sector keeps riding improved connectivity and capacity. Air Connectivity: Royal Air Maroc launched a new non-stop Casablanca–Los Angeles route, operating three times weekly, boosting links between Morocco and the U.S. West Coast ahead of major travel demand. Demographics Watch: Morocco’s fertility rate fell below replacement level for the first time in 2024 (1.97 children per woman), signaling a new demographic phase with fewer births. Food Prices: After Eid al-Adha, Morocco’s fruit and vegetable prices eased as wholesale supply rose and demand stayed softer, with some seasonal items even spoiling due to oversupply. Business & Talent: Bayern Munich is close to signing Moroccan midfielder Ismael Saibari from PSV, with a medical planned in the U.S. next week. World Cup Link: Brazil’s final pre-tournament roster update includes Wesley out (thigh injury) and Éderson in, with Morocco set to face Brazil in Group C on June 13.

Tourism & FX: Morocco welcomed 7.7 million tourists in the first five months of 2026, up 7% year-on-year, with May alone reaching about 1.7 million (+13%), as the ministry credits better air connectivity and expanded offers. Trade: Morocco widened its agro-food trade surplus with the EU in Jan–Feb 2026 to €239m, after EU exports to Morocco fell 18% while Moroccan shipments held up more resiliently. Investment & geopolitics: Industry Minister Ryad Mezzour rejected European claims that Morocco is a “backdoor” for subsidized Chinese goods into the EU, citing lower actual Chinese investment in Morocco than alleged and pointing to Europe’s own Chinese capacity. Business climate: Morocco topped Africa’s business destination rankings for the first time in CIAN’s 2025–2026 barometer, scoring 3.9/5, with strong marks for infrastructure and improving tax digitization. Finance & cities: Shelter Afrique Development Bank will hold its 45th AGM in Rabat (June 9–11) on financing inclusive, green, resilient urban development. Policy & consumer impact: A report highlights heavy financial losses for Moroccans from Schengen visa refusals, arguing for refunds when services aren’t delivered.

Morocco–EU Mobility Costs: Eurostat data show 1,825 Moroccans were refused entry at EU borders in 2025 (up from 1,665 in 2024), with hundreds of thousands of applications and large non-refundable losses for applicants—consumer advocates are calling for refunds when visas are rejected. Urban Redevelopment & Housing: Casablanca and Rabat are pushing major redevelopment plans, including Casablanca’s Royal Avenue revival that could demolish about 16,000 homes and 2,500 shops, with mass relocation expected. Tourism & Air Connectivity: Air Transat launched a new Montreal–Agadir non-stop route, boosting access to Morocco’s Atlantic coast and supporting the tourism push around the summer season. Labour Rights Watch: Morocco was flagged in the ITUC Global Rights Index for restrictive strike rules and weakened collective bargaining, with unions citing procedural hurdles and penalties. World Cup Economics (Morocco angle): TicketData reports Morocco tops Arab teams on resale prices for matches, averaging about $774—highlighting demand spikes ahead of the tournament. Energy & Regional Trade Context: Algeria has started construction on its section of the Trans-Saharan Gas Pipeline, aiming to move up to 30 bcm/year toward European markets via Nigeria and Niger.

EU–Morocco Trade: EU goods trade with Morocco hit a record €62.2bn in 2025, with Morocco buying €25.5bn from the bloc and selling €36.7bn back, led by industrial machinery and transport equipment. Port & Infrastructure: Morocco’s Dakhla Atlantique port passed the 60% completion mark, with the maritime viaduct at 85.4% and more than 1,800 workers on site, targeting end-2028 delivery. Disaster Recovery Finance: The European Investment Bank mobilised €500m (total €1bn) to support quake reconstruction in Morocco’s Atlas regions, focusing on roads, schools and healthcare with resilience standards. Tourism Momentum: Morocco welcomed 7.7m tourists in the first five months of 2026 (+7%), including 1.7m in May (+13%), as the country pushes toward 26m annual visitors by 2030. Housing & Urban Development: Morocco will host Shelter Afrique Development Bank’s 45th AGM in Rabat (9–11 June) on financing inclusive, green, resilient cities. Business & Skills: Afretec (Carnegie Mellon University Africa) signed its 10th university partner, Addis Ababa Science and Technology University, expanding pan-African tech collaboration. Energy Watch: Algeria has started construction on the Trans-Saharan Gas Pipeline section, aiming to move up to 30 bcm/year from Nigeria via Niger to Algeria for European exports.

Morocco–France Relations: Morocco and France are finalising a new “Friendship Treaty” to replace the 1955 La Celle-Saint-Cloud framework, aiming for a more equal, peer-to-peer partnership across economics, security and Western Sahara diplomacy. Housing & Finance: Morocco will host Shelter Afrique Development Bank’s 45th AGM in Rabat (9–11 June), focused on financing inclusive, green and resilient urban development and affordable housing. Trade Facilitation: Morocco launched a unified digital portal for foreign trade procedures, part of broader efforts to streamline customs and cross-border activity. Tourism Demand: Quebec travellers are increasingly choosing Morocco for summer trips, with Montreal–Casablanca among the most booked routes. World Cup Business & Mobility: FIFA cancelled about 60 free 2026 World Cup tickets due to a website error, while Moroccan supporters report US visa denials that disrupted travel plans and sunk costs. Culture & Craft: Fez’s 29th Festival of World Sacred Music opened, spotlighting living artisan traditions and cross-regional cultural ties.

Tourism Momentum: Morocco may hit its 26 million visitors target by 2028, two years ahead of schedule, after 2025 reached 19.8 million and growth is running faster than the original plan. Trade Digitalization: Morocco will launch a unified digital portal for foreign trade procedures on 15 June, replacing a patchwork of interfaces and enabling one-time data entry, tracking dashboards and a virtual assistant. Health Policy: Morocco is set to reform marketing authorizations for medicines, with debate focused on data exclusivity rules that can delay access to generics and keep prices high. Macroeconomic Outlook: The EBRD expects Morocco’s growth to ease to 4.4% in 2026 and 4.0% in 2027, citing tourism and remittances supporting external balances while trade deficits and regional conflict risks remain. Social Protection Reform: Budget Minister Fouzi Lekjaa says beneficiaries of direct social support will be allowed to combine work income with benefits for a year, aiming to reduce fear of losing aid and boost labor market entry. Global Governance: Morocco was elected to the UN ECOSOC for a three-year term starting 1 Jan 2027.

Morocco’s Digital Payments Surge: Mobile payment transactions in Morocco doubled to nearly 20 million between 2023 and 2025, signaling faster cashless adoption and growing consumer trust in fintech. Climate & Food Security: UN-backed CLIMARES work is advancing climate-resilient wheat in Morocco, with field missions and partnerships aimed at boosting yields and cutting losses from soil-borne pathogens. Renewables Spotlight: The UN Framework Convention on Climate Change highlighted Morocco’s Ouarzazate solar complex (NOOR) as a scalable model for Africa’s clean power transition and green jobs. Trade & Tariff Risk: The U.S. proposed new forced-labour-related tariffs that could raise duties for several African economies including Morocco, adding pressure to export competitiveness and supply chains. EU Regulatory Pressure on Fertiliser Inputs: France moved to tighten cadmium limits in fertilisers, spotlighting phosphate supply links to Morocco and raising questions for the fertiliser value chain. World Cup Business Angle (Morocco): FIFA’s expanded 48-team World Cup kicks off June 11 across the U.S., Canada and Mexico, with Morocco drawn into Group C alongside Brazil, Haiti and Scotland—an event that will also drive demand for sports infrastructure and services.