Morocco's remarkable FDI appeal

Far in the West, Morocco is?attracting overseas investors?from battery makers and car and plane manufacturers to drone specialists because of duty free access to the European and US markets – and high unemployment.

Not one to miss a trick the UAE, Morocco’s largest Arab investor, has just signed?a comprehensive economic partnership agreement with Rabat.

Remember those voluntary production cuts that are going to be unwound? Frank Kane looked forward to the next meeting of Opec+ this weekend and?found that the auguries are not great. The oil price is rangebound and the underpinnings of an optimistic outlook – buoyant stock markets, consumer demand and thriving German and Chinese economies – are lacking.

Turkey is stepping up its efforts to become a major player (any sort of player, really) in hydrocarbons, according to Williamtyson Sellars . It?is preparing to conduct surveys?off the coast of Somalia and working on an agreement with Libya to identify deposits in the Mediterranean.

It may be August but the sport keeps on coming. It’s not just synchronised swimming and handball, either – Gulf states are expected to bid for the 2036 Olympics. Our columnist?Simon Chadwick said spending billions of dollars?on infrastructure is one thing, but creating a talent pipeline for medal winners is a different matter.?

And?where would we be without Dubai property? This much we know: there is a shortage of supply and prices are going up. One research house found that Dubai’s residential sale prices were 21 percent higher in the first half compared with last year. Ouch. Ras Al Khaimah, Fujairah and Umm Al Quwain are looking all the more inviting.

At the same time Frank Kane found that?many bars and restaurants in Dubai?are closing for the high summer months because of an expat exodus. Combined with a steep rise in rents, this is ratcheting up pressure on the food and beverage industry.

Looking forward: something stirs in Kuwait, which has yet to meet a commitment to impose VAT. Megha Merani has the details.

Question:?The UAE continued its spate of trade deals by signing a comprehensive economic partnership agreement with Chile this week. How much is this expected to improve non-oil trade? Read on to find out.

James M L Drummond

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