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amed for its exotic culture, food, landscape, and people, Morocco is also a making an impression in business. Having withstood the global slowdown to show impressive growth yields, the country has become a magnet for foreign investors.

Since its economy was liberalized in 1993, the bewitching country has grown to become a pivotal player in Africa’s economic affairs, and was hailed North Africa’s most competitive econ-omy by the World Economic Forum (WEF) in its African Competitive-ness Report 2014–2015. Stringent reforms and a process of economic diversification have made the Moroccan economy strong, with services making up just over half of GDP, and industry, particularly mining, con-struction, and manufacturing, a third. Close to half of the country’s 33.1

million population is employed in agriculture and resources, whose exports account for more than a third of foreign trade revenues.

Minister of Foreign Affairs and Cooperation, Salah Eddine Mezouar explains the dyna-mism that underpins everything Morocco has achieved began when King Mohammed VI took the throne 15 years ago.

“He saw that we needed to find a new way of doing things. We had an economic deficit and had to push everyone to work and ensure that they are doing their job and investing in building their country. This caused a change in generations of elitism, political openness, democ-ratization, the release of energy, private-sector-led development and investment, as well as social development,” he says. “We were able to launch a huge infrastructure project; we had to find the resources and skills we needed and, as we did so, we have been able to build positive and healthy relationships with partners like the EU—with whom 66% of our trade now lies—investment funds, banks, and so on.”

The king’s plan for the country’s future, Vision 2020, will see Mo-rocco use its geographic advantages to become the heart for the region. “Morocco does not have exceptional resources; it has its strategic posi-tion, it has a history, and it has the strength of the young generation. We are building the Tanger Med port, and accelerating the building of new roads, a high-speed train network, and new airport. We must work on

MOROCCOA Stable, Open and Dynamic NationNorth Africa’s premier destination for FDI, Morocco is impressing global markets with its quiet determination and will to succeed.

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Salah Eddine MezouarMinister of Foreign Affairs

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income-generating activities,” Mezouar says.For Minister of Economy and Finance,Mohammed Boussaid, stabil-

ity is key. “The Arab spring had some impact on our economic recovery, and we need to take the necessary measures to finalize the necessary stability and balance to deal with public finances.”

Fathïa Bennis, CEO of Maroclear, the country’s central securities depository, is excited about the future. In order to galvanize the financial sector, the agency dropped commission charges for new movements and removed admission fees. “The treasury and private debt fund are working well. We launched a department of marketing and communi-cations to make us more visible and target companies that are not yet listed.”

Her Highness Princess Lalla Joumala Alaoui, the king’s ambassador, is also positive: “Commercial relations between Morocco and the U.K. have registered steady and sustainable growth over four years, with the volume of bilateral exchange £1 billion (US $1.56 billion) in 2012.”

Large manufacturers such as Bombardier, Boeing, Renault, and Nis-san have all brought business and jobs to the country, as well as supply chains that produce parts needed for the overall operations.

As Moulay Hafid Elalamy, minister of Industry, Trade, Investment, and Digital Economy, explains: “Morocco is organized to ensure all cities of Morocco are able to receive these investors. Investors need land available, warehouses that are equipped, and trained human resources. In the aviation sector, for example, the buildings are already set up so firms can be operational within a few weeks. Renault’s new plant in the Tanger Med, for example, is one of the best in the world, and the company is slated to double its production capacity from 162,000 in 2013 to 340,000 planned for this year,” Elalamy says.

Zahra Maafiri, CEO of Maroc Export, reveals: “We currently export

to 170 countries and have a diverse range of goods with that special Mediterranean taste: sea products and good-quality agro-industrial products,” she says. “We have a booming textile industry thanks to our European partners. Several Moroccan leather companies now work with very well-known fashion brands: Yves St. Laurent, among them, and we produce enough pharmaceuticals to meet 65% of our domestic need. We will double our turnover of generic pharmaceutical products from next year and export them.”

Ismail Jamai, CEO of real estate company Groupe Jamai, cites Mo-rocco as one of the luckiest countries in terms of its geographic position and praises the king’s foresight in its development.

“We didn’t get this far overnight, but through a concerted effort of 15 years,” he says. “Morocco is also one of the countries that has sun and snow at the same time. Moroccan people are known by their hospi-tality, so I know that tourism will be a huge growth sector in the future, and we are excited about the possibilities ahead.”

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Photo: Nils G

uenther

Fathïa BennisCEO, Maroclear

Moulay Hafid ElalamyMinister of Industry

Mohammed AbbouMinister of ForeignTrade

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ince the Commercial Bank of Morocco and Wafabank merged in 2004, Attijariwafa bank has consolidated its leadership in the kingdom, developing a universal bank-ing model that combines proximity and performance. Thanks to its ability to anticipate and innovate, the Group has established itself as a key player in banking services

for the segments of the population with low incomes and inclusion in the standard system. Through its Foundation, Attijariwafa bank has invested for more than two decades, both alone and alongside partners, in arts and culture, education, publishing debates, and participating in national and international conferences.

In accordance with the vision outlined by King Mohammed VI for the development of Africa as a whole, Attijariwafa bank, emboldened by the success of its model in Morocco, established a cross-border expansion program. In the space of a few years, Attijariwafa bank has become an African reference group, and a leader in the Maghreb and the WAEMU and ECOWAS regions. A major player in regional integration, the Group strives to promote intra-African trade, and financing development projects by sealing strategic partnerships with world-class institutions. Mohamed El Kettani, CEO of Attijariwafa bank, explains, “We are working constantly to enhance these partnerships to bring value to our customers, wherever they are.”

With a presence in 23 countries, Attijariwafa bank confirms its pan-African dimension by positioning itself as a key player in savings-collection services, and by funding economies in the Maghreb and West Africa. “Now that we are already present in Francophone Africa, we are open to any opportunity that presents itself in Anglophone Africa,” ex-plains El Kettani. Beyond the deployment of its universal banking model

that has proven itself so successful in Morocco, the Group is devising solutions to meet the requirements of international investors and those of developing countries where it is present, mindful of the expectations of local populations, especially in terms of banking, inclusion, and access to specialized financial services.

The preferred partner of governments in Africa, Attijariwafa bank intends to support national strategic plans to encourage the development of local industries, job creation, and economic development of the coun-tries where it is present, based on the consolidation of domestic markets. Mohamed El Kettani says, “Financing for these development projects

provides us with an important source of opportunities, and we deploy all our know-how to help them.” Thanks to this strategy based on proximity, open-ness to its immediate environment, and to permanent customer care, the Group is now one of the pillars of regional integration in West and Central Africa.

Present throughout Africa, At-tijariwafa bank is also eyeing other continents. Because of to its historical presence in Europe, the Group has a

license issued by the Bank of France and a European passport, allowing it to operate in seven EU countries. Consistent with its pan-African strat-egy, the Group deploys know-how to develop transaction flows between Europe and Africa, through activities with high added value such as immigrant banking, and international corporate and financing operations.

With more than 16,000 employees serving 7.4 million customers, Attijariwafa bank promotes a sense of belonging to the Group, while transferring skills to help the expansion of its international businesses.

Leadership, citizenship, solidarity, commitment, and ethics are the key elements of the corporate culture of this key player in African finance.

“Now that we are already present in Francophone Africa, we are open to any opportunity that presents itself in Anglophone Africa.”Mohamed El Kettani, Chairman and CEO of Attijariwafa bank

Attijariwafa bank—Serving Africa, moving forwardAnticipation, innovation and performance define this banking powerhouse and the finesse they bring to the African continent and their customers, wherever they are.

Mohamed El Kettani, Chairman and CEO of Attijariwafa bank GroupHeadquarters Attijariwafa bank, Casablanca

Attijariwafa bank2, boulevard Moulay Youssef, 20000 Casablanca, MarocTel: +212 647 473 248 | m.elkhalifa@attijariwafa.com | www.attijariwafabank.com

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bderrafie Zouitene, CEO of the Moroccan National Tourist Office (ONMT), wants to focus on tourism because of the opportunities it presents for cultural exchange and the chance to impart the joy of Morocco to a wider audience. “The economic and financial part is of course

important,” he explains, “but the idea of getting people from several countries, several nationalities to exchange cultures is vital for any country.”

As Zouitene explains, the Moroccan idea is to sell not only the place, but also the warmth of its people. “What we try to do is to communicate what Morocco is—its history, its geography, the architecture and craftsmanship, but also the scenery and the art of living here.

It is important to show that the Kingdom of Morocco is very at-tached to its history, culture, traditions, and values of tolerance but has also a passion for innovation and modernity.”

“We are helping build hotels in certain areas,” explains Minister of Tourism Lahcen Haddad, “and we are creating around 5,000 new rooms per year, with plans to reach between 10,000 and 12,000 in

2015. In 2013, the number of tourism arrivals rose by 10% on the year before, mainly from French, Spanish, and British visitors, but soon the word will spread at just how magical this country is.”

he reason for Morocco’s popularity is not difficult to see: The stunning country boasts coastlines on two great bod-ies of water, the Atlantic Ocean and the Mediterranean Sea, majestic mountains and fertile plains that are the

envy of Africa, and a distinct way of life that stretches back thousands of years. There are overland journeys to challenge the hardiest and most experienced travelers, and white-sand beaches to rival those in the Caribbean.

Morocco’s capital of Rabat may be less well-known than other cities contained within its borders, such as Casablanca, which found worldwide fame thanks to the 1942 movie of the same name, but it is set to become one of the newer tourism hotspots in Morocco, having been designated a UNESCO World Heritage Site in July 2012, and awarded second place among Top Travel Destinations of 2013 by CNN. Other famous Moroccan cities include Marrakesh, the “Red City,” famed for its old city, markets, and riads (courtyard

houses) turned into hotels; Tangier, the Mediterranean jewel in the Moroccan crown; and Fez, home of the eponymous hat. But the country is so much more than its famous cities.

Key aspects of the country’s ability to pull in extra tourists by 2020 include the provision of more hotel beds, which, although at an acceptable level in some cities, such as Casablanca and Mar-rakesh, are lacking in others. Also vital are improved international and internal flights. For example, a flight from Casablanca to Dakhla costs the equivalent of one from Casablanca to Barcelona.

French writer André Chevrillon once wrote that Morocco’s rich civilization was “a miracle that never ceases to astonish,” and with the newfound confidence its ever-increasing importance on the world stage gives it, many more people will be amazed at the cultural riches its varied lands have to offer.

A large-scale project pioneered by King Mohammed VI is under way to showcase the country’s natural coastal beauty and put Mo-rocco well and truly on the international tourist map. The Plan Azur aims to create six seaside resorts: five on the Atlantic coast and one on the Mediterranean, and upgrade all related infrastructure.

This magical country will continue to exceed visitor expectations, and the beguiling combination of its exotic natural environments and welcoming culture, is what makes the country a go-to desti-nation for the discerning international traveller looking for both comfort, and the experience of a lifetime.

Culture Exchange

Royal Morocco

More than just income, tourism is a chance to open hearts and minds for the North African nation.

The Kingdom of Morocco has risen to third place in the 2014 global ranking of the most welcoming country for foreign tourists, according to new report from the WEF.

Abderrafie ZouiteneCEO, MNTO

Lahcen HaddadMinister of Tourism

Sofitel Marrakech Lounge and Spa www.sofitel.comAttijariwafa bank—Serving Africa, moving forward

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anagem’s history stretches back to 1928, with the discovery of cobalt deposits in Bou-Azzer, southeast of Morocco. From that point Managem has expanded its operations to include zinc, gold, silver, and copper, among others.

In recent years the group has played a significant role in Morocco’s industrial and economic development, and made key investments of some $345 million.

Managem’s economic impact is also linked to job creation. The company has a workforce of more than 7,500 employees and a dynamic development plan allowing evolution on an international level. The company’s core assets are not limited to the quality of its human resources; they also lie in its expertise in exploration, engineering, operations, and risk management, and in its strong commitment to sustainable development.

Managem’s strategy fostered its development and diversification across the continent, and helped to shape the company’s regional leadership through its activities in Gabon, the Democratic Republic of Congo, Ethiopia, and Mauritania.

Driven by a coherent vision, the Group intends to reinforce its global performance through innovation, with an R&D budget of more than $3.5 million allocated to infrastructure development, enabling numer-ous projects that have brought substantial improvement to the Man-agem’s plant efficiency. Around 75% of the group’s portfolio emerged from in-house research. With a research center and a team dedicated to R&D, cutting-edge processes for metal treatment, industrial perfor-mance improvement and energetic efficiency were born. Seven patents were also fully developed in-house by Reminex, an industry-driven center for global mining research.

One of Managem’s important strengths in terms of innovation is its ability to turn environmental challenges into industrial profitable activities. As a responsible company, Managem combines research and innovation to create sustainable projects. In 2011, Managem began to reduce its carbon footprint by substituting fossil fuel with green energy,

notably supplying its sites with electricity generated from wind tur-bines. Since 2013 four of its sites have been powered by wind energy, a clean, green source.

Its new plant for production of sulphuric acid, essential in mining processes, highlights Managem’s industry-leading program of waste management. Created in 2013 in Guemassa, the plant not only enables Managem to meet its needs for sulphuric acid by using mine waste as raw material, it also helps supply competitors who previ-ously relied on imports. The new plant also produces iron oxide and generates a significant part of the energy needs for Guemassa’s mining compound. “Zero waste, and extra value” is Guemassa’s motto, a lead-ing subsidiary in environmental practices.

The Group has a global environmental concern. For example, the Bakoudou gold mine in southeast Gabon is a prime example of

Managem applying its expertise. Here extraction does not involve cyanide, a common yet dangerous chemical used in mining. The new process not only proves to be cost-effective, but it also neutral-izes the potential liability inherent to the use of heavy chemicals in mining processes.

Since 2003, Managem has improved its environmental practices; ISO 14001 certifications (the international standard for environmental management) have been awarded to Managem subsidiaries CTT Guemassa, CMG Hajjar, Rem-inex, Techsub, AGM, CMG Draa Sfar, and SMI, demonstrating its commitment to sustainability, the environment, and its development strategy.

Managem’s commitment to R&D has established it as a national leader in innovation. From developing cutting-edge technical solutions to developing the mining business by extending its scope and turning simple mines into large industrial compounds, Managem’s R&D has had a significant impact on the national mining industry, and has provided notable improvements to the industry. It sets a national and regional example for CSR by highlighting the importance of R&D in the economic development of an industry, and a country.

In 2011, Managem began to reduce its carbon footprint by substituting fossil fuel with Green Energy.

From Mines to Industry Operating in mining and hydrometallurgical industries, Managem Group has been developing its business in Morocco for more than 85 years.

Reasearch is at the forefront of Managem Group’s success.

Managem GroupTwin Center, Tour A, Angle Boulevards Zerktouni et Al Massira Al Khadra, BP 5199, CasablancaTel: +212 522 956 565 | L.KARAM@managemgroup.com | www.managemgroup.com

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omagec, one of Morocco’s top construction compa-nies, entered the market as a contractor for European and other Western companies, and through years of learning and implementing the ideas its counterparts came up with, ended up becoming more competitive on both cost and quality, leading it to the enviable

position it holds today. “Now that we can do more than compete against the Europeans,

we really are more competitive than they are,” says Roger Sahyoun, CEO of Somagec. “I think this is true of Somagec and of many Mo-roccan companies—that there are many Moroccan companies that grew and gradually blocked the road to foreign companies working in Morocco through learning and becoming better.”

As a leader of civil engineering in Africa, Somagec builds on its experience in Morocco, acting as a major player in the most impor-tant strategic infrastructure projects in the kingdom. For more than 50 years, Somagec has been involved in all major infrastructure projects: the Tangier Med port, strengthening the foundations of the

Hassan II Mosque, the development of Bouregreg Valley, Casablan-ca Marina, Tangier’s wind park, and the Mazagan resort.

After its spectacular growth as a partner of larger European companies, and then as a national player in its own right, Som-agec expanded its scope of operations outwards, utilizing both the knowledge it gained of the industry and of Africa to win government contracts.

As Sahyoun explains, the relationship between his company and Morocco was symbiotic, with both experiencing rapid development, which could have presented problems for Somagec.

“We grew with Morocco by signing many contracts, so of course when the sales of Somagec reached their peak in Morocco, I was naturally afraid of what would happen afterwards,” says Sahyoun. “We had invested lots in people and equipment ,and were very financially committed to the path we had taken. After this growth we became exposed because of our size—what would happen if the orders slowed down?

“When our workload peaked, I decided to go to Africa, to other countries, and I asked permission from the Government and had to choose one country. Somagec began working in Senegal with tenders funded by the World Bank, the IMF, and other organiza-tions, which we won by being 15, 20, even 25% cheaper than our French competitors. The first major project was the rehabilitation of the Port of Dakar, which was completed last year,” he says.

“Somagec is a company that started with very few resources, but has showed over the years that when there is seriousness and professionalism, everyone can grow and succeed.”

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Success Story From its beginnings as a contractor, Somagec is now a premier global construction firm in its own right.

Creating development

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