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New Development Strategy for Fishing Industry

In the first inter-professional meeting organized in the city of Tangiers on maritime fisheries and related activities, Mr. Thami Khiari, Minister of fisheries, said Morocco will not renew a four year fishing accord with the European Union that is expected to expire in November 30, 1999. Actually, the Moroccan government is determined to make of the fisheries sector a sector generating jobs and richness in the frame of the national economic and social development strategy.

Energy

Following the board meeting of Samir and SCP, it was decided on the merger of both oil refineries on the basis of a change parity of 9 shares of SAMIR against 10 shares of SCP.

Corporate

The insurance company AXA Al Amane and the BNP Moroccan affiliate BMCI have recently agreed on a change parity of 9 shares of SOMAFIC against 5 shares of BMCI. Under this arrangement, AXA Al Amane will exchange its 91.42% in SOMAFIC worth 910,221 shares against 528,534 shares of BMCI. Consequently, BMCI will definitely increase its capital of MAD52.85 million to MAD795.35 million so as to comply to the agreed arrangement.

Indicators

According to “Centre Marocain de Conjoncture”, 1998 GDP increased by 6.3% vs. 2% in 1997. This growth is mainly due to a 24% increase in agricultural value added. The non agricultural value added has yet increased by 3.4%, due to buildings, energy and some transformation industries sectors. According to CMC, non agricultural activities’ growth has lead to investment expansion (GFCF) which volume increase by 14.0% in 1998 vs. 6.4% for last year. Regarding foreign exchange trade, the increase of exports (+2.7%) was below that of imports (+8.5%). This imports acceleration concerned mainly durable goods which are essential for the revival of investments.

Insurance

According to “ la Fédération Marocaine des Sociétés d’Assurances et de Réassurance ”, insurance premium writtens reached DH 8.8 bn in 1998 vs. DH 8.0 bn in 1997, with an increase of 9.45% against an average growth of 8 to 8.5% since 1995. The premium wittens by product lines breakdown as follow :
* Goods damages (52.1%)
* Personal insurance (47.6%)
* Reinsurance accepts (0.3%)

 

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