'STEP' Country Profile Print E-mail

Social – The people

Moroccan culture is a unique blend of African, European and Muslim.  It is an ancient culture, but it is now readily embracing some of the modern western values it sees being imported, by those who are choosing to make their home in Morocco.

Clearly as a Muslim country there are some areas of daily life in which respect shouold be shown. Sometimes the people appear a little reserved, but once they get to know someone, they are welcomed as friends.

Technological

As far as technology goes then Morocco is catching up fast.  Many of the outlying villages and towns will have no access to the internet for now, but it is on its way.

Commerce is now driven by technology and the traditional industries including fishing, growing fruit and vegetables, and the leather tanning will all soon be harnessing modern technology.

Economic

Moroccan Economy 

Morocco has a free market economy that has grown by an average of 4% a year since 1983. The Government has adopted a proactive privatisation creating opportunities in the telecommunication, utilities and automotive sectors.

There is a free trade zone at the port and airport of Tangier and merchandise entering these zones is exempt from customs, fiscal and exchange control.

There is also a small but active stock exchange in Casablanca. (http://www.casablanca-bourse.com/). Morocco’s exports include fish citrus fruits, energy, finished products, phosphates phosphoric acid and raw materials. Other key areas of the economy are tourism, agriculture, fishing and forestry.

In short, Morocco can be described as a stable economy enjoying steady growth. The Jettou government continues to encourage reform, liberalization, and modernization to stimulate growth and employment. 

Local Currency

The unit of currency is the Dirham (DH), which is divided into 100 centimes. Business visitors are advised to consult their banks for the current rate of exchange. No import of dirhams is allowed. Overseas visitors need to change their currency into dirhams locally.

The Moroccan Central Bank (Bank Al Maghrib) fixes the value of the Dirham using a basket of currencies including the Euro, Dollar and Yen. Despite structural adjustment programmes supported by the IMF, the World Bank and the Paris Club, the dirham is only fully convertible for current account transactions.

Political

Morocco is a constitutional monarchy, with an elected Parliament. Many new laws and codes have been launched, the most notable of which has been the “Mudwana”, a family code, which was the first unique initiative of its kind in the Arab and Muslim world. The code gives women more rights. Other issues such as the abolition of capital punishment and the reform of the Moroccan nationality law are being debated.

Leaders of the country

King Mohammed VI of MoroccoKing: King Mohammed VI

Groomed for "kingship", as his late father King Hassan II referred to his upbringing, Mohammed VI became monarch in 1999. "Vision 2010" is an ambitious tourism plan initiated in 2001 by the King, which aims to increase tourism numbers by 15% each year to reach 10 million by 2010. This will create 600,000 new jobs within the sector. Vision 2010 is a powerful tool to kick-start an upgrade of the country's infrastructure, boosting investment, employment and education levels among the population. Plan Azur is part of this vision which lays out plans for 6 new Government-sponsored resorts, mainly along the under-developed Northern Atlantic coastline. These include:

Mediterrania-Saidia – This is the only Plan Azur resort on the Mediterranean coastline. Launched in mid 2005, prominent Spanish property developer Fadesa is integral to the construction of this €1.6 billion real estate project, earmarked for completion in 2009. The real estate projects within Mediterrania-Saidia have been a phenominal success with many selling out completely in record time. Fadesa has sold several plots within the development to private developers.  Property Venture™ markets property at Mediterrania-Saidia.

Port Lixus – Situated near Larache on the northern Atlantic coast, was launched in 2007 and will include two 18-hole golf courses, a new marina, a sports & leisure complex, several hotels and luxurious apartments and villas. Salixus, a Belgian-Dutch consortium, is integral to the construction of this €1 billion, 4,620,000 sqm real estate project, earmarked for completion in 2011.  Port Lixus is a lower density resort than Mediterrania Saidia and distinctly different in style & feel. Property Venture™ has opportunities for commercial investment in this resort and interested investors are asked to contact us to learn more about whether these would be suitable for them. Please call 01932 849536.

Mazagan – Situated near El Jadida on the Atlantic coast, south of Casablanca . This Azur Plan resort will include a world class casino, two 18-hole golf courses, over 15 kilometres of beach and several hotels and luxury properties.

Mogador Essaouira – this 5,700,000 sqm Plan Azur resort will include two 18-hole Gary Player golf courses, very luxurious properties and hotels. Situated within 3 kilometres of the mythical beach town of Essaouira , this resort is perfectly placed to become the premier beach destination for Marrakech holiday goers.    

Taghazout – A $2 billion tourism infrastructure project near Agadir on the southern Atlantic coast. Designed as a world class tourist destination, the development will include several four and five star hotels, two golf courses, and several residential, leisure and retail facilities. Phase 1 properties are due for completion in 2008.

Plage Blanche – Master Development rights were recently awarded to Fadesa, the main master developer of Mediterrania-Saidia.