The Moroccan Economy in Brief: Tuesday, October 11, 2022

CDG Capital Gestion sets up the first SRI equity category fund in Morocco:

A benchmark player in its sector of activity and placing CSR at the heart of its concerns, CDG Capital Gestion is launching the first Socially Responsible Investment fund in Morocco in the equity category with the ESG 10* benchmark: “CKG ISR SELECTION”. Stemming from the ambitions and commitments of its parent company CDG Capital in favor of sustainable finance, the new socially responsible investment vehicle of CDG Capital Gestion thus takes into account extra-financial criteria, combining financial performance and sustainable impact. “CKG ISR SELECTION” integrates a systematic consideration of the environmental and social footprint and the quality of governance in the selection and management of investments.

The Banque Populaire of Oujda inaugurates its Art Gallery:

The Banque Populaire of Oujda inaugurated its Art Gallery on Thursday, October 6, 2022, in the presence of Mouaad JAMAI, Wali of the Oriental region, Jalil SEBTI, General Manager of the Commercial Bank of the BCP group and Ahmed MAHROUS , Chairman of the Management Board of Banque Populaire d'Oujda. An initiative that aims to establish the Bank's civic dynamics and its ambition to support the cultural influence of the region. The new cultural space will house until February 28, 2023 its first exhibition “Plural Expressions” which invites you to discover eight talents embodying the richness of local artistic creation.

Maritime: CMA CGM announces the launch of its new “Butterfly Morocco Shuttle” service:

The French shipping group CMA CGM has announced the launch of its new “Butterfly Morocco Shuttle” service, linking Morocco, France and Spain. This new weekly service, starting in Agadir on Monday, in addition to its contribution to Moroccan cabotage, will make it possible to set up a sustainable maritime bridge between Agadir and Port Vendres (France) for the next fruit and vegetable export campaign, said the group said in a statement. The container ship owner promises “a 75% reduction in CO2 emissions compared to traditional trucking via this corridor”.

The dirham appreciates by 1.90% against the dollar:

The dirham depreciated by 1.85% against the euro and appreciated by 1.90% against the US dollar, during the period from September 29 to October 5, 2022, according to Bank Al -Maghrib (BAM). During this period, no auction operation was carried out on the foreign exchange market, indicates the Central Bank in its recent weekly bulletin. As of September 30, 2022, official reserve assets stood at 340.7 billion dirhams (MMDH), up 1.1% week-on-week and 7.2% year-on-year, know BAM.

Marrakech: The ONMT kicks off the Annual Congress of ABTA:

The ocher city hosts the annual congress of the Association of British Travel Agents -ABTA- from October 10 to 13. This important mass brings together more than 500 members, including the most important British travel influencers. This flagship event for the UK tourism industry offers a program of high-level business sessions led by industry leaders and experts. The program also allows these prescribers to discover the host city, Marrakech and its hinterland as well as the new experiences offered by Morocco.