Little Gulf investments in Morocco

Although Morocco is a country with a growing economy and blessed with a prime geographic location close to Europe, few Gulf investors have risked their money in the country, Moroccan Minister of economy and finance, Fathallah Oualalou said.

In a statement published here on Tuesday by Kuwaiti daily Al-Seyassah, and reported by Kuwaiti news agency KUNA in Kuwait, the Moroccan Minister pointed out that several meetings will group Moroccan and Gulf economic officials, referring to the conference to be held next month in Morocco on attracting Arab funds and stimulating foreign investment in the kingdom.

The conference is the first step towards several new economic legal initiatives taken by the Moroccan government to offer investment opportunities to foreigners.

The government is on the verge of passing a series of laws, aimed at cutting red tapes and removing bureaucratic obstacles, Oualalou added.

He revealed that his government will offload several state-owned services, such as the telecommunications company, the carrier Royal Air Maroc, the Banque Populaire onto the private sector.

"These major establishments are expected to yield huge revenues for the state budget," the Moroccan Minister went on.

He praised the efforts of King Mohammad VI to promote Morocco's commercial and industrial sectors and stimulate economic growth.