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International Marrakech Air Show 2016: Bigger Than Ever

4 May 2016 Comments (1) Business, Featured, Middle East

Marrakech Air Show 2016

The Marrakech Air Show is an international aerospace exhibition and conference, attracting businesses from the industry and worldwide spectators.

On Saturday, the fifth biennial International Marrakech Air Show (IMAS) concluded in stunning style. With every year that passes, it seems that this marquee event becomes ever more important. This year saw in excess of 200 industry leading companies take part and covered more than 70,000 sq. meters of exhibition space. While dazzling aerial displays on the final day are what capture the public’s imagination, the real impact of the event is realized through the forging of new business ties amongst the elite of the aeronautics world. This global exhibition is internationally recognized as being one of the top events on the international aerospace and defense (A&D) calendar, attracting industry leaders and international spectators.

The opening ceremony was kicked off in a traditional fashion by the Moroccan marching band. Afterwards, the Royal Moroccan flag and the International Marrakech Airshow flag were flown in tandem over the airfield by military helicopters. This was followed by a breathtaking display from The Royal Moroccan Army’s Aerobatics team who piloted F16 fighters and concluded the ceremony. The gravitas of the occasion was underscored by the attendance of Moroccan Head of Government, Abdelilah Benkirane.

Attendees and Spectators

Exhibitors included Civil Aviation, Spaceflight, Military Aviation, Defense Technology (from land, air and sea) and Research and Defense authorities from around the globe. There were both static and air exhibitions which included industry leaders and national representatives.

Marrakech Air Show 2016 conferenceKey attractions among the static displays were Dassault Aviation’s Rafale and a long-range Falcon 900LX which required a six-man exhibition team to staff the aircraft and show off its capabilities. Also prominently displayed was a U.S. Air Force C-130J Hercules, from the Ramstein Air Base in Germany. This Behemoth stood out as a symbol of partnership whilst promoting regional security throughout the African continent.

Aerobatic display teams from Italy, the UAE, Spain, The USA and the Royal Moroccan Air Force put on stunning shows for eager onlookers, competing over style and inflight capabilities to battle for pre-eminence in their field. The Italian aerobatic team, Frecce Tricolori, performed at the IMAS for the first time ever. They put on a particularly striking display in traditional Italian colors: red, green and white.

US and Moroccan bonds

With the US contingent of the show boasting 15 participating companies, and as one of the show’s largest exhibitors, it shows how important this region is to the US aerospace and defense industry. Among the companies representing the US were Boeing, FLIR, Lockheed Martin and Pratt & Whitney who were organized by Kallman Worldwide in collaboration with government agencies including the departments of Commerce, Defense and State. “The growth of the show and the expansion of military and commercial aerospace infrastructure in Morocco says a lot about the long-term opportunities for our exhibitors here,” said Kallman Worldwide CEO, Tom Kallman.

Not Just an Air Show

In reality, The International Marrakech Air Show is much more than just an air show. It’s an invaluable business and networking occasion for a variety of entities. This year saw exhibitors specializing in fields such as aircraft construction, satellite systems, avionics and onboard components, propulsions engineering, weapons systems, land defense armaments and many more. Senior government representatives from forty countries came to rub shoulders with specialist firms, legislators and aeronautics giants.

In the aeronautics sphere, Morocco has become the strategic gateway between Africa and the rest of the world. Commercial air travel is becoming increasingly more viable and popular for African citizens; authorities and private enterprises are both maneuvering to meet this demand. Additionally, African governments are increasingly looking to invest in defense capabilities and associated infrastructure. Big business opportunities beckon and the Marrakech Air Show is designed to facilitate the process.

In recent years, the Moroccan aeronautics sector has seen rapid growth of between 15-20% per annum. Firms such as Boeing, Lockheed Martin, Airbus, Bombardier and a host of others now maintain a permanent presence within Morocco’s borders. In total, more than 120 world class aeronautics organizations now operate in the country. The success of the airshow has helped demonstrate to businesses that Morocco is the premier platform from which to service new markets in the region.

Ultimately, The International Marrakech Airshow 2016 was as a resounding success. The event delivered on two fronts, firstly as a thrilling spectacle of modern aviation, and secondly as a vehicle by which business and aeronautics can flourish, bringing benefits not just to Morocco but to the entire continent.

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Tunisia’s central bank holds key rate unchanged at 4.25%

29 April 2016 Comments (0) Business, Latest Updates from Reuters, Middle East, Non classé

TUNIS (Reuters) – Tunisia’s central bank kept its key interest rate unchanged at 4.25 percent, the spokesman of bank said on Friday.

The bank last cut its main interest rate in October, from 4.75 percent, in a bid to boost economic growth as inflation fell. Inflation was 4.9 percent in 2015, down from 5.5 percent in 2014.

 

(Reporting By Tarek Amara; editing by Patrick Markey)

 

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Egypt’s CIB approves extension for Beltone Financial’s offer for CI Capital

28 April 2016 Comments (0) Business, Latest Updates from Reuters, Middle East

CAIRO (Reuters) – Egypt’s Commercial International Bank (CIB) approved a two-week extension for an offer by Beltone Financial to acquire its subsidiary CI Capital, CI Capital’s Chief Executive Officer Mahmoud Atalla told Reuters.

The offer was due to expire on Thursday.

“CIB approved Beltone’s request to extend the period of the offer to acquire CI Capital by two weeks, ending on May 12,” Atalla said.

In February, CIB signed a deal to sell investment bank CI Capital to Beltone, a unit of billionaire Naguib Sawiris’ Orascom Telecom OTMT.CA, for 924 million Egyptian pounds ($104 million) but the deal has stalled pending approval from Egyptian regulators.

Sawiris said at the time he planned to merge CI Capital with Beltone Financial, which OTMT bought last year, to create one of Egypt’s largest investment firms, but the deal has faced a series of delays.

The Egyptian Financial Supervisory Authority said this month that the deal was delayed pending the resolution of a court case and other issues, including a violation by Sawiris of pre-existing pledges to the EFSA.

Sawiris’s bid for CI Capital was also challenged in February when a unit of the state-owned National Bank of Egypt made a counter-offer. It later withdrew.

Sawiris later said the deal was being held up by national security concerns and criticised the state for meddling in business, adding that it discouraged investors.

 

 

(Reporting by Ehab Farouk; Writing by Asma Alsharif; Editing by Susan Fenton and Ed Osmond)

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eTobb brings a medical Q&A service to the Middle East

25 April 2016 Comments (0) Business, Featured, Middle East

etobb

The eTobb startup looks to democratize medical advice for people across the Middle East, with its Q&A online service.

Startup companies in the Middle East are not anything like as common as they are in other parts of the world, and so finding a niche would appear to be more straightforward. However, finding a niche that truly offers something original and has the potential to positively change people’s lives is a far greater task.

Lebanese startup eTobb appears to be just this sort of company. Launched in January 2013, eTobb is an online Q&A platform for medical problems. Dubbed a “medical Quora” in some quarters, eTobb works in a similar format to the popular aforementioned general Q&A website, but with a key difference. That difference is that any medical query or concern that a member posts can only be answered by a registered doctor. Therefore, customers can be assured that the answers they receive are reliable. Within 2 weeks of launching, eTobb had 50 qualified physicians onboard; after 1 year that number had risen to over 700.

Providing a much-needed service

Perhaps the most obvious reason for eTobb’s rapid growth is that it has provided a service that the region was in need of, as opposed to simply trying to create a demand for something new. While social media platforms have had to create a yearning for their product, access to medical expertise and advice is something that people across every continent, in every era, have desired.

eTobb was founded by 4 people, Paul Saber, Sara Helou, Nader Dagher and Jad Joubran. None of the team had a medical background, but all of them saw the importance of democratizing the access to healthcare information in Lebanon and the wider Middle East.

Co-founder Paul Saber

One of these founders, Paul Saber, explains, “The idea emerged from a need…the lack of information out there, let alone the inaccuracy of this information is a huge dilemma.” In a region like the Middle East, this problem is exacerbated by common cultural and socio-economic issues. In cultural terms, it can be considered taboo for many in the Arab world to discuss personal issues surrounding sexually transmitted diseases, pregnancy and women’s health. This was an area that another of the co-founders, Sarah Helou, identified while discussing the importance of an informative blog that eTobb has added to their site, saying, “The blog compliments our services. It’s to raise awareness about different topics and issues.”

The other widespread issue within the region is the cost of healthcare. In an area in which a lot of people struggle with poverty, it is simply not viable for people to travel to an emergency room (which is often the only option) in order to receive medical advice.

As Paul Saber said, “The service provided by eTobb allows users to access reliable medical information, from…experts for free.”

While the benefits to users are obvious, it is also an opportunity for doctors to build up a reputation with potential customers and indirectly advertise themselves to a wider market.

Developing and broadening services

Alongside the launch of the eTobb blog (that covers issues from staying healthy during Ramadan to warning signs for breast cancer), the company has also launched a web app for smartphone users.

As more doctors register to provide their services, the platform continues to grow and provide expert, free advice to not just Lebanese citizens but people all over the Middle East. Corporate support has also arrived, in the form of sponsorship, from Banker’s Assurance, one of Lebanon’s largest insurance companies.

By 2014, there were over 15,000 Arabic speakers signed up to a waiting list for an Arabic version of eTobb to be launched. The company successfully launched this option within the same year, opening up their services to an even greater number of people, across an even wider region.

Customers can also have face-to-face video consultations with an available doctor if they require more detailed discussion or simply desire the more personal experience that this can offer. The feedback from users has been hugely positive and Saber says, that people, “from all over the Arab world and beyond” have signed up and messaged eTobb to say how much it has made their lives easier.

With sponsorship, glowing feedback from consumers and an ever growing list of medical professionals signing up, the future for eTobb looks very healthy.

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Algeria GDP growth at 3.9% in 2015

25 April 2016 Comments (0) Business, Latest Updates from Reuters, Middle East

ALGIERS (Reuters) – Algeria’s economy grew by 3.9 percent in 2015, up from 3.8 percent the previous year, boosted by higher output in agricultural sector, the government said.

Last year’s growth was slightly higher than the 3.8 percent government forecast and the 3.7 percent International Monetary Fund (IMF) expectations.

Algeria relies heavily on oil and gas, which make up 60 percent of the state budget and 95 percent of total exports.

After the fall in crude oil prices, which has significantly hit its finances, Algeria has been trying to diversify the economy through incentives to develop the non-petroleum sector but those efforts are still in their infancy.

Hydrocarbon sector grew 0.4 percent last year after a 0.6 percent decline in 2014, according to the National Statistics Office data released on Sunday.

Growth in the non-oil sector stood at 5.5 percent in 2015 slightly lower than the 5.6 percent the previous year.

But agriculture output grew 7.6 percent, up from 2.5 percent in 2014, the figures showed. Algeria’s grain output in 2015 reached 4 million tonnes, a 14.3 rise from 20114.

 

(Reporting by Hamid Ould Ahmed Editing by Jeremy Gaunt)

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Bader Al Kharafi, one of Kuwait’s most powerful figures

21 April 2016 Comments (0) Featured, Leaders, Middle East

Bader Al Kharafi

Bader Al Nasser Kharafi, is rapidly establishing a reputation as one of Kuwait’s most powerful figures and as one of the most influential young Arab businessmen in the world.

Bader Al Nasser Kharafi, is rapidly establishing a reputation as one of Kuwait’s most powerful figures and as one of the most influential young Arab businessmen in the world. Making a name for himself has never been Al-Kharafi’s focus, but as the son of the hugely respected late Nasser Al-Kharafi, his family name was already synonymous with Middle Eastern business.

It is never easy for a child to follow in the footsteps of a highly successful and renowned parent. Nasser Al-Kharafi had taken the family company, MA-Al Kharafi & Sons (MAK), to dizzying heights before his death. However, since taking the helm of the family conglomerate, in 2012, Bader Al-Kharafi has stepped out of his father’s shadow and maintained the company’s long-standing reputation.

A long tradition of family-run success

MA-Al-Kharafi & Sons (MAK) was set up, in 1956, by Bader Al-Kharafi’s grandfather Mohammed Abdul Mohsin Al-Kharafi and the contracting company rapidly expanded into multiple markets outside his native Kuwait.

However, it was one of the sons, Nasser Al-Kharafi, who became a legend within Kuwaiti business, and turned the company into a vast conglomerate of varied operations. It is, therefore, no surprise that when Nasser died, in 2011, stocks in many of the MAK owned entities plummeted and a host of investors began to feel decidedly nervous.

Replacing a highly esteemed business leader is never easy and when there is a potential for in-fighting between family members, shareholder unease is understandable. Bader Al-Kharafi himself said, “I think it is very hard to convince someone to have confidence when you lose someone like Mr. Nasser.” Despite initial concerns, the company made a united, and fairly quick, decision to appoint Bader as the senior figure within the organization.

Bader Al-Kharafi commented on how this helped to placate any concerns with shareholders and thus arrest the initial drop in share prices saying, “The committees running the company and the family members and uncles all united together, that is the message that the market wants.”

Diversified interests and an eye for new horizons

Bader Al-Kharafi was not just taking control of a very prosperous company in 2012; he was heading up a corporation that operates on a huge scale and over a multitude of industries and nations. According to Arabian Business Magazine, in 2012, MAK was operating over 28 countries with 135 companies under its umbrella and was worth over $8 billion. The group has major interests in a plethora of areas, from its large holding in the telecommunications company Zain, to its petroleum, manufacturing and even hospitality interests.

Telecommunications is one of the most significant strings to the MAK group’s bow, and its company Zain has over 44 million customers across 8 nations. Zain has continually invested in new technology to try and keep ahead of competition and Al-Kharafi proudly states, “We introduced…new technologies before Europe and some other countries, including the United States.”

To continue the growth of Zain, Al-Kharafi signed a deal with Vodafone allowing the latter a greater access to the Middle East and allowing Zain to benefit from Vodafone’s existing British and European networks.

Tradition behind continued growth

Al-Kharafi has already expanded his own interests and personal positions of influence since taking over the family company. In 2012, shortly after taking over MAK, he was asked to join the board of Gulf Bank, adding to his existing positions as a board member of Foulath Holding (Bahrain Steel) and as chairman of Gulf Cables and Electrical Industries. By 2014, the world famous private bank Coutts had also added Al-Kharafi to its board.

Aside from continuing the family legacy, Al-Kharafi has shown a dedication to investing in other people and providing the youth of Kuwait with new opportunities, as the job market continues to change and adapt. INJAZ Kuwait is a non-profit NGO that was founded, in 2005, to provide educational support for young people in Kuwait.

Under the guidance of Al-Kharafi and other board members, INJAZ Kuwait has helped over 25,000 students at more than 25 educational institutions learn entrepreneurial and leadership skills. Al-Kharafi says, “I am always up for challenges and risks; mainly because I was introduced to the business at a young age…I like to make sure that I make the first step to becoming a pioneer.”

With such support, INJAZ could help provide the education for the next Al-Kharafi to emerge from the small but prosperous gulf state.

Although he continues to invest in new ideas, Al-Kharafi believes that continuing his father’s ethos is what will ensure ongoing success saying, “The model my father proved time and time again to be vital to success is: people, honesty and making sure you deliver.”

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France signed deals worth 2 bil Euros with Egypt

19 April 2016 Comments (0) Business, Latest Updates from Reuters, Middle East

PARIS (Reuters) – France signed several deals worth about 2 billion euros ($2.26 billion) with Egypt during a visit by French President Francois Hollande to Cairo, the French president’s office said on Monday.

The deals included a satellite communications contract agreed upon following discussions between the two presidents and their defence ministries, the Elysee said.

The military telecommunications satellite is expected to be build by France’s Airbus Space Systems et Thales Alenia Space.

French energy Engie firm said earlier that it also signed LNG and renewable energy contracts during the visit.

 

(Reporting by Elizabeth Pineau and Jean-Baptiste Vey; Writing by Bate Felix; Editing by Sandra Maler)

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Palestinian banker charts path to economic growth

15 April 2016 Comments (0) Featured, Leaders, Middle East

Hashim Shawa

Hashim Shawa, who took over his family’s bank at age 31, has built the largest bank in the Palestinian territories with deposits of more than $2 billion.

Amidst occupation, war and financial uncertainty in the Palestinian territories, a young financier has built his family bank into the largest financial institution in the territories and its second largest employer.

Hashim Shawa took the reins of the Bank of Palestine in 2007, when he was only 31 years old, following the sudden death of his father.

Named by one of 100 most powerful Arabs under age 40 by Arabian Business, Shawa has made the bank one of the fastest growing in the region with more than $2 billion in deposits.

Bank started to aid citrus farmers

Shawa’s grandfather, Hashim Atta Shawa, founded the Bank of Palestine in Gaza in 1960, as an agricultural bank.

The Shawa family was in the citrus business, exporting oranges and grapefruit to Europe. The elder Shawa launched the bank to help Gaza farmers obtain loans for farm equipment and irrigation systems.

Israeli authorities closed the bank for more than a decade after the Six Day War in 1967. When Israel occupied Gaza, it ordered Hashim Atta Shawa to change the name of the bank from Bank of Palestine. The bank founder refused.

Following a favorable Israeli court ruling, the bank re-opened in 1981 and moved its headquarters to Ramallah on the West Bank. Hashim Shawa’s father, Hani Hashim Shawa, headed the bank until 2007, when he died of a heart attack.

Banking experience in Europe, Middle East

The younger Shawa’s transition to lead the bank at age 31 was sudden and unexpected. However, he had established his banking credentials in Europe and the Middle East.

Shawa worked as assistant vice president at Citigroup Private Bank in London from 1997 to 2002, after completing a degree in engineering at University College in London in 1997. He also served as vice president and senior private banker for Middle East region at Citigroup Private Bank in Geneva from 2002 to 2005. He was as associate director responsible for developing banking business in the Middle East & North Africa, at HSBC from 2005 to 2007.

Shawa said the family had always planned on him eventually taking the reins of the Bank of Palestine, first becoming his father’s deputy and then chief executive officer. “All of those plans had to be fast-forwarded in difficult circumstances,” he said.

Deposits more then double

In addition to being chairman and general manager of the bank, Shawa is vice chairman of the Palestine Institute for Financial and Banking Studies and a director of Investbank – Jordan, Abraj Real Estate Investment and Development Co., the Palestinian Investment Fund, and Palestine Power Generation Co.

Nine years after he took over, the Bank of Palestine has more than 50 branches and employs about 1,500 people. Deposits have doubled since 2009, from $1 billion to $2.1 billion.

Shawa said the bank has grown with demand for basic services such as small business loans and mortgages.

Challenges in Gaza

Progress has not come without its challenges, especially in the Gaza strip.

The bank faced street protests at some Gaza branches after it stopped transactions involving charities that might be in violation of international rules because they support Hamas.

Rival Arab Bank paid an undisclosed settlement after hundreds of terror victims sued on the grounds that the bank maintained accounts for Hamas operatives that made payments to the families of suicide bombers.

The Israeli-Gaza conflict in 2014 forced the bank to close more than a dozen Gaza branches for nearly two months except for occasional openings to allow customers to withdraw cash or make deposits.

Young population promises growth

Unlike other parts of the Middle East, nearly all of the businesses operating in the Palestinian economy are small or medium-sized. Growing interest in establishing businesses along with a population that is overwhelmingly young – three-quarters of the population is under age 35 – add up to opportunities for further growth for the bank.

“It’s a good foundation for any company that wants to set up a business and develop a growth strategy in any sector,’’ Shawa said. “We have a healthy target market of customers coming in every year, and they’re going to be looking at personal, home and business loans.”

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World Bank set to provide Egypt with first $1 billion of $3 billion loan

13 April 2016 Comments (0) Latest Updates from Reuters, Middle East, Politics

CAIRO (Reuters) – The World Bank will provide the first $1 billion tranche of a $3 billion loan to Egypt after parliament approves the government’s economic programme, World Bank vice president Hafez Ghanem said at a news conference late Tuesday.

Parliament is expected to pass the program in April.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that has crippled import activity and hampered recovery.

The lender had agreed to provide the first $1 billion in December but is waiting for the government’s economic programme, which outlines the broad strokes of its reform plans, to be passed by parliament.

The government presented a programme to parliament in late March that aimed to reduce the budget deficit while protecting the poor.

The World Bank told Reuters in December that the first tranche was focused on “10 prior actions for policy and institutional reforms” already implemented. The second and third tranches are linked to additional reforms the government plans.

A long-delayed Value Added Tax (VAT) that has yet to be implemented but was included in the government programme was one of the reforms agreed to as part of the first tranche, Ghanem said.

Ghanem said that there would not be specific conditions placed on future tranches but highlighted certain changes the lender would like to see, such as a shift in food subsidy policy away from reduced prices to direct cash transfers for the poor.

Egypt has delayed a number of difficult reforms, from a VAT that would increase government revenues and a civil service law that would trim the country’s public workforce, to an ambitious plan to wean the country off costly energy subsidies that has since been scaled back.

Egypt’s economy is currently growing at around 4.2 percent with a budget deficit of about 11.5 percent, the prime minister said last month.

Saudi Arabia, along with other Gulf oil producers, have pumped billions of dollars, including grants, into Egypt’s flagging economy since the army toppled President Mohamed Mursi of the Muslim Brotherhood in 2013 after mass protests against his rule.

But Egypt has said it would rely less on grants from its neighbours moving forward and would focus instead on attracting foreign investment that could relaunch its dollar starved economy.

Last week it signed an agreement with Saudi Arabia to set up a 60 billion Saudi riyal ($16 billion) investment fund among other investment agreements including an economic free-zone to develop Egypt’s Sinai region.

 

($1 = 3.7488 riyals)

 

(Writing by Eric Knecht; Editing by Toby Chopra)

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Tourism in Morocco down amid regional unrest

11 April 2016 Comments (0) Business, Featured, Middle East

Casablanca Morocco tourism

While the North African nation is considered safe, instability in neighboring countries prompts decline in foreign visitors.

As regional unrest results in declines in tourist visits by Europeans, Morocco is attempting to attract more visitors from Russia, China and West Africa.

A visit by Moroccan King Mohammad VI to Moscow in March underscored the North African nation’s strategy of attracting tourists from outside European nations that have traditionally been major sources of visitors.

The Ministry of Tourism of Morocco is also in talks with airlines to open direct flights to that country from Russia and China.

Safety fears groundless

Tourism minister Lahcen Haddad said Morocco has lost tourists because of unwarranted fears about safety prompted by continuing unrest in Libya, Tunisia and Egypt as well as recent attacks by terrorists in Turkey.

“Morocco remains a very safe and secure country,” Haddad said. “But we need to do more to get that message across.”

A 2015 report by the Overseas Security Council also declared all areas of Morocco safe for tourists, citing mostly minor thefts as the main risk.

Tourist visits down 1 percent

The country’s tourism industry got a wakeup call in 2015, when total tourism revenues and tourist visits declined after a decade of growth.

According to the Treasury and External Finance agency, tourist revenue to hotels and restaurants declined by 1.3 percent during the first three quarters of 2015, following an increase of 3.3 percent a year earlier.

The agency said tourist arrivals at Moroccan border posts also declined by 1 percent in 2015 while these arrivals had increased by 2.4 percent to more than 10 million in 2014.

French visits drop by 7 percent

The largest decline has been among the French, who constitute Morocco’s largest source of tourism. French tourism to Morocco declined by 7 percent in 2015. The nation also saw declines in visitors from Spain, Italy and Belgium, while arrivals from the United Kingdom and the United States increased, according to the tourism ministry.

Tourism revenue in 2015 totaled about $6 billion, still a significant share of Morocco’s $100 billion economy. The sector employs about 400,000 people.

Like other countries in the region, Morocco experienced significant growth in its tourism industry between 2001 and 2011, according to Eurostat. The Arab Spring began in Tunisia in 2010 and spread to Egypt, Libya, Syria, Yemen, and Bahrain the following year, prompting varying degrees of unrest and instability that persists in some countries today.

Other countries see steep declines

Morocco has not fared as badly as some other countries in the region.

Egypt more than tripled the number of visitors to 14.7 million in 2010, only to see tourism drop by one third. Jordan, while stable, saw tourism fall by 17 percent in 2010 and 2011.

Turkey, hit by terrorist attacks, also experienced steep declines in tourism, which accounts for 15 percent of its gross domestic product.

As Europeans stay away, Morocco is pinning its hopes to expand the tourism sector on visitors from Russia, West Africa and China.

King Mohammad visits Moscow

King Mohammad visits Moscow

King visits Moscow

In March, a visit to Moscow by King Mohammad VI’s included talks about ways to encourage more Russians to visit Morocco as well as talks about providing direct flights to the North African country from St. Petersburg and Moscow.

In his first visit to Russia since 2002, the Moroccan king met with Russian President Vladimir Putin to discuss bilateral cooperation in tourism, agriculture and energy. The two countries signed 12 agreements related to tourism.

The king also inaugurated an exhibition “Morocco-Russia: A shared ancient history,” which includes bronze objects from ancient Roman sites as well as Roman statues at Moscow’s Pushkin Museum.

Goal is 200,000 Russian visitors each year

Haddad, the Moroccan tourism minister, said the nation hopes to increase the number of Russian tourists five-fold, from 40,000 annually in 2015 to 200,000 by 2019.

“Russia offers us a big opportunity,” he said.

Haddad said talks are under way with Royal Air Maroc and Russia’s Aeroflot about opening new routes between Marrakesh and Agadir in Morocco and Moscow and St. Petersburg.

A 2014 plan to add direct flights between Morocco and China has not been implemented.

Morocco is hub for West African travelers

Meanwhile, Haddad said Morocco is a top hub for West Africans traveling to Europe or other countries in Africa.

Haddad said Morocco could attract as many as 160,000 visitors from West Africa if it can entice transit travelers to stay a few nights in Casablanca and visit attractions such as the medina and Hassan II mosque.

Morocco’s tourism industry is expected to get a boost later this year with more than 30,000 attendees at COP22, the 2015 global climate conference November 7 – 18 in Marrakesh.

Morocco has also started talks with European carriers about offering low-cost flights to Moroccan tourist destinations such as Ouarzazate and Errachidia, Haddad said.

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