Moroccan Mortgage

Raffles Marrakesh Resort

will have 150 rooms and 36 luxury villas, three restaurants options offering an extensive range of cuisines, plus state-of-the-art conference and meeting facilities.

For relaxation Raffles ‘Amrita Spa’ is also planned at Raffles Resort Marrakech.
According to an ancient Sanskrit legend, ‘Amrita’ is the gift of living well, sought by deities.

Nov 2007

Moroccan developers protest the potential loss of building-sector tax breaks.

The 2008 Finance Act passed by the cabinet on November 7th raised the issue of property tax breaks.Due to a change in the system, developers will now have to pay 15 % corporate tax in 2008 and 30% in 2009. The VAT (Value Added Tax) on sale prices will also rise from 14% to 20%.

This could cause property developers to re-evaluate projects

Air Arabia to open second hub in Rabat, Morocco to
serve Europe, Middle East and Africa

Recently name “Low-Cost Carrier of the Year” Air Arabia is investing in Morocco, which will give access to European destinations

• The Sharjah-based carrier dramatically expands its geographic reach through agreement with Regional Air Lines of Morocco
• Air Arabia intends to assume management rights for Morocco-based carrier
• Air Arabia and Ithmaar Bank provide capital injection for Regional Air Lines

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SimplyMoroccan

Has announced the winners of the ‘writing about Morocco’ competition. “To keep this short. It was really difficultl to try to decide which 3 texts are the best among 19 written in 3 different languages.”

Results here

Furthering the massive boosts in Morocco’s economy, this month (September) Morocco welcomed a five-year, $700m aid package from the US Millennium Challenge Corporation (MCC) .

The grant was finalized at a signing ceremony in Tetouan on the last day of August, and will be used to help Morocco combat poverty and develop the Moroccan economy. The plan will stimulate economic growth by raising productivity and improving employment opportunities in certain key sectors, and aims to reduce poverty rates in target areas.

The moroccan government expects the projects included in the program to raise the country’s economic growth rate by 1.1%,  increase gross domestic product by $118m per annum and reduce poverty levels of 20% by 2012.

$111.8m will be spent to promote a project called “The artisan and the Medina of Fez“, to benefit  links between the crafts and tourism sectors and the cultural assets of the Fez medina.