Moroccan Mortgage

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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