AGP Executive Report

Bad-Loan Market: IFC and EOS are preparing a €60m vehicle to buy Morocco’s non-performing loans, aiming to kick-start a regulated secondary market and help banks clear distressed assets. Ports Reform: Morocco’s National Ports Agency has been converted into state-owned “Ports du Maroc SA,” reshaping governance to boost competitiveness while keeping full state ownership. Energy & Power Support: TAQA Morocco reported weaker first-half revenue (down 5.4%) despite higher capex, while Morocco also sent a technical team to help Mauritania restore electricity after Nouakchott transformer fires. EU-Morocco Migration Funding: The European Commission defended infrastructure financing in Morocco, stressing EU interests in returns and readmission after the Ceuta crisis. Ceuta Fallout: Spain approved asylum and immigration reforms tied to the EU migration pact, as Ceuta remains under a national security response. Morocco-India Digital Push: Rabat and New Delhi agreed to a joint commission on languages and digital technologies, including large language models. Agriculture Trade: Bangladesh approved 140,000 tons of fertilizer imports from OCP Nutricrops, reinforcing fertilizer cooperation. Tourism Ads: Meta data shows Tourism Minister Fatim-Zahra Ammor leading government figures in personal political ad spending. Deportations: Germany deported 390 Moroccan nationals in the first half of 2026, per Bundestag figures.

Ceuta Emergency Funding: The European Commission has received Spain’s formal request to unlock emergency aid for the Ceuta migration crisis, with Brussels aiming for a faster evaluation and decision after the surge of arrivals. Morocco–India Trade Push: Morocco and India met in Rabat to broaden cooperation beyond goods, targeting investment, joint ventures and tech transfer; bilateral trade is reported at about $4.4bn, with both sides eyeing $2.6bn exports growth. Education Rules in Salé: Salé’s education directorate ordered private schools to stop forcing families to buy textbooks and supplies from specific outlets, citing the ban in Morocco’s education law. King’s Pardons: King Mohammed VI granted royal pardons to 634 convicted people, including 15 in terrorism and extremism cases, as part of Eid Al Mawlid. Tangier Med Marhaba 2026: Tangier Med is preparing for a peak in MRE return flows, highlighting the fixed-ticket system to manage capacity and reduce crowding. AI Infrastructure in Africa: MTN says South Africa and Nigeria are the first markets for its AI-enabled data centre push, via a UAE-backed investment vehicle (partner not named). Football Transfers (Morocco-linked): Manchester City agreed a €100m deal for Morocco midfielder Ayyoub Bouaddi from Lille, while City also monitor Liverpool’s Cody Gakpo amid a busy window.

Morocco–India Trade Push: India’s commerce minister Jitin Prasada is in Rabat to co-chair the 7th Morocco-India Joint Commission, aiming to expand market access and a wider trade basket beyond the current ~$4bn (2025), with talks spanning fertilizers, agriculture, food safety, pharma, automotive, water, rail, renewables, digital and logistics. Food Security & Subsidies: Morocco will restart soft wheat imports from Sept. 16 to Dec. 31, using a variable subsidy tied to a 270 dirhams/quintal reference price to cover the gap versus international costs. Port & MRE Logistics: Tanger Med’s Marhaba 2026 departure support is easing end-of-summer return flows, with procedures handled at the ARM rest area before boarding. Energy & Trade Signals: Gas flows from Spain to Morocco have dropped to about two-thirds of normal levels since Aug. 15, with causes still unclear. Fertilizer Supply: Morocco is also set to import 365,000 tonnes of fertilizer to shore up stocks. Politics & Accountability: RNI leaders defend the government record but admit gaps in health, education, jobs and public services, while Abdelilah Benkirane accuses the PM of misusing public funds ahead of the Sept. 23 elections. Climate & Carbon Markets: Morocco’s High Atlas Foundation is pressing for community-led land restoration and fairer carbon markets at COP17 in Mongolia.

Port & Logistics: Marhaba 2026’s departure phase is running smoothly at Tanger Med, with a reception system near the port cutting passport and vehicle checks; bus support already handled 3,961 passengers on 72 buses and 11 minibuses. Fertilizer & Trade: OCP says it has reduced cadmium in phosphate fertilizers below 20 mg/kg P2O5 since 2025 to meet tighter European rules, protecting access to Europe. US Market Access: OCP North America reports a first TSP shipment (about 54,000 tons) arriving in New Orleans after the US temporarily lifted countervailing duties, aiming to stabilize supplies for fall. Industrial Investment: China’s Shengtai plans a $230m green textile park in Morocco (Skhirat and Fez), targeting 7,000 direct jobs. Transport Infrastructure: Maersk launched an integrated Tangier–Casablanca rail service to ease port congestion and improve predictability for Moroccan supply chains. Diplomacy & Business: India’s Jitin Prasada is in Morocco to co-chair the 7th India-Morocco Joint Commission, focusing on market access, fertilizers, customs, pharma, energy, mining, and logistics. Migration & Local Economy: Ceuta’s hospitality sector warns of collapse after the late-July migrant crisis, citing insecurity and major revenue losses for SMEs.

FIFA Governance Crisis: UEFA chief Aleksander Čeferin says he won’t run to replace Gianni Infantino, but warns Infantino must quit or face a leadership challenge in March as Nordic federations report “lost confidence” and pressure mounts over FIFA’s aborted plans for private investment. Morocco–Spain Trade: New EFE data puts Spain–Morocco trade at about €22.757bn in 2025, with Spain still Morocco’s top partner; the report also flags weaker Spanish exports tied to fuel sales. Operation Marhaba Logistics: Tangier Med’s return-phase support ramps up for MREs, with the Mohammed V Foundation expanding services at Tangier rest areas to help manage ferry procedures and passenger flow. Football & Talent Investment: Manchester City is close to signing Morocco U19 midfielder Ayyoub Bouaddi from Lille in a deal up to €100m, potentially a record teenage transfer, as City rebuilds midfield after key departures. Tourism Digital Push: Morocco’s tourism growth is increasingly tied to digital booking and AI tools, as arrivals and revenue targets are reportedly being outpaced.

Football Transfers: Manchester City agreed a deal worth up to €100m (with add-ons) to sign Morocco midfielder Ayyoub Bouaddi from Lille, as the club accelerates a midfield rebuild under Enzo Maresca. Tourism Digitalization: Morocco’s tourism push to 2030 is increasingly tied to digital tools and AI, with booking platforms acting as the main global storefront for hotels, riads and agencies. Aviation & Diaspora: A petition on Change.org is asking for restored direct flights between Clermont-Ferrand and Morocco, arguing current routings via Lyon/Paris/Toulouse add cost and time. Economic Outlook: Morocco ranked 76th in the 2026 Legatum Prosperity Index, second in North Africa behind Tunisia, with development, freedom and social fabric all shaping the score. AI Outsourcing: Morocco placed 19th among 25 AI-ready outsourcing destinations, scoring strongest in public AI adoption and education, weaker in enterprise AI uptake. Defense Procurement: France’s arms-export report says Morocco ordered Airbus H225M Caracal helicopters, with €532.1m in Moroccan orders registered with French firms in 2025. Social Policy: Morocco cut child labour sharply since 2017, but about 101,000 children still worked in 2024, mostly in rural areas. Shipping Trade: Mega container ships are starting to return to the Suez Canal as peak-season demand rises, a potential logistics relief for exporters. Migration Governance: A new analysis argues the Schengen southern border crisis can’t be treated as only a security issue, pointing to structural financing and governance gaps.

Defense & Industry: Morocco’s Caracal helicopter order is now reflected in France’s arms-export report, with Moroccan purchases from French firms hitting €532.1m in 2025 (cumulative decade value €1.325bn), while the Caracal H225M contract is tied to replacing older Puma helicopters. Logistics & Trade: Maersk launched a high-frequency Tangier–Casablanca rail freight service to cut port congestion and make transit times more predictable, positioning Tangier as the main gateway into Morocco. AI & Outsourcing: Morocco ranked 19th globally (and 5th in Africa) in an AI outsourcing readiness index, scoring strongest on public adoption and education, weaker on enterprise integration. Labor & Social Policy: Morocco’s child-labour progress is real but incomplete: nearly 101,000 children (7–17) were in economic activity in 2024, with rural areas still carrying most of the burden. Digital Rights: A UN report highlights two Morocco National Human Rights Council initiatives as good practice against digital violence and for children’s participation in international rights reporting. Migration & Borders (EU angle): A Der Spiegel investigation says EU states are cooperating with Libya’s Haftar regime to curb migration, raising fresh rights and hypocrisy concerns. Sports Business: Raja Casablanca signed Ghana midfielder Michael Agbekpornu on a free transfer, adding depth for 2026-27.

Logistics & Trade: Maersk launched an integrated rail service linking Tangier and Casablanca to ease port congestion and improve predictability for Moroccan supply chains, as Casablanca handled 17m tonnes in H1 2026. Migration & Border Management: The EU plans to add €190m to Morocco-focused support for border control by 2027 after the Ceuta crisis, building on €222m already committed (2021-2024). Sahara Diplomacy: Morocco is gaining ground in Latin America as more countries distance themselves from the Polisario and move toward Rabat’s autonomy-based settlement, with Colombia a fresh example. Regional Development: Budget Minister Fouzi Lekjaa urged Morocco’s next government to “move at one speed,” prioritizing faster delivery in roads, education and healthcare to cut regional disparities and school dropout. Finance & Markets: Germany’s data shows 37,000 Moroccan-born residents moved for education, ranking Morocco fifth among non-EU origins. Industry & Trade Flows: Spain’s olive oil imports from non-EU sources jumped 83.9% in Jan-May 2026, with Morocco and Tunisia gaining share as Spanish supply lagged. Sports & Sponsorship: Morocco-linked visibility continues as Malawi’s Scorchers’ WAFCON success drew high-profile backing and bonuses, highlighting how sport sponsorship can boost national brands.

Regional Inequality Agenda: Budget Minister Fouzi Lekjaa says Morocco’s next government must narrow gaps in education, healthcare and infrastructure, warning that over 300,000 students leave school each year and calling for faster, measurable delivery across rural and underserved areas. Migration & Border Control: The EU plans to add €190m to support Morocco on border management through 2027 after the Ceuta crisis, while Spain moves to transfer 500 unaccompanied migrant girls from Ceuta to the mainland within weeks; meanwhile, Tanger Med urges travelers to avoid Marhaba 2026 peak days (Aug 25-29) and use strict ticket-date/time rules. Youth & Politics: As Morocco heads toward Sept. 23 elections, parties are pushing jobs and opportunity to win young voters, but rising numbers are risking the sea toward Ceuta. SME Snapshot: Morocco ranks 34th globally in Expothon Worldwide’s 2026 Global SME Index, highlighting continued policy support for small businesses. Crypto Markets: Bitcoin jumped 6.6% on hopes for more favorable US crypto regulation and Treasury bond buybacks. Tourism Positioning: Morocco is repositioning in Europe’s cruise market, with Casablanca’s new terminal and the ports of Tangier and Agadir seen as key assets.

FIFA Governance Crisis: Denmark’s football federation says it has lost confidence in Gianni Infantino and will back a credible alternative in the 2027 FIFA election in Rabat, after the fallout from FIFA’s aborted plan to sell stakes in tournament commercial rights. Tourism & Trade: Riviera Travel reports Morocco is its fastest-growing destination for trade, with Marrakesh and the Atlas Mountains driving standout booking growth, as demand shifts toward affordable, year-round cultural trips. Morocco Business Pulse (SMEs): A private SME index ranks Morocco 34th for SME potential, but the publisher admits the figures are rough AI-assisted estimates and not fully comparable with Morocco’s own SME counts. Migration & Cross-Border Pressure: Coverage of the Ceuta crisis highlights how thousands of would-be migrants remain stuck around Fnideq after the late-July surge, underscoring the economic and social strain on Morocco’s northern border towns. Parliament & Diplomacy: Morocco’s House Speaker Rachid Talbi El Alami visits Finland to deepen cooperation on trade, energy, migration, agriculture and food security, while reaffirming support for Morocco’s territorial integrity and autonomy approach. Digital Infrastructure for Industry: OADC and AI Analytics Intelligence partner to offer locally hosted AI compute for African enterprises, targeting regulated sectors like finance with data residency-focused setups.

Inflation Watch: Morocco’s CPI fell 0.6% year-on-year in July, driven by a 3.7% drop in food prices even as non-food costs rose 1.9%, giving Bank Al Maghrib room to keep policy accommodative. EU-Migration Deal: After the Ceuta crisis, the EU is pushing to finalize a broader strategic partnership with Rabat by year-end, with extra funding for border control and migration management. Port & Travel Logistics: Tanger Med warned travelers to avoid the August 25-30 peak return window during Operation Marhaba, stressing that tickets must match the booked crossing date/time to prevent delays. Phosphate & Fertilizer Trade: OCP resumed U.S. shipments after the U.S. temporarily suspended countervailing duties, while analysts say Morocco could gain more European fertilizer demand if supply disruptions widen. Smart Grids Investment: Willfar opened a Casablanca subsidiary to expand smart utility metering and energy/water management across Africa and the Middle East. Youth Day & Clemency: King Mohammed VI pardoned 667 more people on Youth Day (Aug 21), including hundreds in detention. Football Governance: Morocco is among federations backing FIFA chief Gianni Infantino as global fan groups and regional bodies push for major reforms and possible no-confidence moves. Business & Compliance: Nigeria’s EFCC/ICPC began probing the N12bn intervention fund paid to the NFF for wages and bonuses, spotlighting governance and spending controls.

FIFA Governance Crisis: Regional football powerhouses (UEFA, AFC and CONCACAF) are reportedly weighing a no-confidence vote against Gianni Infantino after his proposal to sell private investors a stake in World Cup profits, deepening a leadership rift inside FIFA. Ceuta Migration & EU Response: Spain’s police cleared migrants from Trampolín beach and moved them to temporary shelters, while the European Commission reiterated Spain’s duty to protect unaccompanied minors and its expectation that irregular entrants be returned to Morocco. Morocco Dirham & Markets: Bank Al-Maghrib data shows the dirham gained vs the dollar but weakened vs the euro; reserves were about MAD 499.6bn and the MASI rose 0.9% on the week. Trade & Logistics: Royal Air Maroc Cargo launched Casablanca–Los Angeles flights to boost perishable and textile shipments, aiming to strengthen Africa–US trade links. Mining & Industry: Morocco Strategic Minerals reported high-grade copper results across its Western High Atlas targets, advancing drill planning. Fertilizer Supply: OCP resumed phosphate shipments to the US after countervailing duties were suspended, supporting tighter global fertilizer availability. Regional Business Signals: Turkey’s exports to Africa hit about $13.3bn in the first seven months, with Morocco among key destinations.

EV Investment Push: Chery is buying Nissan’s Rosslyn plant near Pretoria to assemble battery-electric vehicles, plug-in hybrids and Jetour models—another sign Africa is becoming a key battleground for Chinese EV makers, with Morocco flagged among likely investment destinations. Cybersecurity Alert: Morocco’s DGSSI warned of critical Apple vulnerabilities across iOS/iPadOS and macOS Tahoe, urging users to update to patched versions. Youth & Elections: UNICEF urged Moroccan parties ahead of the 2026 legislative vote to embed children’s rights in platforms, citing high newborn mortality, school dropouts, child labour and climate-linked risks. Digital Economy: CESE highlighted how Morocco’s youth are reshaping social life and civic participation through digital spaces. Trade & Finance: Morocco–Italy trade hit €4.75bn in 2025; meanwhile, Morocco’s Treasury placed MAD 800m in surplus cash and the Casablanca Stock Exchange closed higher. Migration Pressure (Ceuta): OMDH and rights groups reported major gaps in death toll figures and ongoing strain as minors remain on the streets after late-July crossings.

FIFA Governance Fallout: FIFA has sacked COO Kevin Lamour after he publicly criticised Gianni Infantino’s aborted plan to sell stakes in World Cup revenues to private investors, escalating a wider fight over football’s commercial direction. Competition & Consumer Protection: Nigeria’s FCCPC has opened and deepened a cement probe after preliminary findings suggest possible price manipulation, issuing summons to major producers and comparing Nigeria’s retail prices with markets including Morocco. Digital Safety & Online Platforms: The UN warns children are being treated as “guinea pigs” by unregulated AI and attention-driven business models, calling for platforms to take responsibility for online harms. Trade & Logistics: Shipping activity through the Suez Canal is rising again as MSC tests the route and major carriers add back services, with Morocco’s Tangier Med linked to restored calls. Morocco-EU Business Context: A report highlights Morocco’s multi-alignment trade strategy—using EU funding and market access while also maintaining ties with Russia and China—supporting exports like tomatoes and citrus into Europe. Cross-Mediterranean Migration Tech: Meta has faced backlash after “Ceuta” searches triggered migration relocation warnings and UN resource links, as Spain’s enclave continues to grapple with Moroccan migrant flows.

Morocco Logistics & Trade: Maersk is running a Tangier–Casablanca rail freight service with regular departures, aiming to ease port congestion and give shippers a more reliable corridor between Morocco and Europe. Capital Markets & Fraud Watch: CDG Capital warned Moroccans about fake “free stock market training” posts using its name and identity to lure clicks and deposits. Public Finance: Morocco’s Treasury placed MAD 800 million in surplus cash via two one-day operations. Fertilizer Trade: OCP resumed phosphate fertilizer shipments to the U.S. after temporary countervailing duties were lifted for eight months; the first 54,000-ton shipment reached New Orleans. Cross-border Shipping Risk: Suez Canal transits keep rising as more carriers test the Red Sea route; MSC joined Maersk and others in restoring services. Football Governance: FIFA’s sacking of COO Kevin Lamour drew backlash from UEFA leadership, with Norway’s Lise Klaveness calling it “management by fear.” Migration & Ceuta: EU says people illegally remaining in Ceuta will be returned, while Spain and Moroccan authorities are urged to maintain control and speed up returns.

Competition & Prices: Nigeria’s FCCPC flags possible manipulation of cement prices after a three-month cross-border probe comparing Nigeria with Kenya, Morocco, Algeria and others, citing rising retail prices despite ample limestone and excess capacity. Trade & Agriculture: Morocco and Chile sign a quarantine, plant and animal health cooperation protocol via ONSSA and SAG, aiming to open Morocco’s market to Chilean agri-food exports and use the Dakhla Atlantic Port corridor for wider Africa reach. Finance & Liquidity: Bank Al-Maghrib data show small businesses in Morocco pay more to borrow (5.20% vs 4.56% for large firms in Q2 2026) while cash in circulation hits about MAD 532.6bn (+18.4% y/y). FX Watch: USD/MAD slips 0.08% over Aug 3–7 to 9.32, driven mainly by euro strength and a slight dirham liquidity tightening. Investment in Logistics: A.P. Moller Capital agrees to buy a majority stake in Moroccan logistics group Globex Investissement, pending Morocco’s Competition Council clearance. Moroccan Phosphate to US: OCP North America reports a shipment of TSP from Morocco, marking the return of Moroccan phosphate fertilizers to the US after temporary CVD relief. Migration Pressure (Ceuta): Spain plans four temporary accommodation sites in Ceuta for 1,500 migrants as hundreds protest for asylum; the CETI system remains far below demand.