After having recorded the merger by absorption of FinanceCom by Holding Benjelloun Mezian, the Group, founded and chaired by Othman Benjelloun, has announced the change of its institutional identity under the name “O Capital Group”.

The merger, aimed at simplifying the structure of holding companies and bringing together holdings under a single entity, is also accompanied by a desire to initiate a new phase in its history under a new inspiring brand that believes in values.

This change comes after two decades of significant achievements under the name FinanceCom, during which the Group has supported the economic and social development of the country, as well as its growth on a continental and international scale.

The Group has in fact invested heavily in many fields, namely in banking (Bank of Africa), insurance (Royale Marocaine d’Assurance), telecommunication (Medi Telecom Orange) and other prestigious projects like Mohammed VI Tower.

In this regard, the Group notes that “this new dynamic extends an entrepreneurial passion, heir to a line of visionary investors and strong alliances with leading international partners.”

“Governed by the values ​​of optimism and ambition, with the conviction that people are the primary wealth, the Group has always known how to reinvent itself, anticipating changes in a changing world, to project itself into the future and invest in new strategic businesses.”

The Group also explains that this “new face, through the revelation of the ‘O Capital Group’ identity, reflects this renewed confidence in the future.”

It is noted that “O” in the logo is inspired by the founder’s initial as well as the symbolism of “Enso”, a sign from Chinese and Japanese cultures; the open circle evokes the infinite nature of time and space.

The logo recalls the shape of the world and the cosmos, while its calligraphic layout introduces a notion of movement and creativity. This is counterbalanced by the straightness of its horizontal base, evoking the rigor and solidity of a long-lasting Group.

With the merger of these two family holding companies and the reorganization of business portfolios, O Capital Group has acquired a share capital of one billion dirhams and expanded resources allowing it to continue its investments, “comfortably” develop its anchoring, and spread its influence all over the globe.

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On Wednesday, February 17th, Morocco’s Inter-Ministerial Investment Commission approved 34 draft conventions and investment conventions amendments, with a budget of 11.3 billion dirhams, expecting the creation of 3,500 direct and 5,819 indirect job opportunities.

During a press release, the commission stated that the distribution of investments according to sectors shows tourism and entertainment sector in first rank, with investments amounting to 3.29 billion dirhams, accounting for 29% projects to be launched.

The transport and infrastructure sector comes in second place, with investments amounting to 2.47 billion dirhams (equivalent to 22%), while the education and higher education sector ranks third, with a total of 2.27 billion dirhams, equivalent to 20% of the total investments to be made.

The sector of renewable energies and seawater desalination ranked fourth with a total of two billion dirhams, (18%), followed by the industrial sector ranking fifth with a total of 1.25 billion dirhams, equivalent to 11% of total investments.

With regard to the distribution of job opportunities by sector, the sector of tourism and entertainment sits at the top of the list, as it will enable the creation of 1,365 jobs, which is more than 39% of the total number of jobs to be created, while the industrial sector comes second with a total of 1217 jobs, equivalent to 35%.

As for the sector of education and higher education, it ranks third, with a total of 660 jobs, representing nearly 19% of the total number of jobs to be created.

The distribution of the investments to be made, based on region, showed that Casablanca-Settat comes first with a total of 3.84 billion dirhams (34%), followed by Rabat Salé-Kenitra in second place with a total of 3.39 billion dirhams (30%), then Dakhla-Oued Ed-Dahab ranking third with investments amounting to two billion dirhams (18%), and finally Tangier-Tetouan-Al Hoceima in fourth place, with a total of 942 million dirhams.

The post Morocco to Launch Investment Projects Worth 11.3 Billion Dirhams appeared first on Morocco Telegraph.

“The relationship between the United States and Morocco is the strongest it has ever been, and we are making it stronger everyday” said Mr. David Fischer, the United States’ Ambassador to Morocco.

The old and strong ties between the two countries extend at different levels ranging from economic to social and cultural ones. The United States Agency for International Development (USAID) and the Millennium Challenge Corporation (MCC) have acted actively in the promotion of Morocco’s development.

“USAID is planning to invest $100 million over the next five years in close collaboration with the Government of Morocco to support participatory local governance, enhanced economic growth, improved education outcomes, and community resilience” explained Fischer.

“In addition, Morocco is the largest beneficiary of MCC funds to date. MCC and the Moroccan government are currently partnering to implement a $450 million compact to address two major constraints to economic growth in Morocco – employability and land productivity – which are also key concerns and priorities of Moroccan citizens” he added.

The USA is to invest more than $10 million in Morocco’s Covid-19 pandemic. “This assistance has helped prepare laboratory systems, improve Covid-19 case detection and surveillance, and support technical experts, among other areas” Fischer said.

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