MOROCCO OUT LINE
The Kingdom of Morocco is situated on the extreme northwest region of Africa, only 14 km from Europe bordering both the Atlantic Ocean and the Mediterranean Sea. Given its location, it has always been considered as the crossroads of civilisations and the gateway to both Africa and Europe.
Morocco fascinates every visitor due to the diversity of its landscapes and culture, the warmth of its climate and the mild and wonderful hospitality of its people. Increasingly both its appeal and its proximity to Europe make it a favourite destination for a large variety of tourists.
Population: 36 million
Capital: Rabat (730 000 inhabitant)
Area: 710,850 sq km
Major languages: Arabic (official), Berber, French
Monetary unit: Dirham (DH):1£= 12DH, 1€= 11 DH
Regime: Constitutional monarchy
The head of the state: His Majesty the king Mohammed VI
Inflation rate: 1%
GNP per capita: 8.209$.
A new destination
Morocco’s appeal is such that it is increasingly being perceived as a new and exciting destination for a more substantial resident population. This is not only attributed to its natural geographical and cultural resources but also to the investment-oriented policy that has been adopted by its forward thinking reformist Monarch and Government. Whilst respecting Islamic tradition and culture it has set as its objective the development of its tourism product with a view to increasing the number or visitors to the country to 20 million tourists per annum by 2020.
This ambition is bringing Morocco closer to the rest of the world in terms of facilities and resources. The implementation of the 2020 vision is, in fact, intended to reinforce the numerous, natural advantages, benefits and possibilities offered by the Kingdom as well as its numerous potential resources, with a view to accommodating the needs of the visiting tourists and international residents.
After its independence in 1956, Morocco opted for a free market economy in order to improve and encourage rapid economic growth. Despite the fact that to a large extent its economy can historically be characterized by the agricultural sector, other branches of the Moroccan economy are, nowadays, gaining considerable importance and momentum. Mining is considered as the principal industry of the country. Morocco is the world largest exporter of the phosphate. In addition to that more recently tourism and real estate investment are fast becoming the most promising sectors of the Moroccan economy this is reflected by large- scale projects which can be viewed throughout the Kingdom.
Investment in Morocco
Morocco is witnessing a remarkable economic change, and its perception by Over-Sea’s business is real progress. This perception has meant that previous concerns whether as to infrastructure or services’ in the eyes of Over-Sea’s investors are quite rightfully and logically dissipating.
An excellent social and economic climate has been created for any kind of investment, and particularly for real estate. This has encouraged the setting up of thousand of Over-Sea’s companies (primarily from France Spain, the United Kingdom, and Europe generally and the Gulf Countries), in Morocco, and consequently, their participation in the economic and social development in Morocco has been very substantial.
Government policy, legislation and tax reforms together with the restructuring of the Moroccan administrative system to reduce bureaucracy have been of major assistance. Liberalisation of its exchange controls so that investors are free to invest and withdraw their investment and profit (subject to comparatively low local taxation) has all contributed to its success. Developments of EMAAR, from the United Arab Emirates and one of the main developers in the whole world, and the Spanish FADESA, are just some of the numerous examples of the continued success of such an investment-oriented policy. (Further information)
Property in Morocco
Morocco is one of the most important emerging property markets in the world. Over-Sea’s desiring to acquire their second home, shrewd investors and developers alike are now investing in this new property hotspot, characterized by its exotic cities, wild beaches, low cost of living, and favourable tax breaks.
Thanks to its cultural and natural diversity, as well as its government efforts to attract property investment, Morocco is a more widely recognized real estate investment opportunity. For this purpose, it is currently considered to be at the cusp of an extraordinary property boom. (Further information)
Leisure and sport
To make the journey as relaxing and enjoyable as possible, Morocco offers to the worldwide tourists a variety of activities and facilities. They are invited to discover the mysteries of the old Medinas, experience the Thousand and One Nights, taste the richness of the Moroccan gastronomy, and enjoy the best choices of casinos, spas; resorts, festivals, etc …
Morocco’s rich natural diversity; the Mediterranean to the north, the Atlantic to the west, the mountains of eternal snows, captivating oasis, immense Saharan plains makes it a country that is a great place for practicing a wide variety of sports, all over the year.
Morocco is now identified as a country of well-known golf courses, partly because of their high quality as well as the worldwide fame of Hassan II Trophy, held in the prominent Royal Golf of Dar Assalam.
The 3000 km long coastline makes of the country a real sanctuary for water sports’ amateurs and professionals. They can practice and experience water skiing, surfing, deep-sea diving, windsurf, or sailing with different kinds of sailboats.
The high Atlas and Rif mountains, the impressive valleys as well as the vast plain of the Sahara invite visitors to discover and appreciate the beauty of the Moroccan landscapes.
How to get there
Because of its closeness to Europe, Morocco is only 3 to 4 hour flight from most European cities. The airplane remains the easiest way to travel and the solution to save time. The availability of many daily flights to/from Moroccan cities, like Tangier, Casablanca, Rabat, Marrakech or Agadir by numerous international airlines and increasingly low cost carriers such as Easy Jet and Ryan Air is bringing Morocco closer to all International cities and many regional airports. Over the next 5 years the projection if for this to increase dramatically.
Other methods of travel from mainland Europe include a 45-minute boat Journey across the Straits of Gibraltar from Algeciras or Tarifa (2 hours from Malaga Airport) in southern Spain.