moroccan real estate - irei-assoc. · pdf filewhy is moroccan real estate worthy of investor...

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Moroccan Real Estate: North African Property

Moroccan Real EstateNorth African Property

Dr. M.A. HinesClarence W. King Endowed Professor

or Real Estate & FinanceWashburn UniversityTopeka, KS 66621

Phone: 785-267-4672 • Fax: 785-231-1063

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International Real Estate Institute

Table of Contents


Introduction ........................................................................................................................................................ 5

The Economy and the Employment Situation....................................................................................................... 6

Some Demographic and Infrastructure Characteristics......................................................................................... 6

Construction ........................................................................................................................................................ 7

Housing Trends.................................................................................................................................................... 10

Office Building Trends........................................................................................................................................ 10

Some Hotel Observations.................................................................................................................................... 10

Property Finance...................................................................................................................................................11

Industrial Finance.................................................................................................................................................11

The Business Environment Including Tax Regulations and Organizational Forms............................................ 12

The Nature of the Business Environment............................................................................................................ 12

The Valuation of Property................................................................................................................................... 13

The Corporate Organizational Forms Available.................................................................................................. 13

Basic Tax Regulations......................................................................................................................................... 13

Corporate Income Taxation in General

Individual Income Taxation in General

Other Taxes

Tax Treaties

Investment Incentives

The Licensing of Real Estate Agents.................................................................................................................. 15

Summary ...................................................................................................................................................... 15

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The exotic Arabic-like landscape and theMiddle-Eastern style land improvements form thebackdrop for this northwestern Africa real estateanalysis. The Moroccan landscape ranges from walledadobe farm compounds in the arid rural locationsbetween the Atlantic Coastal region and the interiorAtlas mountains to the splendid world-renownCasablanca mosque and modern, spacious homes of thewealthy in Marrakesh and in Casablanca. These wideranging architectural features are inhabited bytraditionally clad citizens in their floor-length robes ofa myriad of colors as well as residents and visitors inmodern apparel. They do business in modern high-riseoffice buildings that blend with residential andcommercial structures that exhibit architecturalcharacteristics from the Berber era of the past. Thevariety of the Moroccan apparel and architecture is oneindication of the extent of modernization of this Moslemnorth African country that is still ruled by a monarch,King Hassan II, who ascended to the throne in 1961.Why is Moroccan real estate worthy of investor interest?

In the recent turn of world interest to the developingcountries of the African continent and South Americafrom the developed countries of Asia, Europe, and NorthAmerica, we note that Morocco is one of the most stablecountries of Africa. Its economy continues to grow underconditions of low inflation with some volatility underthe guidance of the monarch and the nation’s parliament.As its economy thrives, foreign investment in propertyand business is encouraged. The foreign and domesticreal estate business of several countries of Africa hassupported for many decades multiple African offices ofKnight Frank, one of the leading international charteredsurveyor firms based in London. The foreign anddomestic African accounting business has longsupported multiple African offices of internationalaccounting firms such as that of the U.S.-basedPricewaterhouseCoopers in Casablanca. As a primarilyFrench-speaking country with second language expertisein English, Moroccan firms do much of their businesswith Europe, the Middle East, and the United States.


Dr. M.A. Hines

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The Economy and theEmployment Situation

As the economies of South Africa, Zimbabwe,Malawi, and other countries of the African continenthave languished under high rates of inflation and highbuilding costs, the kingdom of Morocco has weatheredthe continental recession through implementation of aprivatization program, expanded public works and

housing programs, and encouragement of foreign directinvestment. The 17 percent Moroccan unemploymentrate is relatively low for the African continent at present.The employed Moroccans are associated withagriculture, forestry, and fisheries (26.5 percent),commerce (18 percent), other services (12.5 percent),government (11 percent), services provided tocollectivity (9.2 percent), and building and public works(8.9 percent).

Some Demographic andInfrastructure Characteristics

Morocco, like many other African countries, exhibitsa wide disparity of economic conditions: A smallhigh-income group, a relatively small middle-incomegroup, and a relatively large low-income group that isparticularly associated with the rural areas. The disparityof the population distribution by household income isreflected in the distribution of school-age children inthe educational system. Most students finish only thefirst of two primary cycles of education. Less than athird of the first primary cycle students participate inthe second primary cycle of schooling. Most of theprimary and second school students attend publicschools. About five percent of the students attendingprimary schools go on to Moroccan universityundergraduate and Master’s degree programs. Somestudents attend management and vocational trainingschools to gain vocational skills and expertise astechnicians.

The Moroccan population numbers approximately28 million of which a little more than half live in urbanplaces. Since almost half of the northwest Africancountry live in rural areas which reflect the lowesthousehold incomes and low density per kilometer, theoverall Gross Domestic Product per capita runs onlyU.S. D. 1,200, and the overall population density is lowat 38 persons per square kilometer. Casablanca,Morocco’s commercial center, is inhabited by a littlemore than three million people; Rabat, the capital city,by a little more than one million people.

While the official language is a dialect of Arabic,the language of business and administration is French.The northern provinces that are centered on Tanger,which is located across from Gibraltar in Spain, speakthe Spanish language. In addition, due to the continuinginfluences from Great Britain, the United States, andother English-speaking countries, many Moroccans -especially those involved in international business -

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speak English. Where many Moroccans aremultilingual, their religion is predominantly Muslim;90 percent of the population is Muslim.

Even though French influences predominate in mostparts of Morocco, the national currency is the Dirham(DH) rather than the French franc. The Dirham ismanaged by the national monetary authority to beapproximately 8.5 Dirham to the U.S. dollar and 1.7Dirham to the French franc. The deliberately weakDirham encourages the export sales of Moroccancompanies.

The infrastructure,like the per capitalincome, needsimprovement by worldstandards. The portsneed improvement forforeign shipping. The railnetwork is very limitedfor freight and passengertransport. The fixed linephone network is beingsupplemented by mobilephone networks. Theenergy sources haverecently been expandedby the installation andoperation of a powerplant by CMS EnergyCo., a U.S.-basedcorporation, a few, milessouth of Casablanca. Ingeneral, theinfrastructure of the ruralareas needs majorimprovement.

Construction

According to thelatest Moroccangovernment figure, there was a small decline in buildingauthorizations, floor areas, total area constructed,projected value, and the number of dwellings from 1996to 1997. While the building authorizations formultifamily apartment buildings (labelled “residentialbuildings”) declined over 24 percent, administrativebuildings declined over 16 percent, and commercial andindustrial buildings declined over 3 percent, the buildingauthorizations for villas, traditional houses, and othertypes of buildings increased from 1996 to 1997. As the

floor area for multifamily apartment buildings decreasedover 26 percent, the floor area for villas and traditionalhouses increased over 18 percent and about 2 percent,respectively. Therefore, the construction market forvillas and traditional houses remained strong in termsof building authorizations, floor area, and projectedvalue. The projected value for commercial and industrialbuildings increased more than the projected value forapartment buildings declined. While construction ingeneral declined in Marrakesh and Rabat, constructionincreased in greater Casablanca. Construction, by these

figures, appeared tocontinue on arelatively stable basis.The production anddelivery of cementincreased by 10percent. By a visualinspection of a limitednumber of areas,apartment unit supplyseemed to outpacedemand in 1999.

The high-risebuildings of the majorcities consumer largeamounts of concreteand steel; steelconstruction cranesare in constant use.Otherwise, concreteblocks and adobebricks are used formost other structures.The Berber-basedarchitecture of lowbuildings featurescolumnar supportswithin room spaces forsupport of ceilings,mosaic decorative tilework, inner courtyards

for homes, and walled farm compounds that enclosefarm outbuildings as well as living space.

Some building supplies and materials must beimported such as wood and iron and steel plates andsheets. Looking at imports as a whole, Europe is thechief regional supplier with Asia and America comingin much lower in second and third places. The chiefoverall national sources of imports are France, Spain,Saudi Arabia, and the United States. France and Spain

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Morocco

Location: Northern Africa, bordering the North AtlanticOcean and the mediterranean Sea, between Algeria andWestern Sahara.

Area-comparative: slightly larger than California.

Climate: Mediterranean, becoming more extreme in theinterior.

Terrain: northern coast and interior are mountainous with large areas of bordering plateaus, intermontanevalleys, and rich coastal plains.

Natural resources: phosphates, iron ore, manganese, lead, zinc, fish, salt.

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Land use:arable land: 21%permanent crops: 1%permanent pastures: 47%forests and woodlands: 20%other: 11%

Irrigated land: 12,580 sq.km.

Natural hazards: northern mountains geologically unstable andsubject to earthquakes; periodic droughts.

Environment-current issues: land degradation/desertification(soil erosion resulting from farming of marginal areas, overgrazing,destruction of vegetation); water supplies contaminated by rawsewage; siltation of reservoirs; oil pollution of coastal waters.

Environment-international agreements: party to: Biodiversity,Climate Change, Desertification, Endangered Species, HazardousWastes, Marine Dumping, Nuclear Test Ban, Ozone Layer Protec-tion, Ship Pollution, Wetlands signed, but not ratified: Environ-mental Modification, Law of the Sea.

Population: 29,661,636 (July 1999 est.)

Population growth rate: 1.84% (1999 est.)

Ethnic groups: Arab-Berber 99.1%, other 0.7%, Jewish 0.2%.

Religions: Muslim 98.7%, Christian 1.1%, Jewish 0.2%.

Languages: Arabic (official), Berber dialects, French often thelanguage of business, government, and diplomacy.

Government type: constitutional monarchy

Economy-overview: Morocco faces the problems typical of developing countries-restraining governmentspending, reducing constraints on private activity and foreigh trade, and keeping inflation within manageablebounds. Since the early 1980’s the government has pursued an economic program toward these objectives withthe support of the IMF, the World Bank, and the Paris Club of creditors. The dirham is now fully convertible forcurrent account transactions; reforms of the financial sector have been implemented; and state enterprises areslowly being privatized. Drought conditions in 1997 depressed activity in the key agricultural sector, holdingdown exports and contributing to a 2.2% contraction in real GDP. Favorable rainfalls in the fall of 1997 haveled to 6.8% real GDP growth in 1998. Growth is forcast to be about 4.0% in 1999. Formidable long-term chal-lenges include: servicing the external debt; preparing the economy for freer trade with EU; and improvingeducation and attracting foreign investment to improve living standards and job prospects for Morocco’s youth-ful population.

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International Real Estate Instituteare also at the top and second from the top exportmarkets for Moroccan exporters; farther downthe exporting hierarchy are Saudi Arabia and theUnited States.

Recently construction companies from theMiddle East and, in particular, from Kuwait andSaudi Arabia have been active in Moroccanoffice and apartment construction. They havebuilt 3- to 5-story apartment buildings and evenhigher rise office buildings whose units havebeen sold to prospective occupants and investorsprimarily.Generally construction takes place in the suburbsof Moroccan cities. Few construction sites areavailable in the densely populated center cities.

Housing Trends

In past years most housing was built forhigh-income residents. In recent years, morehousing has been built including that which isaffordable by middle and lower-income citizens.The supply of housing for upper-middle andmiddle-income groups tends to exceed thedemand at present.

Home financing is available from banks onreasonable terms that extend up to 20 years. Theloan payment may reach 40 percent of theborrower’s income. When borrowers financetheir homes to the maximum percentage of theirincomes, they tend to have little disposal incomeleft and are very stretched financially.

Office Building Trends

Many modern office towers have been constructed,particularly by Middle Eastern construction companiesand investors, with sale of office units in mind. Thenew class A office space has sold well. In one new officetower, units were sold for U. S. D. 300 per square footor approximately U. S. D. 3,000 per square meter. Theinvestors may then rent the space on a one-, two-, orthree-year lease with renewal subject to negotiation. Theoffice lease is usually indexed by thegovernment-maintained cost of living index or a generalindex with a mixture of components. The lease may beoral or written, but negotiation for renewal is needednot matter what the term of the lease. Tenant tenurecontinues as long as the rent and other lease obligationsare met.

Some Hotel Observations

Part of the national privatization effort since 1989has been the sale of previously state-owned hotels.Thirty seven hotels and 75 companies are involved inthe privatization program. By 1997 forty weretransferred to the private sector. Middle Easterninvestors from Saudi Arabia and Kuwait, for example,have bought hotels put up for sale by the state and, then,have proceeded with refurbishment programs.International management companies including theMarriott group have been brought in to manage theforeign and domestic owned hotels. Currently the centralbusiness district of Casablanca, for example,accommodates several internationally known hotel

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management chains including Meridian, Sheraton, andHoliday Inn.

Property Finance

Banks are the prime source of property finance. If amajor project is involved, a local bank may cooperatewith foreign banks to cover the substantial financing.Major projects may be financed up to 25 years withadvantageous interest rates or no interest during aninitial period. There are no private pension funds inMorocco that could finance or invest in real estate. Themajority of foreign construction companies andinvestors in property such as the Kuwaiti investors, bringtheir financing with them; they may invest in Morocco,therefore, with all equity.

The Moroccan government pays the employee’spension at retirement. Housing can be financed up tothe period remaining until retirement. Close toretirement, the borrower may get an advance from theearned retirement income for a housing payment.

Banks such as the BMCE Bank of Morocco providesmany financial services including short and long-termproperty and project finance. The bank offers servicesthrough a separate leasing company, a subsidiary creditinsurance company, and a consumer credit subsidiary,according to the banws 1997 annual report.

Industrial Finance

Privitisation is the buzzword, the state of Moroccois distancingitself from theindustrial sector.The governmentno longer has ani n d u s t r i a lstrategy becausethat impliesd i r i g i s m e .Things havechanged sincethe 1960s whenit was forced toi n t e r v e n tbecause of thelack of a privatesector.

A l t h o u g h

the government would like to see greater verticalintegration, particularly in the textile and garmentssector, which is heavily dependent on the import of rawmaterials, the goverment can only try to create theconditions inwhich industry might prosper by measureswhich include providing technical centres to improvethe skills of the labor force.

The manufacturing sector is the second largestcontributor to the country’s gross domestic product. Themain industries are agro-industry (food-processing),textiles, chemicals, metallurgy/mechanics and electrical/electronics. Of these, the agro-industry and chemicalindustries contribute the most to industrial production.

With 180,000 employees, the textile and leatherindustry is also the largest industrial employer,accounting for one third of all those employed inindustry.

The industry’s laror costs are the lowest of anyMediterranean country with privileged access to the EC.It also has the advantage over its south-east Asiancompetitors of proximity to Europe, which means lowertransportation costs.

Manuracturers, however, are worried by increasingprotectionism in Europe since they are heavilydependent on the European market for exports. Some50 per cent of goods manufactured in the textile industryis exported and 80 per cent of these exports are to France.

The industry has suffered as a result of thedevaluation of some European currencies, notably the

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International Real Estate InstituteSpanish peseta, the Italianlira and sterling. Bycontrast, the sector whichenjoys the largestinvestment is the chemicaland pharmaceuticalindustry. The sectorincludes the phosphateindustry, controlled by theinfluential state monopoly,the Office Cherifien desPhosphates (OCP).Morocco remains thelargest exporter ofphosphates in the world andthe proprietor of the world’slargest phosphate reserves.The most optimisticindustry is the metallurgy,mechanical, electrical andelectronic sector which hasseen production increases.

Although someindustrialists are calling fora devaluation of the dirhamto help exports and thereimposition of highertariffs to protect domestic industries from outsidecompetition, the government appears unlikely to adopteither measure.

Industry will have to weather the recession both athome and abrouad and hope that the trend towards lowerdomestic interest rates will continue in order to aid bothproduction and investment in the coming years.

GSM License. A decree issuing a second licensefor a GSM (global standard for mobile) phone systemhas been awarded to Morocco.

This is not just another GSM license. It involved apayment for almost $1.1bn, the largest received by theMoroccan government and the single most importantforeign investment in the country. At a price of $40 perinhabitant, the deal is a record for an emerging econlym.The price was partly justified by the low penetration ofthe Moroccan market - there ar eonly 130,000 mobilephone subscribers - and a potention 3m users in fiveyears. Moveover Morocco, a country with a reputationfor coruption and influence peddling, set up anindependent regulatory telecommunications agency tohandle the transaction and ensure tranparency.

The GSM license is alsolikely to speed upprivatisation of the sector,with Ittisalat expected tosell part of its capital to aforeign strategic partner inthe next 12 months.

The license fetchedabout $700m more thanwas estimated in thegovernment budget.Economists argue that thebest use of the funds wouldbe to reduce the country’s$20bn debt. But Morocco,plagued by socialproblems, is looking formore near-term results andthe funds will be put asidefor projects aimed atalleviating some of thesocial burden and tacklingan unemployment rate ofabout 20 per cent.

The Moroccan BusinessEnvironment Including the TaxRegulations and Organizational

Forms

The business environment may be described ingeneral. Then it may be viewed in terms of the regulatorystructure for property valuation, the corporateorganizational forms available, the basic corporate andindividual tax regulations, the tax treaties in place, andthe general nature of the government investmentincentives.

The Nature of the BusinessEnvironment

The multinational company that may be engaged inconstruction or other types of property investment mayfind the business environment not as transparent as itfinds some other international venues. One “smokescreen” that impedes efficient and profitable businessinvestment, including real estate investment, is posed

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by the language barrier. Arabic is the official language,most U.S. investors do not speak, read, or write any ofthe Arabic language dialects that are used in Morocco.U.S. investors find additional language barriers in theform of the French language that is pervasively usedfor business and personal communications in most partsof Morocco and the Spanish language that is used innorth coast communities due to the close proximity ofSpain. Most U.S. investors are familiar only with theEnglish language. In contrast, property and otherbusiness investors from France use the French speakingdomestic networks to enhance the profitableestablishment and operation of their businesses.

The Valuation of Property

The valuation business falls under the control of theValuation Authority. The seven members of the boardof the Authority are appointed by decree.

The Corporate OrganizationalForms Available

According to PricewaterhouseCoopers internationalaccounting firm, two forms of limited liabilitycorporations may be utilized by foreign and domesticcompanies in Morocco: The Societe Anonyme (SA) andthe Societe Anonyme a Responsabilite Limitee (SARL).These are the two most commonly used corporatestructures for commercial companies operating inMorocco. Recently they have been totally reformed.

The Societe Anonyme extends limited financial

liability to its shareholders. The shareholder is liableonly for the shareholder’s contributions. The minimumshare capital is DH300,000. This minimum share capitalrises to DH3,000,000 for companies that are listed onthe Casablanca Stock Exchange. Only a quarter of thetotal amount of stock subscribed must be paid in cashat the time of company incorporation. The share valuemust be higher than DH100. The Board of Directorsmust be comprised of 3 to 12 shareholders or aDirectoire of one to five members who are notnecessarily shareholders. A supervisory board (conseilde surveillance) must consist of 3 to 12 shareholders.All types of corporations with share capital equal to orgreater than DH2,000,000 or the equivalent in foreigncurrency may form between them a “SimplifiedBusiness Corporation” to create or manage a commonbranch or to create a company which will become theparent company.

The Societe Anonyme a Responsabilite Limiteerequires one to fifty partners with minimum share capitalof DH100,000 divided into shares of equal value. Theminimum nominal value of a share must be DH100.

Basic Tax Regulations

Let us review the general corporate and individualtax regulations, other taxes, tax treaties in place, andgovernment investment incentives.

Corporate Income Taxation in General. Accordingto PricewaterhouseCoopers international accountingfirm, a 35 percent rate is applied to profits and capital

gains from the sale of assets andall operations carried out inMorocco by corporations andindividuals. This corporate tax isapplied to the annual net incomeof the taxpayer. The rate isreduced from 35 percent to 10percent for gross income earnedby non-residenti foreigncompanies, to 12 percent forcontract revenues earned byforeign companies who choosethe lump-sum basis for taxassessments, and to 15 percent forcapital gains from equityinvestments. Losses originatingfrom expenses other thandepreciation may be carriedforward for a period of four years

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and applied to taxable profits. But losses fromdepreciation can be carried forward with no timelimitation. The carryback of losses is not permitted.

Individual Income Taxation in General. Theindividual income tax covers salary income,professional income, real estate income- (rent), incomefrom investments other than real estate, and agriculturalincome. Individual incomes lower than DH24,000 orapproximately U.S.D.3,000 are exempt from incometaxation. Higher incomes are taxed at rates that progressfrom 13 percent to 44 percent. It is expected that thenew Moroccan Investment Charter will lower themaximum tax rate to 41.5 percent in the near future.Social charges including retirement contributions aredeductible from taxable income.

Moroccan or foreign nationals who have permanentresidency inMorocco aregenerally subject toMoroccan incometaxation on theirworldwide income.Moroccan or foreignnationals who do nothave permanentresidency inMorocco are subjectto Moroccan incometaxation only ontheir income fromMoroccan sources.The taxpayer filesan annual tax returnthat lists incomefrom all sources. Anemployee who onlyreceives a salaryfrom an employer who is established in Morocco doesnot have to file an annual tax return; his or her employermust withhold his or her income taxes from his or herpaychecks.

Other Taxes. Value added tax applies to salesrealized from industrial, commercial, and handicraftbusinesses as well as from professions and import-exporttrading. The usual rate is 20 percent, but reduced ratesapply to foodstuffs and banking services (7 percent) andreal estate, hotels, and catering services (14 percent).Exempt sales include sales from (1) items placed underspecial customs regimes, (2) exported projects, and (3)several equipment categories and products exclusively

used in agriculture.

The tax on income from equity investments andother similar income including dividends is 10 percent.A business tax applies to any individual or corporationconducting an industrial or commercial activity. Anurban tax is applicable to real property, machinery, andequipment used in professional activities of any nature.

Tax Treaties. Morocco has signed tax treaties thatpermit reduced taxation such as reduced withholdingtaxes with the following countries: France, Spain, Italy,the United States, the United Kingdom, Belgium,Canada, Finland, Germany, the Netherlands, Norway,Romania, Sweden, Tunisia, Luxembourg, Switzerland,and Denmark.

Investment Incentives. The Investment Charter of1995 sets forth theoverall investmentpolicy, ag o v e r n m e n tguarantee of the freetransfer ofdividends andcapital, reduction ofnormal investmentcost, tax holidaysfor investmentslocated in certainareas, tax incentivesfor exportingc o m p a n i e s ,exemption from thebusiness and urbantaxes, andprovisions forn e g o t i a t e ds e t t l e m e n t

agreements with the government.

Let us peruse the incentives most directly related toreal estate investment, land development, andconstruction. The acquisition of land for a newdevelopment project is exempt from the registration tax.As an exception, a 2.5 percent registration tax is appliedto the acquisition of land for a housing estate and relatedconstruction. A one-half of one percent registration taxis applicable to the equity contributions of a newcompany or the raising of capital for a new company.Companies located in particular economic zones maybenefit from a 50 percent reduction on the individualor corporate tax during the first five years of the

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company’s operations. Profit and income that areentirely exempt from the corporate tax are still liable toa minimum contribution equal to 25 percent of the taxamount which should have normally been applied if theexemption did not exist. Declining depreciation methodsmay be applied to equipment. Profit from constructionfor social housing is exempt from the estate profit tax.New buildings and additions to buildings are exemptfrom the urban tax during the first five years after theircompletion or initial use.

When an investment is made in a foreign currency,the foreign investment can be made in Morocco withoutany prior authorization from the Moroccan ExchangeControl Office. Foreign investment can take a numberof forms including real estate investment. Moroccoguarantees the repatriation without restrictions offoreign investors’ capital and related dividends, capitalgains, and liquidation net proceeds. Fixed assetinvestment may be exempt from the value added tax.Investment in industrial land may be exempt fromregistration duty. Tax holidays may amount to a 50percent reduction in corporation income taxation forthe first five years of company operation in specificregions whose economic situation requires a preferentialtax treatment. Also, for the first five years, newconstruction and equipment are exempt from the urbantax.

Special settlement agreements may be negotiatedwith the government that provide more extendedpreferential treatment. Generally, the proposed

investment qualifies for such extended treatment whenunusually large sums are committed, a considerablenumber of jobs are created, and the geographic locationqualifies for special treatment.

The Licensing of Real EstateAgents

A license from the commune, province, prefecture,federal government, or any other governmentsubdivision is not required for marketing real estate inMorocco. But approval of a local government officialswith this particular function - a functionnaire of thecommune - of the good character of the candidate isrequired. There are no educational or experiencerequirements at this time.

Summary

As international real estate portfolios expand to thecontinent of Africa to further increase portfolio returnsand reduce risk through greater investmentdiversifcation, the investor should not overlook thedesirable investment opportunities of Morocco, arelatively stable northwestern African country. Thereturn-risk characteristics of Morocco’s commercial andindustrial properties may be very appealing as they arecompared to property return-risk characteristics of otherAfrican countries and other emerging marketeconomies.

SELECTED REFERENCES

1. BMCE Bank. Annual Report 1997. Casablanca, Morocco.2. BMCE Bank. Morocco: Your New Business Horizon. Brochure. Rabat, Morocco: Foreign Investment

Department, BMCE Bank3. El Alama, Rabia, Directeur Adjoint, American Chamber of Commerce in Morocco, May, 1999.4. Gordon, Frances Linzee, Dorinda Talbot, and Damien Simonis. January, 1998. Vic, Australia: Lonely

Planet Publications.5. Matthews, Roger and Francis Ghiles. Morocco. November 3, 1993. Financial Times Survey. Financial

Times, pp. 4-6.6. Moroccan Ministry of Economic Forecasting and Planning, Direction de la Statistique. Morocco in

Figures 1997, 37th Edition. Casablance, Morocco: Research Department, Banque Marocaine du CommerceExterieur, BMCE Bank

7. Outline Law No. 18-95 Establishing Investment Charter, Morocco.8. Price Waterhouse. Morocco Business Guide. January 1997. Casablanca, Morocco: Price Waterhouse

Morocco.9. Turner, Mark. “African Banking,” Financial Times Survey. Financial Times, Friday, May 21, 1999,

pp. 21-24.

P.O. Box 879 • Palm Springs, California 92263 • USATel: (877)743-6799 • Fax: (760)327-5631

E-Mail: [email protected] • Website: http://www.irei-assoc.org

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