LATEST ECONOMIC BRIEFINGS
EMIRATES: DUBAI | 30.07.2010
Dubai’s capital markets appear to be in for significant change with plans unveiled to establish a second-tier stock exchange coming hot on the heels of Dubai Financial Market (DFM) – the government-administered domestic bourse – and the DIFC-based NASDAQ Dubai’s move to formally link their trading platforms. All of this is happening as speculation of a merger between the bourses of Dubai and Abu Dhabi mounts.
ALGERIE | 30.07.2010
Les efforts importants déployés par l’Algérie pour augmenter la production céréalière commencent à porter leurs fruits, dans la mesure où les récoltes record de l’année dernière et les rendements importants de 2010 aideront à réduire les coûts d’importation et à créer des emplois sûrs dans les zones rurales. Cependant, l’objectif de l’autonomie alimentaire fixé par le pays reste encore bien éloigné.
SENEGAL | 30.07.2010
Le Sénégal est en train de devenir un leader en matière de développement de l’énergie solaire comme énergie de l’avenir, et ce, à la fois à l’échelle nationale et continentale. Pour y parvenir, le pays veut augmenter l’utilisation des énergies renouvelables afin de surmonter ses propres manques et promouvoir un grand programme international ayant pour but de mettre fin à la dépendance de l’Afrique de l’Ouest à l’égard des combustibles fossiles.
BULGARIA | 30.07.2010
Though Bulgaria’s economy is likely to remain in the slow lane for the rest of this year, the country’s banking sector continues to show resilience in the face of global economic contraction. There are concerns, however, that increasing levels of bad loans carried by some lenders could add to pressures on the sector.
OMAN | 28.07.2010
A raft of new agreements recently signed by the Ministry of Transport and Communications will see a significant round of investment in Oman’s transport infrastructure. The 15 agreements, signed earlier in July, cover projects in land, sea and air infrastructure and are worth a total of OR136.9m ($355.9m).
COUNTRY COVERAGE
2010 Reasons to Host the World Cup
Morocco, Volume 23
18.11.2003
18.11.2003
While hosting a World Cup is no mean feat, trying to win the rights to host the world's most important tournament is even harder. Morocco has already tried once before, with the ordeal leading many to believe it foolish to try again. Yet this time round, with the country officially declaring its candidacy to host the 2010 finals mid-week, initial wariness is being replaced by renewed optimism.
The mobilisation effort has been impressive. Forget T-shirts and hats and champagne for foreign dignitaries - though there has been plenty of all three. This time round, the World Cup campaign has been a well-organised effort by the government, the Maroc 2010 coordinating team and the population at large.
The government has committed itself wholeheartedly to the project, with the prime minister coordinating efforts. State support has taken the form of infrastructural aid, such as road and port construction, and plans to build stadiums. Of the latter, three already exist and need minor upgrading, three are already under construction, and building of three more will begin should Morocco win the race.
Finance is important. Around EUR4bn has already been budgeted in the period 2004-10 for the infrastructure work and over 80% of the required financing has already been identified. The government has gone so far as to place EUR140m in a Swiss bank account to cover any potential shortfalls. The international football association, FIFA, always loath to bail out a host, is bound to be impressed.
Talking of FIFA, as its prime source of revenue during the World Cup is from the media, the association is very stringent vis-à-vis the providing of media infrastructure. FIFA regulations demand large centralised media and international broadcasting centres. Again, Morocco was able to come up trumps, with an exhibition centre already reserved for the purpose in Casablanca.
The coordinating team is benefiting from its new business-friendly approach, giving it a more result-oriented environment. The team has also used both national and international marketing professionals to great effect. The task: re-branding the Morocco image. That notwithstanding, it has also relied on its cultural resources to great effect: exotic Marrakesh apparently went down particularly well with the FIFA visitors.
As did the Raja-Wydad match, the local Casablanca derby, and the semi-finals of a local cup. Local derbies around the world tend to simmer with tension, and many might have thought it a risky business to introduce visiting dignitaries to the boiling cauldron of the stadium that day. Yet the head of the FIFA team said he was impressed with how sporting the rivalry was - whistling and singing rather than bottles and punches.
It may of course be a different question when it comes to hooligans of the Germanic variety, but it can only be hoped that they either get barred by efficient police work, or get transformed into docile lambkins by the warm reception of gentle locals.
So, with the technical bid and visit done, the next round of lobbying is the most decisive: how to convince 13 of the 24 FIFA voters that Morocco stands out from the crowd. In its favour, the 2010 World Cup has been promised to Africa, reducing the number of contenders to just Morocco, South Africa, Egypt, Tunisia and Libya. Most feel that only Morocco and South Africa are serious players, with the latter the early favourite for two reasons: firstly it was robbed cruelly of the 2006 World Cup thanks to New Zealand skulduggery. Secondly it is the only 'black' African country - an asset for a continent that is externally perceived in darker skin-shade terms.
However, as in the words of King Hassan II, "There is no African without a black blood origin." Furthermore, Morocco has developed close political and economic links with francophone West Africa. On the football front it has been a continental leader: first African country to qualify for the finals (1970), first to get to the second round (1986), and in Raja, Morocco also has a team that regularly whips the continental competition.
So lobby they must. To the European football association, UEFA, Morocco can show its proximity and money-spinning opportunities. To the Latin American CONMEBOL, Morocco can show its passion for football. To the Asian association, AFC, Morocco can show... well, its Manchester United supporters (you'll notice the shirts amongst Wydad fans at least).
Football is certainly in the Moroccan blood. Watching 80 000 contented Raja supporters leave the stadium on October 10, 2003, having beaten a Cameroonian team to reach yet another final, one gets the impression that this is exactly what the country needs.
- Christopher de Oliveira
The mobilisation effort has been impressive. Forget T-shirts and hats and champagne for foreign dignitaries - though there has been plenty of all three. This time round, the World Cup campaign has been a well-organised effort by the government, the Maroc 2010 coordinating team and the population at large.
The government has committed itself wholeheartedly to the project, with the prime minister coordinating efforts. State support has taken the form of infrastructural aid, such as road and port construction, and plans to build stadiums. Of the latter, three already exist and need minor upgrading, three are already under construction, and building of three more will begin should Morocco win the race.
Finance is important. Around EUR4bn has already been budgeted in the period 2004-10 for the infrastructure work and over 80% of the required financing has already been identified. The government has gone so far as to place EUR140m in a Swiss bank account to cover any potential shortfalls. The international football association, FIFA, always loath to bail out a host, is bound to be impressed.
Talking of FIFA, as its prime source of revenue during the World Cup is from the media, the association is very stringent vis-à-vis the providing of media infrastructure. FIFA regulations demand large centralised media and international broadcasting centres. Again, Morocco was able to come up trumps, with an exhibition centre already reserved for the purpose in Casablanca.
The coordinating team is benefiting from its new business-friendly approach, giving it a more result-oriented environment. The team has also used both national and international marketing professionals to great effect. The task: re-branding the Morocco image. That notwithstanding, it has also relied on its cultural resources to great effect: exotic Marrakesh apparently went down particularly well with the FIFA visitors.
As did the Raja-Wydad match, the local Casablanca derby, and the semi-finals of a local cup. Local derbies around the world tend to simmer with tension, and many might have thought it a risky business to introduce visiting dignitaries to the boiling cauldron of the stadium that day. Yet the head of the FIFA team said he was impressed with how sporting the rivalry was - whistling and singing rather than bottles and punches.
It may of course be a different question when it comes to hooligans of the Germanic variety, but it can only be hoped that they either get barred by efficient police work, or get transformed into docile lambkins by the warm reception of gentle locals.
So, with the technical bid and visit done, the next round of lobbying is the most decisive: how to convince 13 of the 24 FIFA voters that Morocco stands out from the crowd. In its favour, the 2010 World Cup has been promised to Africa, reducing the number of contenders to just Morocco, South Africa, Egypt, Tunisia and Libya. Most feel that only Morocco and South Africa are serious players, with the latter the early favourite for two reasons: firstly it was robbed cruelly of the 2006 World Cup thanks to New Zealand skulduggery. Secondly it is the only 'black' African country - an asset for a continent that is externally perceived in darker skin-shade terms.
However, as in the words of King Hassan II, "There is no African without a black blood origin." Furthermore, Morocco has developed close political and economic links with francophone West Africa. On the football front it has been a continental leader: first African country to qualify for the finals (1970), first to get to the second round (1986), and in Raja, Morocco also has a team that regularly whips the continental competition.
So lobby they must. To the European football association, UEFA, Morocco can show its proximity and money-spinning opportunities. To the Latin American CONMEBOL, Morocco can show its passion for football. To the Asian association, AFC, Morocco can show... well, its Manchester United supporters (you'll notice the shirts amongst Wydad fans at least).
Football is certainly in the Moroccan blood. Watching 80 000 contented Raja supporters leave the stadium on October 10, 2003, having beaten a Cameroonian team to reach yet another final, one gets the impression that this is exactly what the country needs.
- Christopher de Oliveira
