After a presence of nearly a decade in Morocco, Synthesia Technology, a key player in the chemical, polyester and polyurethane systems for insulation sectors, is drawing a line under its Moroccan adventure.
Due to lack of profitability, the Starbucks and H&M chains will be leaving Morocco in the coming days. This has been decided by the Moroccan subsidiary of the Kuwaiti Al Shaya Group.
A Moroccan company could buy Les Fonderies du Nord, a French company based in Hazebrouck (North of France), specialized in the manufacture of raw steel parts for the pump industry and paper mills, and placed in judicial liquidation.
After two years of disruption due to the Covid-19 crisis, Moroccan travel agencies are smiling again, as travel bookings are exploding.
Strategic for the Moroccan economy, the tourism sector is still at a standstill. Operators who are suffering greatly, fearing a compromised recovery, are demanding special attention to get out of the red.
The Spanish group Prodiel, specialized in electrical installations and the integration of photovoltaic and wind power solutions, has decided to leave Morocco. It has just liquidated its subsidiary Proyectos e Instalaciones Electricas Maroc (PIEM) created in early 2017 to explore the opportunities of the kingdom in the field of renewable energies.
After 5 flourishing years in the construction sector in Morocco, the Spanish group Rubau Tarres, based in Tangier, has handed over the keys.
Since the start of the coronavirus pandemic in Morocco, cafe and restaurant revenues have fallen by 60% while 25% of businesses in the sector have been forced to close permanently. This is the point made by professionals who are urgently calling for a rescue plan for their sector.
Unable to withstand the health crisis related to the coronavirus, nearly 25% of cafes and restaurants have had to close permanently. The National Association of Cafes and Restaurants in Morocco is calling on the government for help.
In Agadir, the time has come for hotel closures and sales. While despite the pandemic, some hotels have been able to reopen, many owners have preferred to close or even sell their establishments, but for other reasons.
In 2021, bankruptcy declarations in Morocco have risen compared to 2020 when these declarations had fallen by 21%. This year, 2,694 companies have already closed their doors, an increase of 15% compared to the same period last year.
With the health crisis related to the coronavirus, many pharmacies could close permanently in Morocco. 30% of them are facing huge losses. Bankruptcy is imminent.