Morocco's prime minister-designate Aziz Akhannouch, Abdellatif Ouahbi and Nizar Baraka after Mr Akhannouch announced a coalition of RNI, PAM and Istiqlal. AFP
Morocco's prime minister-designate Aziz Akhannouch, Abdellatif Ouahbi and Nizar Baraka after Mr Akhannouch announced a coalition of RNI, PAM and Istiqlal. AFP
Morocco's prime minister-designate Aziz Akhannouch, Abdellatif Ouahbi and Nizar Baraka after Mr Akhannouch announced a coalition of RNI, PAM and Istiqlal. AFP
Morocco's prime minister-designate Aziz Akhannouch, Abdellatif Ouahbi and Nizar Baraka after Mr Akhannouch announced a coalition of RNI, PAM and Istiqlal. AFP

Three parties to form new coalition government in Morocco


Nada AlTaher
  • English
  • Arabic

Morocco's Prime Minister-Designate Aziz Akhannouch announced the country's liberal National Rally of Independents (RNI), loyalist Authenticity and Modernity Party (PAM) and the Islamist Istiqlal Party have agreed to form a new government.

Parliamentary and local elections were held earlier this month amid fears of an upset that would favour the right-wing Istiqlal party. But on September 8, the RNI run by the billionaire and former agriculture minister Mr Akhannouch won 102 of the 395 seats in Parliament.

On Wednesday it added its total to the seats of the two other biggest parties to form a coalition wielding 270 seats, far exceeding the 198 needed to pass legislation.

The moderate Islamist PJD party, which had been the largest in the previous two elections and whose leader had served as prime minister since 2011, crashed to a heavy defeat and said it would join the opposition together with leftist parties.

History was also made in this year's elections as women secured more than 400 local government and parliamentary seats.

Mr Akhannouch said the three parties "ensured the formation of a united and effective government majority" to "conduct their work in harmony and solidarity between its elements and the society".

Mr Akhannouch said this co-operation revolves around one goal which is to provide Moroccans with a good standard of living.

Before he can announce the Cabinet line-up, Mr Akhannouch must clear it with the king, who has the ultimate say on all major issues. The new Parliament will govern for the next five years.

Priorities are expected to revolve around the tycoon's 100 Days 100 Cities programme launched this year, lauded as Morocco's best-funded and most ambitious public consultation.

Mr Akhannouch has promised to increase the monthly salary of teachers, create one million jobs and allocate a monthly salary for those aged 65 and older without an income.

UAE currency: the story behind the money in your pockets
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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

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How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

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About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

SCHEDULE

December 8: UAE v USA (Sharjah Cricket Stadium)

December 9: USA v Scotland (Sharjah Cricket Stadium)

December 11: UAE v Scotland (Sharjah Cricket Stadium)

December 12: UAE v USA (ICC Academy Oval 1)

December 14: USA v Scotland (ICC Academy Oval 1)

December 15: UAE v Scotland (ICC Academy Oval 1)

All matches start at 10am

 

Updated: September 22, 2021, 3:30 PM`