Economy

The handover ceremony between Mohamed Fikrat, whom HM King Mohammed VI appointed Chairman of the Management Board of Crédit Agricole du Maroc (CAM), and his predecessor Nourreddine Boutayeb, took place on Wednesday in Rabat, in the presence of the Minister of Agriculture, Maritime Fisheries, Rural Development and Water and Forests, Mohamed Sadiki.

On this occasion, Mr. Sadiki congratulated Mr. Fikrat for the confidence placed in him by HM the King in appointing him at the head of the CAM Group, expressing his conviction that the new president will successfully accomplish his new mission within this establishment.

The Minister also emphasized the important role of the CAM as the main financial partner of national strategies for the agricultural sector and the development of the rural world, reiterating, in this respect, his commitment to accompany and support the different strategies adopted for the development of this strategic sector.

For his part, Mr. Boutayeb congratulated his successor on this appointment, praising his human and professional qualities and wishing him every success in his new role.

He also indicated that the new Chairman of the Management Board of CAM can brilliantly assume this responsibility, thanks to his potential and his great experience acquired throughout his academic and professional career.

For his part, Mr. Fikrat expressed his pride in the trust placed in him by HM the King, expressing his total determination and his great motivation to live up to expectations.

At the same time, he shed light on the role of the CAM Group, which constitutes the instrument for deploying the agricultural policy, in accordance with the High Instructions of HM King Mohammed VI.

The CAM Group, he said, has always been present in the deployment of State strategies, in particular the Green Morocco Plan (PMV) and recently the “Green Generation” strategy, adding that its first objective is to carry out to carry out the projects already drawn up and which aim at the well-being of the Moroccan citizen, particularly in the rural environment.

Holder of a State Engineer degree from the Ecole Centrale de Paris and an MBA from the IE Business School in Madrid, Mr. Fikrat held several positions within the Office Chérifien des Phosphates, before to be appointed Chairman and Chief Executive Officer of the Cosumar Group, a position he held from 2004 to 2021.

He was also a member of the Special Commission in charge of the New Development Model and Vice-President of the General Confederation of Moroccan Enterprises (CGEM).

Chairman of the Commission for Economic Affairs and Strategic Projects within the Economic, Social and Environmental Council as well as the Moroccan Interprofessional Federation of Sugar (FIMASUCRE), Mr. Fikrat is also a member of the Higher Council for Education, Training and of Scientific Research, of the Strategic Orientation Council of the MCA-Morocco Agency and Chairman of its Audit Committee.

Independent Director and Chairman of the Audit Committee of Crédit Agricole du Maroc, Mr. Fikrat is also one of the national executives with extensive experience in vital public sectors.

Most stock markets in the Gulf closed lower today, Wednesday, following the pace of global stocks, as the stalled negotiations over raising the US debt ceiling affected investor sentiment.

The main index in Saudi Arabia fell 0.4%, at 11,236 points, for the fourth consecutive session, as a result of losses in almost all sectors on the index, led by financial institutions and health care companies.

The share of Al-Rajhi Bank, the second largest bank in the Kingdom by assets, fell by more than 1%, while the share of Al-Mouwasat Medical Services Company plunged 4.3%, in its worst performance in nearly three months.

Representatives of US President Joe Biden and Republican lawmakers in Congress ended another round of talks on the debt ceiling on Tuesday, with no sign of progress, as the deadline for raising the $31.4 trillion borrowing limit or risking a debt default approaches.

Farah Murad, senior market analyst at XTB for the Middle East and North Africa, said that what happened was the reaction of dealers in Gulf stock markets to developments in global markets, as the problem of the US debt ceiling remains the focus of many.

The main index in Dubai fell 0.1% at 3,530 points, affected by a decline in almost all sectors, and shares of utility companies and the financial sector led the losses.

Emirates Central Cooling Systems Corporation (Empower) fell 1.7%, while Dubai Islamic Bank fell nearly 1%.

The index in Abu Dhabi fell 0.3%, at 9464 points, affected by a decline of regarding 1% in the shares of First Abu Dhabi Bank, the largest bank in the UAE. Abu Dhabi Islamic Bank shares fell 2.6%.

The Qatari index lost 0.8% at 10,524 points, extending losses for the third consecutive session, and financial sector stocks were among the biggest losers.

The shares of most Qatari banks fell into the red zone, including Qatar Islamic Bank and Commercial Bank, which fell 1.3% and 1.6%, respectively, while shares of Qatar National Bank, the largest Gulf bank, fell by approximately 0.8%.

Outside the Gulf region, the leading index in Egypt rose 1.8% at 17,091 points, with 26 out of 31 stocks on the index in the green zone.

The share of the Eastern Tobacco Company (Eastern Company) jumped 6.5%, and the share of the Commercial International Bank, the largest private bank in Egypt, rose 0.9%.

Farah Murad said that Egyptian stocks recovered to some extent following a series of losses, as local investors flocked to the market, while international investors continued a wave of selling due to the risks arising from the currency crisis and the increasing desire to avoid risk.

(Archyde.com)