TAILIEUCHUNG - GCC Sovereign Fund Investments in Morocco

The capital of the Fund is represented by issued and redeemable shares with no par value. The shares are entitled to distributions, if any, and to payment of a proportionate share based on the Fund’s NAV per share upon redemption. The Fund has no restrictions or specific capital requirements on the subscriptions and redemptions of shares except as disclosed in Note 8(a), if any. The relevant movements in capital are shown on the Statement of Changes in Net Assets. In accordance with its investment objectives and strategies, and the risk management practices outlined in Note 6, the Fund endeavours to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemptions,. | I 11 lliIjdJJ 0j_lj II j_ ALJAZEERA CENTER FOR STUDIES Report GCC Sovereign Fund Investments in Morocco Jassim Hussein Al Jazeera Centre for Studies Tel 974-44663454 jcforstudies@ http 22 January 2012 This report addresses some of the reasons why GCC sovereign funds have recently begun to increase investment in Morocco. It also deals with the link between the increasing investments and the offer for Morocco to join the Gulf Cooperative Council on one hand and the domestic financial hardship on the other hand. Furthermore it tackles the Moroccan economic sectors that attract GCC investments which are no longer limited to the hospitality sector but increasingly include others such as infrastructure and manufacture. Needless to say there are political and economic reasons behind the increasing number and quality of GCC investments in Morocco. A big leap was taken with Morocco s parliamentary elections in November 2011 paving the road for the Justice and Development Party to form a popularly elected government based on the demands of the Moroccan people in the referendum of July 2011. This approach revealed the desire of the GCC to contribute economically to a smooth democratic transition process in Morocco unlike the case for other countries that were hit by the Arab Spring revolutions. Morocco in 2020 Vision During the historic parliamentary elections Morocco s Tourism Investment Authority was established under the name Wissal Capital aiming to develop tourism a fundamental sector in the Moroccan economy that contributes around ten percent of the GDP directly and more indirectly through effects like visitors spending - which positively impacts many economic sectors. Tourism is the most capable sector of bringing in hard currency with no competition from any other economic sector. Wissal Capital was established through a partnership between the sovereign funds of Qatar United Arab Emirates Kuwait and Morocco aiming to invest around .

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