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Morocco Might Draw About $10 Billion In Investment To Novel Tech City

Morocco, a North African country, expects to attract speculations worth $10 Billion and generate about 100,000 jobs at a high-tech city close to the northern city of Tangier, according to a regional elected official. Morocco-based BMCE Bank disclosed that in April 2019 it completed the process of a memorandum of understanding (MoU) with state-owned China Communications Construction Co (CCCC). At the same time, China Road and Bridge Corp (CRBC), which is CCCC’s subordinate, is also involved in this MoU. According to this deal, both the firm will be involved in developing the city named Tanger Tech Mohammed VI.

The latest deal followed the withdrawal of Haite group, China, with which the northern regional council and BMCE had expressed in 2017 the plan to construct the city in about 10 Years. Ilyas El Omari, Head, Northern Tangier-Tetouan-Alhoceima area, told Reuters, “There were disagreements over ownership of the new city among other issues.”

On a similar note, Christian Sewing, CEO, Deutsche Bank, came into the news as disclosed that the bank is mulling job slashes by more than a 5th of the overall headcount. This move by the bank is in the biggest restructuring attempt in years. A Bloomberg report highlighted that this might put up to 20,000 jobs on the line.

Reportedly, the bank is expected to reveal the details by next week, but a concluding decision is not yet taken. Moneycontrol was not able to independently verify this report. The agency quoted a firm statement which highlights that Deutsche Bank is working on actions to speed up its makeover so as to advance its sustainable profitability. The bank will update all investors if and when required. following the failure of merger discussions with Commerzbank AG, Sewing assured “strong measures” to re-establish the bank’s profitability.

Shondra Barnes
Shondra Barnes Subscriber
Editor In Chief At Daily News Magazine

Shondra had acquired considerable experience in writing and editing publications before recruited by Daily News Magazine news portal as Editorial Manager. Her key task is to conduct effective business reviews based on the most recent business strategies. Due to her stronghold and understanding over finance, marketing, business, and trade-related topics, she is known as a business counselor among the staff. Her way of explaining business-related topics, verbally & in written form, is quite impressive. She pursued her post graduation in Finance from a UK-based university.

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