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III
Weekly highlights

Public portfolio

The new shareholder policy activated

T HE restructuring of the public cular geographical area ”. In the case
of State-owned Enterprises of a stra-
portfolio takes another step
tegic social nature, the Government
forward. The decree appro-
ving the Government’s shareholding as shareholder must ensure a balance
policy was published in the latest edi- between the goals of financial profi-
tion of the Official Gazette. This text tability and those of public service,
constitutes the “ sole reference docu- reads the text. When the strategic inte-
ment ” in this field. It defines the main rest in the activities of a State-owned
strategic orientations of the public Enterprise disappears, notably when
shareholding policy. In particular, it private operators reach a high level of
aims to enshrine the role of State-ow- maturity and expertise. In this case, “
the Government as shareholder is cal-
ned Enterprises (SOEs) as a strategic led upon, in the short term, to achieve
lever for strengthening sovereignty, a Under the new philosophy for managing the public portfolio, the Government is called upon to seize
pillar for boosting private investment, restructuring opportunities, through mergers or groupings of public establishments or companies, or maximum financial profitability for
these SOEs ”. In the long term, the
the dissolution and liquidation of other entities, as well as the sale of certain public companies to the
a key player in the field of territorial private sector Government as shareholder will have
equity and economic, social, financial to “ ensure the market conditions for
and digital inclusion... momentum will foster “ the emer- account of these goals. These concern the modernization of these establish-
In detail, the decree defines the vision gence of new sectors and support for either the realization of strategic eco- ments and companies, either through
of the Government as shareholder. innovation, in parallel with improving nomic or social interests, or the res- disposals, mergers, regroupings, as the
The latter “undertakes to guarantee the quality of public services, in com- ponse to an exceptional situation. In case may be, in a context favoring the
the valuation of assets managed by plementarity with the actions of the the first case, “ the Government as sha- improvement of the value of the assets
SOEs, in compliance with the prin- private sector ”. reholder aims to achieve these goals, concerned ”. o
ciples of transparency, convergence The intervention of the Government which may be lasting or temporary, Mohamed Ali MRABI
and mutual aid”. In particular, this as shareholder is called upon to take such as the development of a parti-

Gold prices

The rise is set to continue

I N 2025, gold remains at the asset in times of crisis”, says an in-
center of global economic
vestment advisor. With the possible
discussions, attracting both
institutional investors and indivi- depreciation of the dirham against
foreign currencies, Moroccan inves-
duals in search of stability. Having tors could turn more to this precious
reached all-time highs in 2024, pea- metal, both in its physical form and
king at $2,790 an ounce in October, through dematerialized investment
gold continues to play a crucial role products. In addition, the evolution
in a context marked by economic and of gold prices could influence the
geopolitical uncertainties. But what behavior of Moroccan importers and
about the outlook for 2025? Fore- jewelers, who adjust their strategies
casts by major financial institutions in line with international fluctuations.
and market dynamics offer food for The evolution of gold prices could
thought on the future of this precious also boost the appeal of paper gold, a
metal. product that is still under-exploited in
Historically, gold has stood out as a the Kingdom, but which offers inte-
safe-haven asset in times of turbu- resting diversification potential.
lence. In 2024, the tense geopolitical The outlook for gold in 2025 remains
context - with the escalation of the largely optimistic internationally.
Israeli-Palestinian conflict and the As a safe-haven asset, gold has a promising future ahead of it in 2025, according to most analysts Goldman Sachs expects the price
continuing uncertainties surrounding to reach $2,900 an ounce in the first
the war in Ukraine - led many inves- for savers seeking to diversify their owning the physical metal, a strategy half of the year, while JP Morgan
tors to turn to this metal to protect investments. Traditional products that is particularly relevant in a vola- forecasts a ceiling of $2,850. Bank
their wealth. This influx of capital such as bars and coins remain popu- tile market. Gold remains the solution of America is even more confident,
led to a significant increase in the lar, but interest in shares in mining of choice for cautious investors. estimating that the symbolic $3,000
price of gold, which rose by almost companies is beginning to grow. This “ Although traditional products such threshold could be crossed before the
30% over the year. In Morocco, gold diversification provides access to as real estate or mutual funds offer end of the year. o
continues to be a preferred option gold price trends without necessarily direct returns, gold is a strategic Fédoua Tounassi

Friday 10 January 2025