The Moroccan royal family is one of the most ancient and most powerful in the world. It also commands extraordinary loyalty from its subjects.
The new king of Morocco Mohammed VI celebrated his accession to the throne in July 1999. As a new king, Muhammad VI, made a series of bold social initiatives to begin the process of fundamental social and political reform. Shortly after he took the throne, he addressed his nation, promising to take on poverty and corruption, while creating jobs and improving Morocco's human rights record. He also created a new family code, or Mudawana, which granted women more power. Women in Morocco will gain more legal rights in matters of marriage and divorce under reforms proposed by King Muhammad VI.
Morocco is considered a liberal economy governed by the law of supply and demand. Macroeconomic stability, coupled with low inflation and relatively slow economic growth, has characterized the Moroccan economy over the past several years. The government continues to pursue reform, liberalization, and modernization aimed at stimulating growth and creating jobs.
Since 1993, the country has followed a policy of privatization of certain economic sectors which used to be in the hands of the government.
Government policy stresses expansion and development of the economy, essentially through foreign investment. Foreign nationals can invest freely in all the sectors, without any preliminary authorization. However Morocco proceeded to open up investment only partially, keeping the majority of revenues from the phosphates and mining, banking and securities industries.
The new king had a reputation as a “modernizer”, therefore the economic system of the country presents several facets. It is characterized by a large opening towards the outside. Morocco is a moderate Arab state which maintains close relations with Europe and the United States. It is a member of the UN and belongs to the Arab League, Arab Maghreb Union (UMA), Organization of the Islamic Conference (OIC), and the Non-Aligned Movement. King Mohammed VI is the chairman of the OIC's Al-Quds Jerusalem Committee. Although not a member of the African Union (formerly the Organization of African Unity--OAU), Morocco remains involved in African diplomacy
Morocco is currently one of the world's leading emerging markets for investment in property abroad. With progressive government policies firmly in place, the tourist economy is on the brink of a boom and purchasers of Morocco property abroad are acting fast.
Morocco property is set to become an increasingly popular destination for those looking to purchase a second home by 2010. King Mohammed VI launched Morocco Vision 2010 in 2001, since then it has truly transformed Morocco and is certainly making a footprint on the world tourists map. The government hopes that the Vision 2010 plan will take away the country's dependence on France to supply tourists to the area and shift the focus onto travelers from Western Europe. It states that the country offers a great deal of attractions for families and has a good history packed with culture and charm. Moreover, it is in a good location meaning easy access for those who wish to make Morocco property investment in the area. Another advantage for investors is that real estate can be purchased at around on third of the price of like-for-like properties in other hotspots.
The contribution of king of Morocco Mohammed VI to progress and further development of Morocco is huge. Morocco is enjoying a stable economy, which has experienced continuous growth over the last 50 years.
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