Moroccan exports and tourism continue to boom, making the country a regional "tiger" - and now, after years of malaise at home, we finally see signs of stronger demand in the local economy as well. This implies more buoyant corporate earnings and potential continued equity gains ahead (although higher spending is also pushing external deficits wider at the margin).

Turning to macro balance sheets, Moroccan banking and fiscal indicators are well behaved, and the underlying health of the MAD exchange peg remains solid.

We remain invested in the Moroccan equity market with our long-standing policy of buying exposure to structural export "winners".