- The project concerns the production of aluminum wheels and will take place in two phases..

- An investment of 350 million euros and the creation of 1,200 jobs.

Mr Moulay Hafid Elalamy, Minister of Industry, Investment, Trade and the Digital Economy, Mr Mohamed Boussaid, Minister of Economy and Finance, and Mr Xu ZUO, Vice President of Citic Group Corporation and Chairman of Citic Dicastal signed an investment agreement for the realization in Morocco of an industrial project for the production of aluminum rims, on 26 July 2018, in Rabat.

The industrial project will require an investment of 350 million euros and will create 1,200 jobs. The final annual production capacity will be of 6 million parts, mainly destined for export.

The establishment of Citic Dicastal in Morocco will be carried out in two phases: the Group will develop its activities at the Atlantic Free Zone in Kenitra, with a production start scheduled for the end of 2019, then strengthen its presence in Morocco through a new plant in Tangier Tech.

"A world pioneer in the production of aluminium rims comes to support the PowerTrain ecosystem and introduces a high value-added activity in Morocco," said Moulay Hafid Elalamy, stating that "The implementation of this strategic project signed by His Majesty the King Mohamed VI reflects the strong will of the Kingdom of Morocco and the People's Republic of China to strengthen their bilateral relationship, enhanced following the visit of His Majesty the King to China in May 2016 ".

For his part, Mr. Xu ZUO said: "I am delighted to see that our project in Morocco has been successful thanks to the efforts of both countries. Through this project, Dicastal will expand its global coverage and contribute to Morocco's industrial development and Sino-Moroccan economic exchanges."

Discussions are underway between the Group and the Moroccan State for the development of new activities in the Kingdom, notably through the creation of a Research and Development Centre.

The Citic Dicastal Group has 30 production units in Europe, North America and China dedicated to the production of light automotive components and aluminium rims. It supplies car manufacturers including: Renault-Nissan, PSA, GM, Ford, FCA, Toyota, Volkswagen, BMW, Audi, etc.

It should be recalled that the Citic Dicastal project was the subject of a Memorandum of Understanding signed in December 2017, under the effective presidency of His Majesty King Mohammed VI.

The automotive industry in Morocco continues to confirm its position as a driver for the national industry. It is now part of a permanent dynamic that is setting the Kingdom as a not only a successful and diversified production and export platform, but also an attractive destination for major global groups.