camel

In a growing economy the local at grass roots level, benefit the last. Whilst the wealth filters through to the end of the chain. As an investor we have to look at the following:

a) If the local do not benefit than you cannot rely on foreignors to underpin the market for a long term as for the investors a fresh market will open.

b) In any growing economy a certain class will benefit, Apart from the Royal family these classes will be in Rabat and Casablanca and not in Fez.

c) The locals can have resentment against the foreignors and we dont know how they will react to it,

Fez, is an ancient city and a very conservate one for that matter. I would be skeptical to invest there as a European as moral codes that can be applied in Med/Atlantic/Casablanca have to be toned down. I can respect that but an average European may not be aware of it.