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Rabat – Morocco’s film industry is expected to hit record profits in 2023, owing the milestone partially to the money invested by foreign film productions.
Reaching MAD 1 billion ($100 million) in 2022, the benefits should increase by the end of the current year, as several high-budget productions have come to the country.
For instance, Le Monde claimed that with a $200 million budget, “Gladiator 2″ will be the most expensive movie produced in the North African country in 2023.
The same source added that the movie is single handedly expected to generate around MAD 300 million ($30 million) in local revenues, citing the Moroccan Cinematographic Center (CCM).
The return would be one third of last year’s record breaking numbers from one movie alone.
Foreign investment in Morocco decreased by roughly 50% during the COVID-19 crisis, from MAD 800 million ($80.7 million) in 2019 to MAD 440 million ($44.4 million) in 2021.
In addition to the lifting of health safety measures, this change is explained by the rise in reimbursements that have been made available since March 2022 through a program allowing international producers to reimburse 30% rather than 20% of their expenses in Morocco.
The reimbursement offer extends to expenses of at least MAD 10 million ($1 million) excluding taxes and for productions with a minimum of 18 days of filming, Le Monde stressed.
However, cash rebates have also been around for longer in the surrounding region, particularly in the United Arab Emirates since 2012 and the Canary Islands since 2014.
K Films founder, producer, and member of the Academy Khadija Alami, is reportedly unconcerned however, according to Le Monde.
In addition to financial considerations, Alami explains, Morocco is endowed with a diversity of landscapes and locations that make it possible to shoot films whose scripts are supposed to take place in various regions around the world, enabling producers to save on their budgets.
Additionally, she pointed to censorship considerations in other countries in the region as something that might be unattractive to international producers.
Read also: Morocco’s Culture Minister Visits ‘Gladiator 2’ Film Site in Ouarzazate After Explosion Incident
