The FT commends Morocco's reforms and stability

On the train from Casablanca to Rabat he witnesses a Moroccan and Saudi businessmen transacting business,a reflection of the increasing importance of the Gulf market in Morocco and the increasing demand for skilled Moroccan workers. He notes that Morocco's successful adoption of a new constitution and parliamentary elections has put Morocco ahead of its neighbours. As a result it attracted $7.9bn of demand for a $1.5billion dollar bond deal in December, including a $500m 30-year tranche showing continuing faith in Morocco's future.

The journalist remarks on the different perceptions of Morocco. The West see a moderate islamic government and a country in transition facing economic challenges and a worsening fiscal situation that has prompted Moody's to put the country on negative outlook.

The Saudi businessman, Morocco is the model to follow with the monarchy gradually reducing some of its powers over time without introducing change too fast so that it does not undermine the economy or social order. He fears the disorder in Egypt.

The Moroccan businessmen feels the situation could be better and that the reform process could be faster but business is improving and he supports the reforms. His greatest fear is the dire state of the economy in the eurozone. He commends Morocco's stable business environment.

The FT journalist concludes that Morocco faces economic challenges such as reducing the subsidies on basic goods to help balance the books and this could provoke social tensions but he hopes Morocco's peaceful environment will continue.