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UAE Ascends as Leading Arab Investor in Morocco, Secures Second Spot Globally
In a significant milestone for economic cooperation, the United Arab Emirates (UAE) has firmly established itself as the largest Arab investor in Morocco and the second largest on a global scale. This development, highlighted by Hassan Berkani, President of the Casablanca-Settat Chamber of Commerce, Industry and Services, marks a pivotal moment in the flourishing trade relations between the two nations.
During an interview with the Emirates News Agency (WAM) amid the Dubai International Chamber’s trade mission to Senegal and Morocco, Berkani conveyed his optimism about the future. He suggested that the current investment volumes, which stand at an impressive $30 billion, have the potential to double in the coming years.
According to the Moroccan Exchange Office, UAE exports to Morocco reached approximately $1.32 billion in 2023, while Moroccan exports to the UAE were nearly $202 million during the same period. This burgeoning trade relationship has been bolstered further by a recent partnership agreement between the Casablanca-Settat Chamber and the Dubai International Chamber, aimed at enhancing institutional cooperation and facilitating increased trade and investment exchanges.
Dubai’s investments in Morocco have seen a remarkable uptick, accumulating to $2.1 billion between 2012 and 2023. This surge has significantly impacted bilateral trade, with around 850 Moroccan companies becoming members of the Dubai Chamber as of the first quarter of 2024. Notably, 99 new members joined the chamber in the first three months of the year alone, marking a 12% annual increase.
The UAE-Morocco Business Forum, organized in collaboration with various chambers of commerce and industry in Casablanca and Rabat, drew a substantial turnout of Emirati and Moroccan companies. This event underscored the vast investment and trade opportunities available in the Moroccan market.
The growth in Dubai’s investments in Morocco since 2012 underscores the concerted efforts to strengthen trade and investment ties. These efforts have fostered productive partnerships and created growth opportunities across various sectors in both countries. Additionally, the volume of non-oil trade between Dubai and Morocco has experienced robust growth, increasing by approximately 37.5% over the past five years. This growth is driven by the shared aspirations of businesses in both regions to secure larger trade and investment agreements in the coming years.
Morocco remains one of the top Arab destinations for Emirati investments, a fact further cemented by a joint declaration signed by the two nations. This declaration outlines plans to elevate economic, commercial, investment, and industrial cooperation, setting the stage for a new era of strategic partnerships and mutual growth.