Growing Economic Ties: 850 Moroccan Companies Thrive in the UAE
Dubai's investments in Morocco have surged to an impressive $2.1 billion over the past decade, signaling a robust deepening of bilateral trade relations.
As of the first quarter of 2024, the Dubai Chamber has registered approximately 850 Moroccan companies, with 99 new members joining in just the first three months of this year. This marks a 12% annual increase, according to Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, who made the announcement on Sunday.
Lootah's remarks came during a trade mission organized by the Dubai World Chamber, which included visits to both Senegal and Morocco. He underscored the positive momentum in trade and investment between the UAE and Morocco, highlighting the successful conclusion of the UAE-Morocco Business Forum. The forum, organized in collaboration with several Moroccan business entities, showcased the investment and trade opportunities available in the Moroccan market.
"The forum witnessed the attendance of a large number of Emirati and Moroccan companies, which showcased the investment and trade opportunities available in the Moroccan market," Lootah stated, as reported by Alkhaleej.
Lootah further disclosed that Dubai's investments in Morocco have reached a remarkable $2.1 billion between 2012 and 2023. He emphasized that this growth in investment reflects the concerted efforts to enhance trade and investment ties, foster productive partnerships, and create growth opportunities across various sectors in both countries.
The volume of non-oil trade between Dubai and Morocco has also seen significant growth, with a robust 37.5% increase over the past five years. Lootah attributed this growth to the shared aspirations of businesses in both regions, aiming for larger trade and investment agreements in the coming years.
Morocco has emerged as one of the top Arab destinations for UAE investments. In March 2024, Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council, revealed that Morocco currently hosts $30 billion worth of investments from UAE companies.
Globally, the United States remains the largest recipient of UAE investments, with $65 billion in bonds and $50 billion in direct investment, followed by Egypt with $65 billion, and the UK and India with $40 billion each in direct investment.
Building on strong diplomatic ties, the UAE's investments in Morocco span a wide range of sectors. A joint declaration signed last December between the two nations outlines plans to elevate economic, commercial, investment, and industrial cooperation, reinforcing the strategic partnership between the UAE and Morocco.
This growing economic bond between the two nations not only underscores the significant potential for future growth but also highlights the shared vision and mutual benefits derived from such a dynamic partnership.