According to Hassan Berkani, President of the Chamber of Commerce, Industry, and Services of Casablanca-Settat, the United Arab Emirates (UAE) has solidified its position as the largest Arab investor in Morocco and the second largest globally.
In an interview with the Emirates News Agency (WAM) during the second stop of the trade mission organized by the Dubai International Chamber to Senegal and Morocco, Berkani expressed his optimism about the potential to double investment volumes in the coming years.
Statistics from the Moroccan Exchange Office show that UAE exports to Morocco reached approximately $1.32 billion in 2023, while Moroccan exports to the UAE in the same year amounted to nearly $202 million.
The growing trade relationship between the two countries has been further strengthened by the recent signing of a partnership agreement between the Chamber of Commerce, Industry, and Services of Casablanca-Settat and the Dubai International Chamber to promote institutional cooperation and pave the way for more trade and investment exchanges.
Dubai’s investments in Morocco have experienced remarkable growth, reaching $2.1 billion between 2012 and 2023, positively impacting bilateral trade. Approximately 850 Moroccan companies were part of the Dubai Chamber in the first quarter of 2024. Official figures indicate that 99 new members joined the chamber in the first three months of the year, representing a 12% annual increase.
The UAE-Morocco Business Forum, organized in collaboration with various chambers of commerce and industry in Casablanca and Rabat, saw significant attendance from Emirati and Moroccan companies, showcasing investment and trade opportunities in the Moroccan market.
The growth of Dubai’s investments in Morocco since 2012 is a testament to efforts to strengthen trade and investment ties, promote productive partnerships, and create growth opportunities in various sectors in both countries.
Read also: Morocco and UAE Sign Joint Declaration to Strengthen ‘Renewed, Deep-Rooted’ Ties
The volume of non-oil trade between Dubai and Morocco has also seen robust growth of approximately 37.5% over the past five years, driven by the shared aspirations of businesses in both regions to secure larger trade and investment agreements in the coming years.
With Morocco as one of the top destinations for Emirati investments, the two nations have signed a joint declaration outlining plans to promote economic, commercial, investment, and industrial cooperation.
Morocco World News
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