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Doha – Morocco has emerged as a major destination for UAE investments, attracting a total of $30 billion as the two nations strengthen their economic ties. The substantial investment figure was revealed by Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council, as he discussed the UAE’s expanding global investment footprint.
Al Jarwan highlighted that the UAE’s overseas investments, both government and private, have reached around $2.5 trillion as of early 2024, positioning the nation as a leading global investor. The UAE ranks first in the Arab world, West Asia, and 15th globally for foreign investment, with a presence spanning 90 countries across six continents.
While the United States holds the largest share 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, Morocco has carved out a significant position with its $30 billion share.
The UAE’s investments in Morocco encompass a wide range of sectors, with a joint declaration signed last December between the two nations outlining plans to elevate economic, commercial, investment, and industrial cooperation.
Key areas of focus include infrastructure projects such as high-speed rail, airport and port development, as well as sustainable sectors like green hydrogen production, food security cooperation with Morocco’s OCP Group, tourism, real estate, and post-earthquake reconstruction.
Morocco’s strategic location at the crossroads of Africa, Europe, and the Middle East also positions it as a gateway for the UAE to explore energy infrastructure partnerships with African nations. Projects such as the Africa-Atlantic gas pipeline and the Dakhla Gateway to Africa development are set to benefit from the enhanced cooperation between the two countries.
The UAE’s investments in Morocco are part of a broader global strategy divided between sovereign wealth funds (72%), government and semi-government companies (18%), Emirati banks (2.5%) and private/family businesses (7.5%). The Abu Dhabi Investment Authority (ADIA) plays the primary role, along with Mubadala, the Dubai government’s Investment Corporation, and other key funds and companies.
Al Jarwan highlighted the pioneering role of the Abu Dhabi Development Fund in expanding the business of national companies, enabling their entry into new markets, and financing development projects that have benefited many countries globally. Major global deals in the past year include ADIA and Apollo’s $8.2 billion acquisition of Univar Solutions, CDPQ’s $5 billion investment in Dubai’s DP World, and e&’s $4.4 billion acquisition of a 9.8% stake in Vodafone.
The UAE’s thriving investment and M&A landscape reflects the strong trust placed in the country by global partners. The UAE ranked first in MENA for both inbound and outbound M&A deals by value in 2022, with the private sector leading the charge. Since 1991, the UAE’s outward foreign investments have surged from $1.9 billion in the 1990s to $240 billion by the end of 2022.
“The UAE has comprehensive international, regional and strategic partnerships and strong ties with many brotherly and friendly countries,” said Al Jarwan. “UAE investments, currently present in 90 countries worldwide, contribute to supporting the country’s positive image either directly or indirectly.”
He emphasized the developmental nature of most Emirati investments abroad, aimed at bolstering the economies of partner nations, improving living conditions, and enhancing the UAE’s global reputation. These investments have significantly eased crises, created jobs for youth, and improved living standards for millions worldwide.
The signing of the joint declaration last December, titled “Towards an Innovative, Renewed, and Deep-rooted Partnership,” marks a new chapter in the Morocco-UAE economic relationship. By leveraging their complementary strengths and shared vision for growth and prosperity, the two nations are set to unlock new opportunities that could create a lasting impact on the global stage.
