By Larbi Arbaoui
Morocco World News
Taroudant, October 12, 2012
King Mohammed VI plans to visit the Gulf countries before the end of the year to discuss bilateral relations and investments.
The King’s visit is expected to strengthen bilateral relations with the Gulf States and increase investors’ interest in buying sovereign bonds.
Kuwait’s Foreign Ministry undersecretary Khaled al-Jarallah told Reuters that the king «will make a tour in the Gulf,” adding that the monarch is expected to visit Kuwait between October and November.
Mohammed VI will also visit the other countries of the Gulf Cooperation Council, which includes, in addition to Kuwait, Saudi Arabia, United Arab Emirates, Bahrain, Qatar and Oman.
Concern over the spread of Arab Spring revolts prompted the Gulf monarchies to ask Morocco to join the Gulf Cooperation Council.
With the increase of the interest of Islamic banks in the Moroccan market, the kingdom is in the process of drafting a new banking law that should meet the requirements of Islamic lenders, and create a legislative background to facilitate Islamic Banks’ transactions.
As the kingdom launches big projects, namely solar and wind energy development plans, as well as TGV, it is keen on opening the door for Gulf investors to fund these structuring projects.
Last December, Gulf states announced the setting up of a five-billion-dollar fund for development plans in Jordan and Morocco.
Last month, King Mohamed had a long conversation with Abdallah Ibn Abdelaziz of Saudi Arabia who was in a private visit in Morocco for more than two weeks.
