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Rabat – As of the first quarter of 2024, approximately 850 Moroccan companies are now part of the Dubai Chamber, with 99 joining in the first three months of this year, marking a 12% annual increase, said Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, on Sunday.
Speaking during a trade mission organized by the Dubai World Chamber that covered both Senegal and Morocco, Lootah highlighted the positive momentum in trade and investment between the two countries.
“We successfully concluded the UAE-Morocco Business Forum, organized in collaboration with the Chamber of Commerce, Industry, and Services in Casablanca, the General Confederation of Moroccan Enterprises, and the Chamber of Commerce, Industry, and Services in Rabat,” Lootah was quoted as saying by news website Alkhaleej.
“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,” he continued.
The official further revealed that Dubai’s investments in Morocco have reached a remarkable $2.1 billion between 2012 and 2023, significantly boosting trade relations between the two regions.
Lootah highlighted the substantial increase in Dubai’s investments in Morocco since 2012. He stated that the growth in investment is a testament to the efforts aimed at enhancing trade and investment ties, fostering productive partnerships, and creating growth opportunities across various sectors in both countries.
Meanwhile, the volume of non-oil trade between Dubai and Morocco has seen a robust growth rate of about 37.5% over the past five years. Lootah attributed the growth to the shared aspirations of businesses in both regions to secure larger trade and investment agreements in the coming years.
Morocco is among the top Arab destinations for UAE investments. In March 2024, Secretary-General of the UAE International Investors Council, Jamal Saif Al Jarwan, said that the North African country is currently home to $30 billion worth of investments from UAE companies.
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 robust diplomatic ties, the UAE’s investments in Morocco cover 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.
Read Also: Morocco Attracts $30 Billion in UAE Investments as Economic Ties Flourish
