UAE and Morocco to strengthen financial, economic cooperation

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, recently met with Her Nadia Fettah Alaoui, Morocco’s Minister of Economy and Finance, on the sidelines of the Joint Annual Meeting of Arab Financial Institutions held in Rabat, Morocco. The meeting sought to discuss ways to strengthen areas of financial and economic cooperation between the UAE and Morocco.

Alongside Al Hussaini, the meeting was attended by Khaled Mohammed Balama, Governor of the Central Bank of the UAE (CBUAE); and Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD); as well as several senior officials from both parties.

Al Hussaini reaffirmed the UAE’s keenness to further strengthen bilateral relations with the Kingdom of Morocco to include all vital and priority sectors.

The minister said: “This meeting is a continuation of both parties’ efforts to enhance cooperation and partnership in various sectors of common interest and support sustainable economic growth, in order to serve the future aspirations and visions of both countries.”

The UAE is the largest Arab investor in Morocco and the second in the world, with investments amounting to more than Dhs50 billion by the end of 2021.

The UAE is also the second largest Arab trading partner for Morocco during 2021, as the volume of non-oil foreign trade between both countries amounted to Dhs3.6 billion during 2022.

During the first session of the Morocco-UAE Joint Economic Commission, which was held in Rabat, the UAE Government and the Moroccan Government agreed to double the volume of trade and investment exchange over the next seven years as well as to enhance cooperation in priority sectors on the economic agenda of both countries.

Meanwhile Abdullah Bin Touq Al Marri, Minister of Economy, affirmed that the UAE, thanks to the directives and vision of its wise leadership, is keen to strengthen economic and trade relations with the Kingdom of Morocco, in a way that enhances the establishment of new partnerships that serve their interests in vital sectors and consolidate the strength of bilateral relations.

This came during his meetings with a number of ministers and senior officials in the Moroccan government, which were held on the sidelines of the first session of the joint economic committee between the two countries in the Moroccan capital, Rabat, in the presence of a number of government officials, businessmen and private sector representatives from both countries.

Al Marri said, “The two countries have promising opportunities for investment and a privileged geographical position facilitating their access to key and strategic markets in Africa and Asia. In this context, we will work with our partners in the Moroccan government to enhance the capabilities that support the access of Emirati and Moroccan companies to these markets and support the growth of their business and investments, in a way that contributes to increasing trade and investment exchanges between the two countries during the next phase and enhancing the sustainable growth of their economies.”

The minister held a bilateral meeting with Nadia Fattah Al Alawi, Minister of Economy and Finance of Morocco, to discuss enhancing the benefit from the investment and trade agreements signed by the two countries. The two sides discussed the importance of intensifying mutual investments in areas of technology, cyber security, artificial intelligence and renewable energy.

Al Marri also held a bilateral meeting with Mohamed Sadiki, Moroccan Minister of Agriculture, Maritime Fisheries, Rural Development and Water and Forests, to discuss mechanisms for enhancing agricultural cooperation between the two countries by launching a new programme to support agricultural investments, and stimulating joint cooperation.

In the same context, bin Touq met with Mohcine Jazouli, Moroccan Delegate-Minister to the Head of Government of Investment, Convergence and the Evaluation of Public Policies, to strengthen investment cooperation frameworks in areas of common interest, in a way that supports the growth of mutual investments between the Emirati and Moroccan sides.

Minister Al Marri also met with Mohamed Abdeljalil, Minister of Transport and Logistics of Morocco, to discuss investment opportunities and joint cooperation in the fields of maritime, air and land transport, and benefit from the bilateral agreements signed by the two countries in this regard.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, participated in a high-level workshop on climate finance issues to support a sustainable transition. The meeting was held on Sunday in Rabat, Morocco, on the sidelines of the Joint Annual Meeting of Arab Financial Institutions. The workshop aims to open communication channels with decision makers and stakeholders to draw a roadmap for managing climate challenges to ensure sustainability in the Arab countries.