Dubai businesses are racing to unlock new opportunities in Morocco after the conclusion of a major trade mission that saw over $2 billion in UAE investments into the North African nation revealed and a swathe of new partnership agreements inked.
The Dubai International Chamber trade mission to Senegal and Morocco, part of the wider “New Horizons” initiative to boost ties with Africa, wrapped up this week in Casablanca after facilitating over 300 bilateral meetings between Dubai and Moroccan companies.
At a special business forum attended by over 420 business leaders and officials, Dubai Chambers signed four memorandums of understanding with key Moroccan entities – the Moroccan Investment and Export Development Agency (AMDIE), employers’ association CGEM, and the chambers of commerce for the Casablanca-Settat and Rabat-Salé-Kénitra regions.
The agreements pave the way for greater cooperation in arranging trade missions, sharing expertise, and promoting mutual investment between Emirati and Moroccan firms across sectors like agriculture, renewable energy, telecommunications and business services.
Deepening Dubai-Morocco economic ties
In an exclusive interview with Arabian Business, Hassane Berkani, President of the Casablanca Chamber of Commerce, Industry and Services, hailed the “close, brotherly bond” between Morocco and the UAE as the key foundation strengthening economic cooperation between the two nations.
“This relationship, which dates back to the time of Sheikh Zayed and King Hassan II, has opened the door for extensive collaboration in a number of fields,” said Berkani. “Investing is a noteworthy area of collaboration. Because of the close relations between the two countries, the UAE is thought to be among the biggest investors in Morocco.”
Berkani highlighted bilateral agreements like the new partnership between the Dubai and Casablanca chambers as critical to facilitating collaboration, especially in travel, hospitality and real estate where “exciting opportunities” exist for UAE firms to invest in mega-projects like hotels, stadiums and other infrastructure ahead of Morocco’s hosting of the 2030 World Cup.
“It is expected that a large number of Emirati businesses will be operating in Morocco in the run-up to the World Cup. The goal is to draw in businesses that are experts in infrastructure and event planning,” he said.
$2.1bn Dubai private sector investments in Morocco
While keen to attract more investment from UAE companies, Morocco is already a major destination for capital from the Emirates.
On the sidelines of the Casablanca business forum, Dubai Chambers President and CEO Mohammad Ali Rashed Lootah revealed that the total value of investments made by Dubai’s private sector in Morocco since 2021 has reached $2.1 billion.
“Morocco has always been considered as a gateway to the African market and southern Europe, and we witnessed even a further growth in non-oil bilateral trade between Dubai and Morocco in the last 5 years – it witnessed a growth rate of 37.5 percent,” said Lootah.
Lootah emphasised Dubai Chambers’ goal of “strengthening trade and investment relations between the business communities in Dubai and Morocco, building fruitful partnerships that serve our mutual goals and interests.”
Non-oil trade between Dubai and Morocco reached AED3.2 billion ($870 million) in 2023, with Moroccan businesses comprising the fourth-largest number of active members of the Dubai Chamber at 850 companies including 99 new members in Q1 2024 alone.
UAE emerges as Morocco’s largest Arab investor
According to Berkani, the UAE has emerged as Morocco’s single-largest Arab investor with over $30 billion invested to date – a sum expected to double in the coming years following the announcement of major new partnerships during King Mohammed VI’s visit to the UAE in December 2023.
While providing no specific details, Berkani said “significant interest from Emirati businesses is anticipated” in Morocco, with UAE firms already closely collaborating with Moroccan partners across infrastructure, real estate, event management and digitisation.
“These businesses provide invaluable experience, and Morocco hopes to take advantage of this to strengthen economic ties between the two nations,” Berkani stated.
The Dubai delegation’s visit follows the signing of a new investment charter offering legal incentives to attract foreign capital into Morocco. Berkani assured foreign investors receive equal treatment to local businesses under Moroccan law across sectors like tourism.
“Morocco’s legal system is made to make things easier for foreign investors – whether they are from the United Arab Emirates or not,” he said. “The target is to add about 1.5 million new hotel rooms in time for the 2030 World Cup.”
As Morocco and Dubai look to leverage their deep historic ties and existing UAE-Morocco free trade deal to drive future economic integration, Berkani stressed the countries’ key focus on promoting mutual prosperity:
“Historical and fraternal ties form a strong basis for Morocco and the UAE’s partnership. Both countries are collaborating closely to open up new opportunities and promote economic growth in a number of industries through coordinated efforts and a common goal.”
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