The Dubai International Chamber, a key entity under the umbrella of Dubai Chambers, recently wrapped up a rade mission to Senegal and Morocco, part of the ‘New Horizons’ initiative aimed at stregnthening economic deals. This mission culminated in the signing of four memorandums of understanding (MoUs) and the arrangement of 300 bilateral meetings in Casablanca, highligting the dedication to spur trade and investment between Dubai and Morocco.
The MoUs, established with eminent Moroccan institutions including the Moroccan Agency for Investment and Export Development, the General Confederation of Moroccan Enterprises (CGEM), and the Chambers of Commerce of Casablanca-Settat and Rabat-Salé-Kenitra, lay the groundwork for future collaborations and economic expansion. These agreements are crucial, as they facilitate business growth in sectors ripe for joint ventures and innovation.
A key event of the mission was the ‘Doing Business with Morocco’ forum in Casablanca, supported by the UAE Embassy in Rabat. The forum attracted 420 attendees, featuring senior officials and business leaders eager to explore potential partnerships. During this event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the progressing Moroccan economy’s allure to Dubai’s private sector, emphasizing the strategic importance of Morocco as a business destination.
Lootah articulated the mission’s role in fortifying trade and investment relations, aiming to forge productive partnerships and unlock new growth avenues. Salem Thani Al Remeithi, Charge d’Affaires a i, representing the UAE in Morocco, also spoke, underscoring the economic bonds strengthened by a free trade agreement between the nations. He pointed to the profound, untapped potential within the integrated economies of the UAE and Morocco, advocating for these to be harnessed for the highest mutual benefit.
The forum also facilitated direct interactions between Emirati and Moroccan businesses, providing insights into the investment and trade opportunities within both nations. This event offered businesses insights into leveraging Dubai’s competitive business environment and exploring the opportunities within the growing Moroccan market.
Reflecting robust trade relations, non-oil trade between Dubai and Morocco reached Dhs3.2 billion in 2023. The Dubai Chamber of Commerce has registered 850 Moroccan companies as active members by Q1 2024, indicating Morocco’s major role in African trade.
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