Dubai and Morocco to enhance trade and economic cooperation

Dubai International Chamber (DIC), one of the three chambers operating under the umbrella of Dubai Chambers, has successfully concluded its trade mission to Senegal and Morocco as part of the ‘New Horizons’ initiative.

The chamber signed four memorandums of understanding (MoUs) in Morocco and arranged 300 bilateral meetings in Casablanca between companies from Dubai and Morocco to explore opportunities for business growth and economic partnerships.

In line with its goal of strengthening cooperation, promoting bilateral trade and investments, and building constructive partnerships, Dubai Chambers signed MoUs with the Moroccan Agency for Investment and Export Development, the General Confederation of Moroccan Enterprises (CGEM), the Chamber of Commerce, Industry and Services of Casablanca-Settat, and the Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.

The agreements pave the way for more opportunities for cooperation between Dubai-based companies and their Moroccan counterparts to drive expansion in promising sectors. The organisations will collaborate to arrange trade missions, conferences, and business events, as well as engage in the mutually beneficial sharing of knowledge and expertise to support growth and innovation.

The mission’s activities in Casablanca included the organisation of a special business forum titled ‘Doing Business with Morocco,’ which was organised by Dubai International Chamber with the support of UAE Embassy in Rabat and the four parties that signed MoUs with Dubai Chambers.

The event attracted a total of 420 participants, including senior officials, business leaders, and local companies interested in exploring potential partnerships with members of the chamber’s delegation.

During his opening remarks at the event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the growing bilateral cooperation between the two markets, stating: “The economy of the Kingdom of Morocco has made significant strides that enhance its attractiveness among private sector companies from Dubai.”

“Our mission creates an impactful platform to strengthen trade and investment relations between the business communities in Dubai and Morocco, build fruitful partnerships that serve our mutual goals and interests, and unlock new opportunities for growth and prosperity.”

Speaking on behalf of Al Asri Saeed Ahmed Al Dhaheri, Ambassador of the United Arab Emirates to Rabat-Kingdom of Morocco, Salem Thani Al Remeithi, Charge d’Affaires a.i, highlighted the ongoing commitment of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, to enhancing the economic and trade relations between the UAE and the Kingdom of Morocco.

He emphasised: “The two countries are bound by a free trade agreement that provides significant untapped opportunities, given the integrated and interconnected nature of the economies of the UAE and Morocco, which must be leveraged to achieve the highest interests of both countries.”

He also reiterated: “This economic event presents a valuable opportunity for businesses from our countries to hold direct bilateral meetings, as well as closely acquaint themselves with the business climate and investment and trade opportunities in both the United Arab Emirates and the Kingdom of Morocco. We are confident that it will serve as a launching pad for further cooperation and partnership in both trade and investment sectors with high added value, fostering growth and prosperity for both nations.”

Non-oil trade between Dubai and Morocco reached a value of Dhs3.2 billion in 2023. A total of 850 Moroccan companies were registered as active members of Dubai Chamber of Commerce at the end of Q1, 2024, 99 of which joined during the first three months of the year. Morocco ranked fourth among African nations in terms of the number of active members of Dubai Chamber of Commerce at the end of Q1, 2024.

The trade mission was attended by representatives of 18 companies from Dubai operating across diverse sectors including agriculture and food; beauty and cosmetics; construction, real estate, and retail; construction materials; electronics; energy; environmental solutions; fashion ecommerce; food and beverages; general trading; healthcare and medical supplies; information technology; oil and gas; and supply chain and logistics.

As part of the business forum, the chamber delivered an informative presentation on Dubai’s trade and economic landscape that highlighted the competitive advantages the emirate offers for Moroccan companies.

In addition, an insightful panel discussion featuring experts from prominent economic sectors discussed the opportunities available in the Moroccan market for companies from Dubai, together with valuable guidance for businesses and investors.