Ambassador Al Dhaheri monitors the outcome of the economic partnership between Morocco and the UAE

Al-Asri Saeed Al Dhaheri, Ambassador to the United Arab Emirates in Rabat, said the relations between the United Arab Emirates and the Kingdom of Morocco were based on a deep fraternal approach and a multifaceted strategic partnership.

Al Dhaheri, in an article published by Hespress entitled “The Emirati-Moroccan Economic Partnership … an inspiring model that aspires to development”, stated that bilateral relations between the two countries are reflected in the balanced flow of Emirati investments to Morocco in various industrial, tourism, real estate, agricultural and energy sectors, in addition to the great growth that The trade exchange between the two countries witnessed thanks to the implementation of the free trade agreement signed in 2001.

The Emirati Ambassador believed that the Moroccan economy had great flexibility in the face of economic fluctuations, thanks to an effective policy that kept pace with economic actors. He said the Kingdom could benefit from the important market in the UAE, particularly the phosphate sector and its derivatives, which is the basis for ensuring food security in the world as well as the automotive sector.

This is the text of the article:

The relations between the United Arab Emirates and the Kingdom of Morocco are based on a deeply fraternal approach and a multifaceted strategic partnership. Given the strong bilateral relations they enjoy, as the two countries have had important experiences for more than four decades – that is, since the establishment of the Joint Committee, which held its first session in 1988, and the two parties worked on the framework. and structuring of very important investment and trade fields and sectors through a package of agreements and memoranda of understanding, the most prominent of which is the Economic and Technical Cooperation Agreement signed by the two countries, according to which a joint economic committee was established. became apparent through the balanced flow of Emirati investments to Morocco in various industrial, tourism, real estate, agricultural and energy sectors, in addition to the significant growth in trade exchanges between the two countries thanks to the implementation of the exchange agreement. 2001.

Under the wise leadership, for more than half a century, the UAE has been able to lay the foundations of one of the most inspiring economies in the world. One of the major manifestations of the prosperous rise of the federal state since its inception in 1971 was the reliance on constructive policies to achieve the highest indicators of development and well-being for citizens and residents, and to achieve good growth rates in all sectors. , especially in the economic and investment fields, which has transformed the UAE into a major financial, economic and technological center in the world.

In this context, the UAE provided an exemplary experience by hosting a historic session of the World Expo. Expo 2020 Dubai, held over a period of six months from the first of October 2021 to the end of March 2022, was the most important station to lead global economic activity towards prosperous and promising future prospects in the World Expo’s journey that stretched over almost 170 years.

Despite the great challenges facing the world economy, caused mainly by the political unrest in many regions and the repercussions of the “Covid-19” pandemic, not to mention the unprecedented high inflation rates in contemporary history ; The UAE is making great efforts to address such challenges and is working to build its resilience to economic shocks and rapid global fluctuations and to invest it in the best way possible by diversifying its economic partners, as well as investing in the future for invest a lot. sectors, in particular investment in future technologies, including on In particular, digital, medical and health technologies, environmentally friendly energies, agriculture to achieve food security, transport and sustainable mobility, in addition to the cultural, creative and knowledge industries.

Thus, the UAE economy was able to continue to achieve remarkable recovery rates in the face of an unstable global situation, aided by the combination of many factors; Among them: diversity, flexibility, security stability and strategic location, in addition to the prospects and early vision for a radical transformation of almost complete dependence on oil as a major source of revenue to a digital economy based on knowledge and innovation, where the state’s policies succeeded in diversifying the economic system and early preparation for the post-oil era. By launching the largest comprehensive national strategy aimed at preparing for the next fifty years, consolidating its position among the 30 most powerful economies in the world and the second largest Arab economies. economy with a domestic production of 401 billion dollars.

The UAE seeks to expand areas of joint cooperation with the Kingdom of Morocco as a rising economic power in all strategic sectors. The governments of the two countries are working to find practical mechanisms to translate this close partnership into fostering the growth of the two countries’ economies. By working to diversify the areas of joint economic cooperation, facilitate trade and investment flows between the two countries’ markets, and increase intra-non-oil trade. What made it the first place in terms of Arab investments in the Kingdom of Morocco, with more than 30 Emirati companies operating in various economic sectors; The most important of these is the energy sector. The Abu Dhabi National Energy Company “TAQA” has established a thermal power plant in Jorf Lasfar, which supplies more than half of Morocco’s electricity needs. As well as the services sector, where Etisalat UAE owns 53 percent of Maroc Telecom. In addition to the financial and business sector, the United Arab Emirates is the first investor in the Casablanca Stock Exchange. The Abu Dhabi Fund has also contributed to the financing of 82 development projects in recent years.

The United Arab Emirates is also ranked second globally in terms of total foreign direct investment in Morocco thanks to the large inflow of Emirati investments, whether government or private, despite the serious consequences of the “Covid-19” pandemic on the world economy, as its total investments amounted to about 22 billion dirhams ($ 6 billion) around the end of September 2021, with a contribution rate of 11 percent of total foreign direct investment. In order to develop these joint efforts between the two countries, His Excellency Abdullah bin Touq Al-Marri, Minister of Economy, at the beginning of this month headed the Kingdom of Morocco at a high level delegation to discuss ways to give a boost. trade with Morocco to reach seven billion dollars within ten years from 800 million dollars. dollars in 2021. On this occasion, a memorandum of understanding was signed between the Federation of Chambers of Commerce and Industry in the Emirates and the General Confederation of Moroccan Enterprises; This was on the sidelines of the business dialogue organized by the General Confederation of Moroccan Enterprises in collaboration with the “Investopedia” initiative.

The Moroccan economy has shown great resilience in the face of economic fluctuations, thanks to an effective policy that keeps pace with economic actors, to increase the volume of Moroccan exports, supported by the dynamics of the “Morocco Now” brand that will be in 2020 was introduced. at the Expo Dubai 2020 exhibition. Aimed at highlighting Morocco’s position as a first-class industrial and export platform and an attractive destination for foreign direct investment. The Kingdom of Morocco can also benefit from the important market in the UAE, in particular the phosphate sector and its derivatives, which are the basis for ensuring food security in the world, as well as the motor sector, as it is considered one of the largest . countries specialize in the manufacture and assembly of cars in the African continent, and we do not forget that the UAE markets are open to agricultural and food items.

The importance of the strategic location occupied by Morocco as the gateway to the UAE economy to Africa and Europe, as well as the capabilities, opportunities and advanced infrastructure available to the Kingdom of Morocco have increased the attractiveness of investments. In addition, the benefits of the Moroccan economy characterized by flexibility, openness and diversity, as well as the integration between the public and private sectors and the easing of administrative and legal procedures, attract elements that have increased the demand for Emirati investment. in the Kingdom of Morocco, which seeks to achieve integration and sustainable development, without neglecting the special and historical relations between the two countries, which are gaining momentum Strong economic relations and promising investment opportunities in the markets of the two countries and to improve it during the next phase, which makes it an inspiring and ambitious experience for the benefit of the two fraternal peoples, in implementing the precepts of the wise leadership in the two countries and their zeal for fruitful and effective bilateral cooperation promote to the inspiring leadership to build a better future.

Leave a Comment