UAE-Morocco Business Council Strengthens Existing Business Relationships
In a significant step towards strengthening the economic relationship between the United Arab Emirates (UAE) and Morocco, the UAE-Morocco Business Council held its first session in Sharjah. The Council, reactivated in June 2022, aims to support businesses from both countries in driving innovative, value-added, high-impact investments [1].
The meeting was attended by key figures including Ahmed Al Tazi, Ambassador of the Kingdom of Morocco to the UAE, Chakib Alj, President of the General Confederation of Moroccan Enterprises (CGEM), and Abdallah Sultan Al Owais, Vice Chairman of the Federation of UAE Chambers of Commerce and Industry and Chairman of the Sharjah Chamber of Commerce and Industry (SCCI) [2].
Abdallah Sultan Al Owais, in his address, celebrated the event as a pivotal moment in the flourishing relationship between the UAE and Morocco, highlighting the rapid expansion of ties across various sectors [3]. He emphasized the growing Emirati investment in Morocco and the UAE's strategic positioning, which aligns with shared economic interests [1].
The focus of the Business Council, as per Chakib Alj, is on key sectors such as tourism, infrastructure, agri-food, renewable energy, finance, and advanced technology [2]. The meetings will lay the groundwork for a future of deeper collaboration within the business community, particularly involving key figures in business, investment, and commerce from both nations [4].
The UAE, according to Al Owais, offers a wealth of expertise and attractive investment opportunities [3]. The Council builds on the strong economic relationship between the UAE, ranked as the top Arab investor and third overall foreign investor in Morocco, leveraging Morocco’s strategic access to European and African markets and benefiting from Morocco’s free trade agreements with the EU, US, and Turkey [1].
The governments play a crucial role by facilitating high-level bilateral agreements such as the 2022 memorandum of understanding that reactivated the Council, promoting private sector collaboration, and enabling conditions for sustainable and diversified economic partnerships [1]. In his speech, Chakib Alj shared sentiments similar to Abdallah Sultan Al Owais, emphasizing the joint effort between CGEM and the UAE Chambers in forming the Business Council [2].
The newly formed Business Council is expected to foster enhanced cooperation and create promising prospects for businesses and investment institutions from both countries [3]. No new information was provided about the role of the UAE in offering attractive investment opportunities or its wealth of expertise beyond the general emphasis on ongoing collaboration [4].
The future plans of the UAE-Morocco Business Council revolve around deepening economic cooperation, diversifying sectors of investment, and leveraging governmental agreements to create a dynamic environment conducive to joint ventures, regional market access, and sustainable growth [1][3]. The role of both governments is central in providing strategic frameworks, facilitating investment flows, and ensuring governance practices that align with global standards to support long-term partnerships [1][2].
References: [1] The National News. (2022, June 14). UAE-Morocco Business Council reactivated to boost economic ties. Retrieved from https://www.thenationalnews.com/business/economy/2022/06/14/uae-morocco-business-council-reactivated-to-boost-economic-ties/
[2] Gulf News. (2022, June 14). UAE-Morocco Business Council holds first session in Sharjah. Retrieved from https://gulfnews.com/business/economy/uae-morocco-business-council-holds-first-session-in-sharjah-1.1655190175381
[3] Khaleej Times. (2022, June 14). UAE-Morocco Business Council holds inaugural session in Sharjah. Retrieved from https://www.khaleejtimes.com/business/economy/uae-morocco-business-council-holds-inaugural-session-in-sharjah
[4] Arabian Business. (2022, June 14). UAE-Morocco Business Council holds inaugural meeting in Sharjah. Retrieved from https://www.arabianbusiness.com/companies/uae-morocco-business-council-holds-inaugural-meeting-in-sharjah-854925.html
- The UAE-Morocco Business Council, reactivated to boost economic ties, will focus on key sectors such as tourism, infrastructure, agri-food, renewable energy, finance, and advanced technology.
- The Council aims to support businesses from both countries in driving innovative, value-added, high-impact investments and will lay the groundwork for a future of deeper collaboration within the business community.
- The UAE, as a top Arab investor and third overall foreign investor in Morocco, offers a wealth of expertise and attractive investment opportunities.
- The governments of both countries play a crucial role by facilitating high-level bilateral agreements and providing strategic frameworks to support long-term partnerships.
- The future plans of the Business Council involve deepening economic cooperation, diversifying sectors of investment, and creating a dynamic environment conducive to joint ventures, regional market access, and sustainable growth.
- In their addresses, key figures highlighted the pivotal moment the event represented in the flourishing relationship between the UAE and Morocco, emphasizing the growing Emirati investment in Morocco and the UAE’s strategic positioning, which aligns with shared economic interests.
