Dubai International Chamber Signs Four MoUs to Boost Trade and Economic Cooperation with Morocco
The Dubai International Chamber, part of Dubai Chambers, concluded a successful trade mission to Morocco, securing four Memorandums of Understanding (MoUs) to enhance bilateral trade and economic cooperation. The mission, held in Casablanca, featured 300 meetings aimed at promoting business opportunities between companies from Dubai and Morocco.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the mission's significance: "Dubai International Chamber’s mission creates an impactful platform to strengthen trade and investment relations between the business communities in Dubai and Morocco and build fruitful partnerships that serve our mutual goals and interests.”
The MoUs were signed 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. These agreements aim to facilitate cooperation in organizing trade missions, conferences, and business events, along with sharing knowledge and expertise.
Key Highlights:
- Bilateral Trade: Non-oil trade between Dubai and Morocco reached AED 3.2 billion in 2023.
- Membership Growth: By the end of Q1 2024, 850 Moroccan companies were active members of the Dubai Chamber of Commerce, with Morocco ranking fourth among African nations in terms of membership.
- Promising Sectors: Key sectors for Dubai exports to Morocco include aluminum, copper wire, wheat, dates, mobile devices, electronics, and plastics. Additionally, investment opportunities for Dubai-based companies in Morocco span agriculture, fisheries, renewable energy, telecommunications, and business services.
The trade mission featured a special business forum titled “Doing Business with Morocco,” organized with support from the UAE Embassy in Rabat. The forum attracted 420 participants, including senior officials, business leaders, and local companies.
During the forum, H.E. Mohammad Ali Rashed Lootah highlighted Morocco's economic progress and its attractiveness to Dubai’s private sector. Salem Thani Al Remeithi, Charge d'Affaires a.i., underscored the commitment of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan to strengthening economic ties with Morocco, emphasizing the benefits of the free trade agreement between the two countries.
The mission also included a series of bilateral business meetings and site visits to Moroccan companies. Representatives from 18 Dubai-based companies across various sectors participated, discussing potential partnerships and exploring investment opportunities.
