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UAE, Morocco review strengthening financial, economic cooperation

Both the countries agree to double the volume of trade and investment exchange over the next seven years

The UAE is keen to strengthening bilateral relations with Morocco to include all vital and priority sectors, said Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.

Al Hussaini met with Nadia Fettah Alaoui, Morocco's Minister of Economy and Finance, on the sidelines of the Joint Annual Meeting of Arab Financial Institutions in Rabat, Morocco. The meeting sought to discuss ways to strengthen areas of financial and economic cooperation between the UAE and Morocco.

The meeting was also attended by Khaled Mohammed Balama, Governor of the Central Bank of the UAE (CBUAE); and Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development (ADFD); as well as several senior officials from both parties.

The minister said: "This meeting is a continuation of both parties' efforts to enhance cooperation and partnership in various sectors of common interest and support sustainable economic growth, in order to serve the future aspirations and visions of both countries."

The UAE is the largest Arab investor in Morocco and the second in the world, with investments amounting to more than Dh50 billion by the end of 2021. The UAE is also the second largest Arab trading partner for Morocco during 2021, as the volume of non-oil foreign trade between both countries amounted to Dh3.6 billion during 2022.

During the first session of the Morocco-UAE Joint Economic Commission, which was held in Rabat, the UAE Government and the Moroccan Government agreed to double the volume of trade and investment exchange over the next seven years as well as to enhance cooperation in priority sectors on the economic agenda of both countries.