UAE, Morocco review enhanced financial, economic cooperation – News

Both countries agree to double trade and investment flows over the next seven years

Mohamed bin Hadi Al Hussaini met with Nadia Fettah Alaoui in Morocco. – Courtesy: Twitter

Mohammed bin Hadi Al Husseini, UAE Minister of Finance, said that the UAE is keen to strengthen bilateral relations with Morocco to include all important and priority sectors.

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

Also in attendance were Khaled Mohammed Balama, Governor of the UAE Central Bank; Mohammed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD); and several senior officials from both parties.

“This meeting is a continuation of the efforts of both parties to strengthen cooperation and partnership in various fields of mutual interest and support sustainable economic growth in order to serve the aspirations and vision of the future of both countries,” the minister said.

The UAE is the largest Arab investor in Morocco and the second largest in the world, with a total investment of more than 50 billion dirhams by the end of 2021. The UAE is also Morocco’s second-largest Arab trading partner in 2021, as non-oil trade between the two countries will reach AED 3.6 billion in 2022.

During the first meeting of the Morocco-UAE Joint Economic Council in Rabat, the governments of the UAE and Morocco agreed to double the volume of trade and investment exchanges over the next seven years and to strengthen cooperation in priority areas on the economic agenda of both countries .