Morocco-UAE: Fruitful Economic Relations Serving Two-Countries’ Progress & Prosperity
Economic and trade relations between Morocco and the United Arab Emirates (UAE) have experienced significant development over the years, strengthening fruitful and strong ties that serve the progress and the prosperity of the two brotherly countries.
Fueled by a common vision of economic development and strategic cooperation, Morocco-UAE relations have promoted a fruitful partnership, dynamic exchanges and mutually beneficial investments.
Regarding bilateral trade, Morocco and the United Arab Emirates have reached record levels, with constant growth in both imports and exports.
The Kingdom exports to the United Arab Emirates a diverse range of products, such as agricultural products, textiles and phosphates. In return, Morocco imports several Emirati products, including petroleum and chemical products and electronic equipment.
This momentum is the fruit of the efforts made by the two countries to remove tariff barriers to boost their bilateral trade.
According to statistics of the Foreign Exchange Office, Moroccan exports to the United Arab Emirates reached more than 1.41 billion dirhams in 2022, compared to 494.38 million dirhams in 2018. For the first six months of this year, Morocco's exports to the UAE exceeded 1 billion dirhams.
Regarding Morocco's imports from the United Arab Emirates, they increased from 7.68 billion dirhams in 2018 to more than 14.48 billion dirhams in 2022. They stood at 8.37 billion dirhams in the first half of 2023.
Morocco Attracts Emirati investors
In terms of investments, the United Arab Emirates have always shown particular interest in investment opportunities in Morocco, particularly in real estate, finance and infrastructure sectors. An interest which continues to materialize with increasing Emirati foreign direct investments (FDI) in Morocco.
According to statistics of the Foreign Exchange Office, the United Arab Emirates have the second largest stock of FDI in Morocco, with more than 137.43 billion dirhams in 2021.
For their part, Moroccan companies have also found favorable ground in the United Arab Emirates to invest and expand their activities in the Gulf region, to benefit from the attractiveness of the market and the dynamic business environment.
Morocco’s outstanding direct investments in the United Arab Emirates increased from 525 million dirhams in 2018 to 1.55 billion dirhams in 2021, according to the Foreign Exchange Office.
It is clear that Morocco-UAE relations are characterized by active and diversified collaboration, going beyond simple trade exchanges. This is a strong partnership which aims, through tapping into current synergies, to promote a prosperous and sustainable economic future.