UAE, Morocco review strengthening financial, economic cooperation

 

Alongside Al Hussaini, the meeting was 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.

Al Hussaini reaffirmed the UAE's keenness to further strengthen bilateral relations with the Kingdom of Morocco to include all vital and priority sectors.

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 AED50 billion by the end of 2021. The UAE is also the second largest Arab trading partner for Morocco in 2021, as the volume of non-oil foreign trade between both countries amounted to AED3.6 billion in 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.