Dubai firms have poured $2.1 billion into Morocco over the past decade, the President and CEO of Dubai Chambers exclusively told Arabian Business on the sidelines of a trade mission in Casablanca last week.
This cements the emirate’s status as a preeminent source of investment for the North African country as it prepares to host the African Cup of Nations and the 2030 World Cup.
The sizeable investment figure spanning 2012-2023 was revealed exclusively to Arabian Business by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, during the New Horizons event in Morocco last week.
“I can mention the total amount of investments made by Dubai’s private sector in Morocco since 2021 – $2.1 billion,” Lootah stated at a special business forum attended by over 420 business leaders in Casablanca.
“This is in almost in one decade, which reflects the importance of the Moroccan market as an investment destination for Dubai businesses.”
Lootah highlighted how “Morocco has always been considered as a gateway to the African market and southern Europe”, with non-oil bilateral trade between Dubai and Morocco surging at a 37.5 percent growth rate over the past five years to reach AED3.2 billion ($870 million) in 2023.
Dubai’s heavyweight investment position in Morocco
The $2.1 billion investment figure cements the emirate’s position as one of Morocco’s most critical economic partners and sources of foreign direct investment (FDI) ahead of the 2030 FIFA World Cup, which Morocco will host.
Dubai companies are expected to play a major role in helping deliver multi-billion dollar infrastructure and hospitality projects for the global tournament, with Morocco aiming to add 1.5 million new hotel rooms by 2030, according to Hassane Berkani, President of the Casablanca Chamber of Commerce.
“It is expected that a large number of Emirati businesses will be operating in Morocco in the run-up to the World Cup. The goal is to draw in businesses that are experts in infrastructure and event planning,” Berkani told Arabian Business in an interview.
The flurry of investments from Dubai over the past decade builds on the United Arab Emirates’ status as Morocco’s largest Arab investor, with over $30 billion invested to date according to Berkani – a sum expected to double following major new partnerships announced during King Mohammed VI’s visit to the UAE in late 2023.
As part of last week’s trade mission, the Dubai International Chamber signed four memorandums of understanding with key Moroccan organisations to strengthen institutional cooperation and promote bilateral trade and investment between business communities in the two nations.
Officials highlighted the robust opportunity to deepen UAE-Morocco economic ties further by leveraging a long-standing free trade agreement between the two countries that has been in effect since 2003.
“Both countries are collaborating closely to open up new opportunities and promote economic growth in a number of industries through coordinated efforts and a common goal,” Berkani stated.
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