Skip to content Skip to Search
Skip navigation

Saudi-Morocco fund to drive investments – and closer ties

Cargo ships near Tangier. A agreement on shipping projects was signed at the Saudi-Moroccan Economic Forum, held in Riyadh Reuters/Youssef Boudlal
Cargo ships near Tangier. A agreement on shipping projects was signed at the Saudi-Moroccan Economic Forum, held in Riyadh
  • Agreement on shipping projects
  • Moroccan executives visit Riyadh
  • Trade trebles between countries

Saudi Arabia and Morocco are setting up a joint investment fund as part of a deal to strengthen co-operation between their private sectors.

The Saudi-Moroccan Economic Forum, held in Riyadh on Sunday, also included an agreement on direct shipping line projects.

In addition, Saudi companies will get more support in accessing North African and European markets, and Saudi Arabia will speed up the pace of participation by Moroccan companies in Vision 2030 projects.

Executives from more than 100 Moroccan companies, plus government representatives, visited Saudi Arabia to explore investment opportunities in agriculture, industry, finance, renewable energy, real estate, construction, services, healthcare and technology.

Saudi-Morocco trade more than trebled in 2022 to reach SAR16.4 billion ($4.4 billion). 

The value of Saudi exports to Morocco rose by 234 percent, while Moroccan exports increased by 153 percent, according to the state-run Saudi Press Agency.

The World Bank reports that foreign direct investment inflows to Morocco remain strong and increasingly directed towards the manufacturing sector. 

“Morocco has shown strong resilience in the face of a number of shocks, most recently the September earthquake,” said Jesko Hentschel, the World Bank’s Maghreb and Malta country director.  

The forum in Riyadh, organised by the Federation of Saudi Chambers in collaboration with the General Confederation of Moroccan Enterprises, follows the signing of a declaration that aims to boost Morocco’s trade with the UAE.

The declaration, which includes a commitment to invest in high-speed trains in Morocco, was agreed in December during King Mohammed VI’s state visit to Abu Dhabi.

Morocco’s economic growth is expected to have increased by 2.8 percent in 2023, driven by a partial recovery of agricultural output, services and net exports, the World Bank has predicted. 

This recovery is expected to continue in the medium term, with real GDP growth projected to reach 3.1 percent in 2024, 3.3 percent in 2025, and 3.5 percent in 2026. 

Latest articles

Musicians perform at the Sharjah Ramadan Festival. Retailers offered discounts of up to 75% on local and international brands

Sharjah’s Ramadan retail sales peak at nearly $110m

Ramadan retail sales in Sharjah hit a new record high of AED400 million ($109 million) in 2024, reinforcing the positive outlook UAE companies had ahead of this year’s holy month. Sales jumped 25 percent year on year during the Sharjah Ramadan Festival 2024, which concluded last Saturday, the UAE state-run Wam news agency reported, quoting […]

UAE to advance talks on debt sustainability at global event

The UAE’s finance ministry intends to advance discussions on global macroeconomic stability and debt sustainability at the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG). The spring meetings will be held in Washington, D.C., from April 15 to 20. The UAE will also promote a dialogue to address […]

A woman buys cooking oil at a market in downtown Cairo, Egypt

EU to provide ‘urgent’ $1bn short-term aid to Egypt

The European Union (EU) will provide €1 billion ($1.1 billion) in urgent short-term financial aid to support Egypt’s economy. The funding is part of the larger €5 billion macro-financial assistance package.  The remaining €4 billion will be released as longer-term assistance over 2024-2027 but is yet to be cleared by the 27-member bloc. The aid […]

Adnoc sought advice from investment banks on buying a significant stake in BP, a media report said

UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said.  The talks did not advance beyond the initial stages, Reuters reported, citing informed sources.  The UAE state oil company also sought advice […]