Dubai International Chamber's 'New Horizons' Initiative Expands Trade Ties with Morocco and Senegal

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully concluded its trade mission to Senegal and Morocco as part of the ‘New Horizons’ initiative'.

The chamber signed four memorandums of understanding (MoUs) in Morocco and arranged 300 bilateral meetings in Casablanca between companies from Dubai and Morocco to explore opportunities for business growth and economic partnerships.

In line with its goal of strengthening cooperation, promoting bilateral trade and investments, and building constructive partnerships, Dubai Chambers signed MoUs with the Moroccan Agency for Investment and Export Development, the General Confederation of Moroccan Enterprises (CGEM), the Chamber of Commerce, Industry and Services of Casablanca-Settat, and the Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.

The agreements between Dubai and Morocco promote cooperation between companies in various sectors through trade missions, conferences, and knowledge sharing. A business forum titled 'Doing Business with Morocco' organized by Dubai International Chamber, with UAE Embassy support and four signing parties, attracted 420 participants, including officials and business leaders seeking partnerships with the Dubai delegation.

During his opening remarks at the event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the growing bilateral cooperation between the two markets, stating,

“The economy of the Kingdom of Morocco has made significant strides that enhance its attractiveness among private sector companies from Dubai. Our mission creates an impactful platform to strengthen trade and investment relations between the business communities in Dubai and Morocco, build fruitful partnerships that serve our mutual goals and interests, and unlock new opportunities for growth and prosperity.”

Non-oil trade between Dubai and Morocco reached a value of AED 3.2 billion in 2023. A total of 850 Moroccan companies were registered as active members of Dubai Chamber of Commerce at the end of Q1 2024, 99 of which joined during the first three months of the year.

Morocco ranked fourth among African nations in terms of the number of active members of Dubai Chamber of Commerce at the end of Q1 2024.

Representatives from 18 Dubai companies attended a trade mission in Morocco across various sectors. The chamber presented Dubai's trade advantages to Moroccan companies and held panel discussions on market opportunities. Bilateral meetings and site visits between Dubai and Moroccan companies were conducted over two days, fostering business ties.

The chamber has identified a range of promising sectors for exports from Dubai to Morocco including aluminium and copper wire, wheat, dates, mobile devices, electronics, and plastics. Key sectors with investment opportunities in Morocco for Dubai-based companies include agriculture and fisheries, renewable energy, telecommunications, and business services.

News Source: Emirates News Agency