In a concerted effort to fortify economic relations, the private sectors of Saudi Arabia and Morocco have crafted a collaborative strategy aimed at bolstering cooperation and integration. This initiative followed the arrival of a delegation comprised of executives from over 100 Moroccan firms in Riyadh, eager to probe investment prospects across various industries.
These sectors range from agriculture, manufacturing, and finance to renewable energy, real estate, construction, healthcare, and technology. The Federation of Saudi Chambers, in partnership with the General Confederation of Moroccan Enterprises, orchestrated the delegation’s visit.
A highlight of the visit was the Saudi-Moroccan Economic Forum held in Riyadh, which drew participation from over 250 Saudi corporations. The forum was a platform where a suite of initiatives was unveiled, designed to amplify the two nations’ collaborative efforts. Among these initiatives were the activation of direct maritime transport lines, the creation of a joint investment fund, support for Saudi companies in tapping into African and European markets, an increase in trade delegations and exhibitions, and the sharing of market opportunities and information. There was also a focus on hastening the engagement of Moroccan businesses in projects associated with Saudi Vision 2030.
Federation of Saudi Chambers President, Hassan Al-Huwaizi, highlighted the exponential growth in trade and investment between the two kingdoms, with trade exchange quintupling to exceed SR16 billion ($4.26 billion). Chakib Alj, President of the General Confederation of Moroccan Enterprises, emphasized the economic integration as a fertile ground for investment opportunities. He noted that 250 Saudi companies have made investments in Morocco, while 20 Moroccan firms have established their presence in Saudi Arabia.
The Moroccan Ambassador to Saudi Arabia, Mustafa Al-Mansouri, pointed out the economic reforms in Morocco that have reinforced the confidence in its investment climate and the future of the Moroccan economy. He also remarked that Saudi Arabia’s Vision 2030 offers a conducive framework for the two countries to advance their economic relations.
Mohammed bin Fahd Al-Hammadi, Chair of the Saudi-Moroccan Business Council, expressed the council’s commitment to nurturing trade and investment partnerships. Khalid Benjelloun, head of the Moroccan-Saudi Business Council, identified key sectors ripe for Saudi-Moroccan cooperation, including energy, automotive, construction, tourism, food, and textiles.