Morocco-Emirates group to invest us$ 90.09 million in Moroccan projects
Morocco-United Arab Emirates, Politics, 6/26/2001

The Moroccan government and the Morocco-UAE Development Group (SOMED) signed on Monday a convention providing for a one billion Dirham-investment (US$ 90.09 Mln) in various projects in Morocco.

Under the convention, the group will invest the first batch of the amount in restoring a hotel in Casablanca, increasing production capacity of a lead-processing plant, building a tourism compound in Marrakesh and refurbish four fishing trawlers.

The convention was signed as the two states are holding this June 25-26 their bilateral commission under the chairmanship of the two countries foreign ministers, Morocco's Mohamed Benaissa and UAE Sheikh Hamdan Ben Zayed Al Nahyan.

Morocco's minister of finance, economy, tourism and privatization, Fathallah Oualalou, underscored the new stages covered in relations between the two Arab states, mainly after two visits paid by King Mohammed VI to Abu Dhabi. He also recalled that the UAE is contributing in several development projects in Morocco, roads, housing and social projects.

The UAE economy and trade minister, Sheikh Fahem Bin Soltane Al Kacimi insisted the two countries which are making huge efforts to develop their cooperation need to further consolidate economic relations.

Previous Stories:
  Morocco-UAE commission opens in Rabat   (6/25/2001)
  UAE vice-president invited to visit Morocco   (6/18/2001)
  UAE premier meets Moroccan ambassador   (6/6/2001)

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