Morocco expects boosting of Gulf states' investments
Morocco-Gulf, Economics, 2/4/1999

Indicators show that Gulf countries' investments in Morocco will be boosted despite the collapse of oil prices, said the Moroccan minister of economy and finance.

Fathallah Oualalou, who will tour the six Gulf Cooperation Council (GCC) nations shortly told the London-based Al-Hayat daily that these countries' investments in Morocco slowed down after the Gulf War in the early nineties.

The GCC musters Saudi Arabia, the United Arab Emirates, Qatar, Oman, Bahrain and Kuwait.

These investments can be boosted despite the collapse of oil prices, because "our relations with our brothers of the Gulf have changed and are no longer tied to the governments' traditional assistance," Fathallah Oualalou said.

He said Morocco should endeavor to promote partnership based mainly on Arab investments.

As to the coming Gulf tour, Oualalou said it is aimed at consolidating contacts between Moroccan businessmen and their peers in the Gulf.

The tour is the first to the oil-rich region by a senior member of Morocco's Socialist-led government since it was appointed in March 1998.

The large Moroccan delegation of government officials and leading businessmen will go to the United Arab Emirates, Kuwait, Bahrain, Qatar, Oman and Saudi Arabia.

Oualalou said Morocco is endeavoring to lay a bridge between Arab investments on the one hand, and European and American investments on the other. Morocco can be a platform for Arab investors seeking opportunities on the European market, he said.

Oualalou had told the Moroccan TV channel 2M that the gulf tour would open prospects for new joint ventures between Morocco and economic development funds in these countries.

"Our brothers in the Arab Gulf believe that Morocco has special business ties with Europe...On the contrary, we consider ourselves as part of the Arab world and, therefore, we should reinforce our cooperation," Oualalou told 2M.

Total Gulf Arab investments in Morocco are estimated at around $1.0 billion, mainly in real estate, tourism and oil sectors.

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