Dubai and Morocco sign agreement on non-double taxation
United Arab Emirates-Morocco, Economics, 2/10/1999

Morocco and Dubai, one of the seven emirates forming the United Arab Emirates, signed on Tuesday an agreement on non-double taxation and an accord on the encouragement, protection and guarantee of investments.

The accords were initialed by Moroccan Economy and Finance minister, Fathallah Oualalou, who visited the UAE this February 7-9, and Dubai deputy ruler, Sheikh Hamdane Ben Rashed Al-Makhtoum.

Sheikh Hamdane, who is also minister of finance and industry, praised during the signing ceremony bilateral relations and expressed hope that the agreements would boost economic cooperation. He said economic complementarity between Arab states paves the way for the establishment of a common market.

Sheikh Hamdane announced that a delegation of UAE businessmen will shortly visit Morocco to explore investment opportunities in the Kingdom.

The two ministers had earlier discussed means of consolidating economic cooperation to raise it to the level of the excellent political relations binding Rabat and Abu Dhabi.

Oualalou said the reactivation of joint Arab action, especially at the economic level, will be fundamental to the consolidation of Arab solidarity.

The Moroccan economy and finance minister, who recalled that a free trade area will be shortly set up in the Moroccan northern city of Tangier, called for establishing a close cooperation between this area and the Jabal Ali area. This cooperation will surely be beneficial to the two countries whose economies are complementary, he said.

At the end of the meeting, the Casablanca and Dubai chambers of commerce and industry signed a cooperation accord covering the sectors of trade, industry and tourism.

Previous Stories:
  Moroccan economy minister holds talks with UAE officials   (2/9/1999)
  Large Moroccan delegation tours Gulf states to start economic cooperation   (2/6/1999)
  Dubai shopping festival on time   (2/4/1999)

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