Moroccan, Saudi businessmen sign cooperation accord

The Moroccan industrial federation (CGEM) and the Saudi business council have signed an agreement to boost bilateral cooperation and promote exchanges. "By sealing this accord we give a strong impetus to our cooperation and to economic exchanges between the two countries," said Adil Abdullah Kaaki, President of the Trade and Industry chamber of Mecca.

The accord focuses on spurring Moroccan-Saudi joint ventures in tourism, real estate and services, he said.

The agreement seeks to lower barriers hampering the flow of Saudi Investments into Morocco, said Ahmed Benkirane, CGEM deputy President. Saudi investments in Morocco currently stand at US$ 1.6 billion.

Members of the Morocco-Saudi Arabia business council will meet shortly to set up a follow-up committee that will see to the materialization of the accord signed this week.