King Mohammed VI and Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates signed on Monday in Abu Dhabi, a declaration “Towards an innovative, renewed and solid partnership between the Kingdom of Morocco and the United Arab Emirates,” which aims to upgrade bilateral relations and cooperation to new heights.
Before signing this landmark declaration, King Mohammed VI, who is paying as of this Monday a two-day official visit to the UAE, and Sheikh Mohammed bin Zayed Al Nahyan held talks that were characterized by complete trust and complete harmony in visions about the opportunities and possibilities of integration and practical cooperation between the two countries within the framework of cooperation and solidarity, a joint statement said.
The two leaders renewed their firm determination to urgently advance relations between the two countries and expand cooperation to broader horizons, through effective economic partnerships that serve the supreme interests of both sides and generate progress and prosperity for the two brotherly peoples.
They stressed their shared ambition to establish pioneering joint strategic economic partnerships at the level of regional and international markets, especially within the African space.
Banking on the balance of bilateral relations and the success of the UAE investment experience in Morocco, and in support of the economic and social development program for the years 2024-2029 and keeping pace with the development of the legislative and regulatory structure that guarantees promising investment opportunities and an attractive business climate, both leaders expressed determination to establish an innovative, renewed, and firm partnership between the two countries.
In line with the objectives and principles set in the declaration, this renewed partnership seeks to translate the integration between the two countries into qualitative cooperation and sustainable investment, to advance their economic, trade, investment, and industrial relations to the level of their deep political ties, the aim being to serve the goals of shared development and prosperity.
The renewed partnership also seeks to establish a comprehensive and balanced economic and investment cooperation model that is open to the private sector and brings benefit and development to everyone and activate practical and tangible cooperation, through structured projects that respond to the interests of both parties, especially in the socio-economic sectors, infrastructure, transportation, drinking water, agricultural, energy, tourism, real estate projects, as well as in the fields of training and employment.
Likewise, the two parties are eager to give a strong and renewed impetus to economic and investment development, in accordance with the two countries’ legislation in force, as well as their international obligations and pledges, besides their desire to preserve their higher interests, shared concerns and mutual trust to achieve tangible cooperation that serves development and mutual interests in accordance with the principle of shared profit.
The Declaration also highlights the two sides’ resolve to galvanize practical and innovative cooperation models, to support, finance, and implement specific projects through mobilizing funds, promoting partnerships between the public sector and the private sector, and boosting investment capital.
The two parties agreed to give priority, under their partnership, to exploring investment opportunities in infrastructure projects, including the extension of railway lines, with priority being given to the Kenitra-Marrakesh high-speed train; developing airports, including those of Casablanca, Marrakesh, Dakhla Hub, and Nador; upgrading ports and investing in their management, especially the port of Nador/Western Mediterranean, and the Atlantic port of Dakhla.
The two sides also agreed to explore investment opportunities in water, energy, renewable energies and green hydrogen, and sustainable development sectors, including the construction and exploitation of electricity transmission lines.
They will likewise explore strategic cooperation opportunities in matters of food security, and the partnership possibilities with the Phosphates Group, OCP, in the field of fertilizers.
Attention will be given to the development of joint projects in the tourism and real estate fields, especially on the Mediterranean coast and in the Dakhla and Tarfaya regions.
At the level of development and implementation of socio-economic projects, the Declaration mentions opportunities to contribute to the reconstruction and rehabilitation of areas affected by the Al Haouz earthquake; exploring the completion and financing of educational, university and health institutions projects; implementing and financing projects in the field of communications and digital economy; fostering partnership between the public and private sectors to carry out projects having an economic dimension.
Focus is also set on cooperation in the field of industry, agriculture and food industries, in a bid to increase these sectors contribution to improving economic and trade relations, as well as on cooperation in the financial field and capital markets and partnership between the sovereign and investment funds of both countries.
The Declaration also mentions the two countries’ determination to cooperate to bolster economic partnership, infrastructure, and energy development in African countries, especially regarding the African-Atlantic Gas Pipeline Project; the development of the integrated project for Dakhla “Dakhla Gateway to Africa”; and creating and managing a commercial marine fleet.
The two parties agreed to work through the relevant institutions to study the strategic projects outlined in this Declaration and to materialize their implementation in special memorandums of understanding, determining their specifications, forms of financing, and the time framework required for their implementation. These memorandums will be studied and concluded within a period not exceeding 3 months from the date of this Declaration.
As to the financing of the investments stipulated in the Declaration, the two parties will agree on project financing methods in accordance with the visions specified between the two parties, with their potential partners when necessary.
The two parties agreed that these investment financings will be a combination of capital; facilitating loans; competitive commercial loans; innovative financing tools; and donations.
Thery likewise will set up implementation and follow-up mechanisms.