The Gulf investments in Morocco increased during 2014 by 82 per cent compared with 2013, according to the Moroccan Ministry of Finance.
The Ministry added in a report released on Sunday that the investments of the GCC countries (UAE, Saudi Arabia, Bahrain, Oman, Qatar and Kuwait) in Morocco amounted to $1 billion in 2014 and accounted for 28 per cent of the total foreign investment in the country.
These countries’ investments in Morocco reached roughly $5.9bn between 2006 and 2014, reports middle-east-online.com.
The UAE’s investments accounted for 44 per cent of Gulf states’ investments in Morocco, followed by Saudi Arabia accounting for 38 per cent, while the rest is distributed over the rest of the countries, according to the report.
The report considers that trade between Morocco and the GCC has been rising annually at a rate of 11 per cent, and reached approximately $ 2.9bn in 2014, accounting for almost 4.9 per cent of the total gross exchanges of Morocco.
($1 = AED3.67, at the time of publishing)