Saudi Arabia and Morocco strengthen economic ties with deal between commerce bodies

RIYADH: Economic, trade, and industrial ties between Saudi Arabia and Morocco are set to grow thanks to a new agreement signed between chambers of commerce from the countries.

In a post on X, the Federation of Saudi Chambers explained that collaborating with its Casablanca equivalent encourages cooperation among businesses and companies.

Key areas of partnership include providing necessary facilitations to support financial collaboration, exchanging economic, trade, and legislative information, and organizing conferences, seminars, and workshops, as well as participating in expos and markets. 

The agreement also focused on fostering the exchange of trade delegations, removing investment barriers, and amicably resolving disputes.

The deal was signed by Hassan Al-Huwaizi, president of the Federation of Saudi Chambers and Hassan Berkani, the president of the Casablanca Chamber of Commerce.

The signing ceremony, which took place in Riyadh, marked a significant step toward enhancing the economic partnership between the two countries. The agreement reflects the commitment of both entities to promote bilateral cooperation and create a conducive environment for business growth.

This is not the first time Saudi Arabia and Morocco have teamed up to boost cooperation between nations. Earlier this month, representatives of the Saudi and Moroccan private sectors agreed on a joint strategy to increase collaboration and integration between the Kingdom and Morocco, the Saudi Press Agency reported. 

A business delegation comprising executives of over 100 Moroccan companies visited Riyadh to explore investment opportunities in Saudi Arabia across 15 economic sectors, including agriculture, industry, finance, renewable energy, real estate, construction, services, health, and technology.

The visit was organized by the Federation of Saudi Chambers in collaboration with the General Confederation of Moroccan Enterprises. 

As part of the visit, a Saudi-Moroccan Economic Forum was also held in Riyadh. More than 250 Saudi companies participated in the event. 

During the conference, a package of initiatives was finalized to increase collaboration between the two countries.

This included activating direct maritime transport line projects, establishing a joint investment fund, and accelerating the pace of Moroccan companies’ participation in the Saudi Vision 2030 projects.