Moroccan firms seek Saudi investment
A visiting Moroccan business delegation, representing 39 industrial and commercial companies, visited the Riyadh Chamber of Commerce and Industry (RCCI) Arab News reported.
Source : https://www.marocafrik.com/english/Moroccan-firms-...
They discussed with Saudi businessmen the best means on how to exploit investment opportunities in Morocco and to create partnerships between the businessmen in both countries.
The delegation was led by the Head of the Moroccan Export Development Center Saad Al-Deen bin Abdullah who said the visit is aimed at expanding and diversifying the volume of trade exchange between the two countries through entry into business partnerships.
Trade exchange between the two countries reached SR8.3 billion in 2010.He said Saudi-Moroccan business relations have witnessed remarkable progress where the volume of Saudi exports to Morocco reached $3 billion and Moroccan exports to Saudi Arabia hit $40 million., the Arab News report concludes.
The growth in Saudi and Gulf investment in Morocco began to increase after the events of 9/11 which saw a reduction US investment in Arab Countries.
Recent Saudi investments in Morocco include the Morocco Mall in Casablanca which involved an investment of US$260 million split between the Saudi Al Jedaie Group and Morocco's Aksal Group. Another is Prince Al Waleed Bin Talal's Kingdom Group with the Four Seasons Hotel in Marrakech.
Morocco has two refineries that are owned by Saudi-company Corral Holdings Societe Marocaine d’Industrie de Raffinage (Samir).The refineries are located at Mohammedia and Sidi Kacem and have a combined capacity of 154,901 bbl/d (24,627.3 m3/d).
The newest report by QNB Capital at the end of December lists 3 Saudi Companies amongst the top 500 world companies.
The Saudi firm, SABIC, ranked first in the Middle East and 6th globally with a total market capitalisation of $76.6 billion while Saudi bank Alrajhi came second in the region and 267th internationally with a market capitalization of $27.7 billion. Third in the region was the Saudi Telecom operator Etihad which came 452nd internationally with a net market capitalization of $18 billion.
Saudi Arabia has a huge industrial infrastructure headed by Saudi Aramco and the giant Saudi Basic Industries Corporation (SABIC ).Aside from oil supplies it offers Morocco a large consumer market for Moroccan goods. With the economic decline of the Eurozone it is logical for Morocco to pursue cash rich markets in the Gulf. Morocco enjoys excellent relations with the Kingdom of Saudi Arabia and offers the Kingdom the opportunity to invest in a diverse and liberal market. Saudi Banks are strong and have excellent liquidity. Islamic banking is now established in Morocco and the PJD government has declared its a development a priority.
The two kingdoms are developing their trade relations at a critical time for global economic development and Saudi investment and trade can only benefit Morocco and help it to diversify its exports.
The delegation was led by the Head of the Moroccan Export Development Center Saad Al-Deen bin Abdullah who said the visit is aimed at expanding and diversifying the volume of trade exchange between the two countries through entry into business partnerships.
Trade exchange between the two countries reached SR8.3 billion in 2010.He said Saudi-Moroccan business relations have witnessed remarkable progress where the volume of Saudi exports to Morocco reached $3 billion and Moroccan exports to Saudi Arabia hit $40 million., the Arab News report concludes.
The growth in Saudi and Gulf investment in Morocco began to increase after the events of 9/11 which saw a reduction US investment in Arab Countries.
Recent Saudi investments in Morocco include the Morocco Mall in Casablanca which involved an investment of US$260 million split between the Saudi Al Jedaie Group and Morocco's Aksal Group. Another is Prince Al Waleed Bin Talal's Kingdom Group with the Four Seasons Hotel in Marrakech.
Morocco has two refineries that are owned by Saudi-company Corral Holdings Societe Marocaine d’Industrie de Raffinage (Samir).The refineries are located at Mohammedia and Sidi Kacem and have a combined capacity of 154,901 bbl/d (24,627.3 m3/d).
The newest report by QNB Capital at the end of December lists 3 Saudi Companies amongst the top 500 world companies.
The Saudi firm, SABIC, ranked first in the Middle East and 6th globally with a total market capitalisation of $76.6 billion while Saudi bank Alrajhi came second in the region and 267th internationally with a market capitalization of $27.7 billion. Third in the region was the Saudi Telecom operator Etihad which came 452nd internationally with a net market capitalization of $18 billion.
Saudi Arabia has a huge industrial infrastructure headed by Saudi Aramco and the giant Saudi Basic Industries Corporation (SABIC ).Aside from oil supplies it offers Morocco a large consumer market for Moroccan goods. With the economic decline of the Eurozone it is logical for Morocco to pursue cash rich markets in the Gulf. Morocco enjoys excellent relations with the Kingdom of Saudi Arabia and offers the Kingdom the opportunity to invest in a diverse and liberal market. Saudi Banks are strong and have excellent liquidity. Islamic banking is now established in Morocco and the PJD government has declared its a development a priority.
The two kingdoms are developing their trade relations at a critical time for global economic development and Saudi investment and trade can only benefit Morocco and help it to diversify its exports.
Source : https://www.marocafrik.com/english/Moroccan-firms-...