UAE invests nearly USD 5Bn in Morocco

[sbs]

Abu Dhabi, Dec.12 - The investments of The United Arab Emirates in Morocco have so far reached some USD 5Bn, placing the Gulf country at the top of Arab countries investing in the kingdom, said Emirati ambassador, Issa Hamad Abu Shihab.

These investments, which concern several sectors like real estate, seaside resorts, trade centers, road and port infrastructures, aim to back the Moroccan economy and to create new jobs, the diplomat told "MAP."

Past may, Morocco and the United Arab Emirates (UAE) signed, a draft accord to launch USD 2Bn "Amwaj" project in the Bouregreg river valley that separates the capital Rabat from millennium-old city of Salé.

The project, to extend on a 100ha area, is aimed at boosting tourism and economic activity in the Moroccan capital.

New UAE investments are due to be launched in 2006 said Abu Shihab, citing, in this respect, the prospects of Emirati businessmen in the Kingdom.

He also said that the two counties are working to reactivates the agreements facilitating Moroccan labor flow in UAE, recalling that some 112,000 Moroccan work in his country.

[Ghazala]

112,000 work as what exactly???

UAE has a lot of Moroccan teachers, engineers, doctors etc but they also allow MANY Moroccan prostitutes to flourish. I am not so keen about Arab money coming home because it always seems to come at a price.