Saudi Arabia, Morocco Establish Joint Investment Fund to Advance Economic Cooperation

President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)
President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)
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Saudi Arabia, Morocco Establish Joint Investment Fund to Advance Economic Cooperation

President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)
President of the Federation of Saudi Chambers during his speech to attendees at the Saudi-Moroccan Economic Forum in Riyadh (Asharq Al-Awsat)

Saudi and Moroccan private sectors agreed to establish a joint investment fund to advance economic cooperation between the two countries and support Saudi companies in accessing African and European markets.

The two countries' private sector agreed on a joint work program and a package of initiatives to support economic cooperation and integration between the Kingdom and Morocco.

The agreement includes activating direct maritime transport line projects, intensifying the activity of trade delegations and exhibitions, exchanging information about opportunities and markets, and accelerating the pace of Moroccan companies' participation in Vision 2030.

On Sunday, the Federation of Saudi Chambers, in collaboration with the General Confederation of Moroccan Enterprises (CGEM), organized the Saudi-Moroccan Economic Forum in Riyadh.

More than 250 companies from Saudi Arabia and Morocco and representatives from government and private agencies participated in the Forum.

The primary objectives of these activities were to showcase the investment environments and opportunities in both the Kingdom and Morocco and to highlight the role of Saudi funds and financing bodies in supporting international investors.

The President of the Federation of Saudi Chambers, Hassan al-Huwaizi, said that Saudi-Moroccan relations have witnessed tangible momentum and improvement in trade and investment.

The volume of trade exchange has increased five-fold to reach more than SAR16 billion, while the Kingdom's exports to and imports from Morocco have achieved outstanding growth rates.

For his part, head of CGEM Chakib Alj explained that integrating the two countries' economies provides excellent investment opportunities and partnerships.

Alj said 250 Saudi companies invest in Morocco and 20 Moroccan companies in the Kingdom, expressing their aspiration to accelerate the pace of his country's contracting investments in Vision 2030.

Moroccan Ambassador Mustafa al-Mansouri referred to the economic reforms in his country, which he said strengthened confidence in the investment climate and the future of the Moroccan economy.

Mansouri noted that Vision 2030 constitutes an appropriate framework for developing economic relations between the two countries.

In turn, the Chairman of the Saudi-Moroccan Business Council, Mohammed al-Hammadi, pointed to the Council's interest in developing trade and investment partnerships between the two countries.

Hammadi referred to the role of the Forum in anticipating opportunities in the targeted economic sectors.

Also at the Forum, head of Moroccan-Saudi Business Council Khalid Benjelloun identified the sectors that provide potential for cooperation, such as energy, cars, construction, tourism, food and textiles, calling for easing import and customs procedures.

Notably, Saudi-Moroccan economic relations have witnessed a remarkable development during the past few years, as the volume of trade exchange increased by a record 223% to reach SAR16,4 billion in 2022 compared to SAR 5 billion in 2022.

The value of Saudi exports to Morocco increased by 234%, and Moroccan imports to the Kingdom by 153%.



Asian Shares, US Futures Gain as Investors Resume Buying Despite Uncertainty over Tariffs 

Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
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Asian Shares, US Futures Gain as Investors Resume Buying Despite Uncertainty over Tariffs 

Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)
Women ride bicycles past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, April 8, 2025. (AP)

Asian markets advanced on Tuesday, with Japan’s Nikkei 225 share benchmark initially shooting up more than 6% after it fell nearly 8% a day earlier.

Markets in Thailand and Indonesia tumbled, however, as they reopened after holidays. Trading was suspended briefly in Jakarta when the JSX index fell more than 9%. It was down 7.5% by midday. Thailand's SET lost 5.7%.

In Taiwan, the Taiex lost 4.4%, pulled lower by losses for Taiwan Semiconductor Manufacturing Corp., or TSMC, the world's largest computer chip maker. Its shares fell 4% on Tuesday and are down 13.5% since Trump announced his “Liberation Day” tariffs on April 2.

The rebound for most other regional markets followed a wild day on Wall Street, where stocks careened after President Donald Trump threatened to crank his double-digit tariffs higher.

Early Tuesday, China's Commerce Ministry said it would “fight to the end” and take unspecified countermeasures against the United States to safeguard its own interests after Trump threatened an additional 50% tariff on Chinese imports.

By early afternoon Tokyo time, the Nikkei 225 was up 5% at 32,691.34.

Hong Kong also recovered some lost ground, but not anything close to the 13.2% dive Monday that gave the Hang Seng its worst day since 1997, during the Asian financial crisis.

The Hang Seng gained 1.6% to 20,140.78, while the Shanghai Composite index jumped 0.9% to 3,124.77.

South Korea’s Kospi edged 0.1% higher to 2,331.80, while the S&P/ASX 200 climbed 1.7% to 7,471.10.

Markets in New Zealand and Australia also were higher.

On Monday, the S&P 500 sagged 0.2% as shell-shocked investors watched to see what Trump will do next in his trade war. If other countries agree to trade deals, he could lower his tariffs and avoid a possible recession. But if he sticks with tariffs for the long haul, stock prices may fall further.

The Dow Jones Industrial Average fell 349 points, or 0.9%, and the Nasdaq composite edged up by 0.1%.

All three indexes started the day sharply lower, and the Dow plunged as many as 1,700 points following even worse losses elsewhere in the world. But it suddenly surged to a gain of nearly 900 points in the late morning. The S&P 500, meanwhile, went from a loss of 4.7% to a leap of 3.4%, which would have been its biggest jump in years.

The spike followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” That a rumor could move trillions of dollars’ worth of investments shows how much investors are hoping to see signs that Trump may let up on tariffs.

Stocks quickly turned lower. Shortly afterward, Trump dug in further and said he may raise tariffs more against China after the world’s second-largest economy retaliated last week with its own set of tariffs on US products.

Trump’s tariffs are an attack on the globalization that’s shaped today's world economy and helped bring down prices but also caused manufacturing jobs to leave for other countries.

He has said he wants to bring factory jobs back to the United States, a process that could take years. Trump also says he wants to narrow trade deficits with other countries, but it's unclear how much room for negotiation there is on the US side or among its trading partners.

Indexes swung between losses and gains Monday, partly because investors are still hoping negotiations may forestall actual implementation of the stiff duties on all imports.

All that seemed certain Monday was the financial pain hammering investments around the world.

Oil has also fallen, hurt by worries that a global economy weakened by trade barriers will burn less fuel. A barrel of benchmark US crude oil dipped below $60 on Monday for the first time since 2021. Early Tuesday, it was up 90 cents at $61.60 per barrel.

Brent crude, the international standard, gained 89 cents to $65.10 per barrel.

In currency trading, the US dollar fell to 147.78 Japanese yen from 147.85 yen. The euro fell to $1.0976 from $1.0905.

The price of gold rose $32 to about $3,006.00 an ounce.

Bitcoin gained 4.1% to $80,130.00. On Monday it sank below $79,000, down from its record above $100,000 set in January.