INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Israel’s economy minister visits Morocco to cement trade ties

Morocco, Israel sign memorandum on aerospace cooperation.
  • Israel Economy Minister Orna Barbivai arrived in Morocco for a visit aimed at developing economic and trade ties
  • Rabat purchased Israeli defense technology after an a visit by the Israeli defense minister in November 2021

An Israeli minister arrived in Morocco on Sunday for a visit aimed at developing economic and trade ties, in the latest sign of expanding cooperation after the countries normalized relations in 2020.

Economy Minister Orna Barbivai is due to sign “a historic cooperation agreement” aiming to establish “the economic foundations of trade relations between Morocco and Israel”, her ministry said in a statement.

She is scheduled to visit Rabat, economic capital Casablanca and tourist hub Marrakesh, to tour Israeli textile and agricultural companies and to meet ministers and business representatives on the four-day trip.

“Morocco has great importance for Israel diplomatically, economically and culturally,” she said before the visit, on which she is accompanied by her Moroccan-born husband.

Bilateral trade amounted to about $130 million last year.

The trip comes less than three months after Israeli Defense Minister Benny Gantz made an unprecedented visit in November, signing a security pact that angered Morocco’s neighbor and rival Algeria, and the Palestinians.

After his visit, Israeli and Moroccan media reported Rabat’s purchase of Israeli defense technology.

Israel and Morocco had initially established relations in the 1990s, but Rabat broke them off at the start of the second Palestinian intifada (uprising) in 2000.

Cooperation has expanded swiftly since ties were re-established as part of the US-brokered Abraham Accords in late 2020.

National carrier Royal Air Maroc is expected to start direct flights between Casablanca and Tel Aviv on March 13.

Morocco reopened its borders earlier this month after shutting them in November due to the coronavirus, and is hoping for a large influx of Israeli tourists.