Saudi Arabia will open the new shipping line between Jeddah and Casablanca in an effort to boost commercial ties between the two countries (Courtesy of Wikimedia)
Trade exchange between Saudi Arabia and Morocco is poised to jump to more than $7 billion (SR26.25 billion) by the beginning of 2014, local media reported quoting senior officials of Saudi-Moroccan Business Council (SMBC).
The (proposed) new shipping line between Jeddah and Casablanca will boost commercial and investment ties between the two countries, Mohammed Al-Hammadi, head of SMBC, was quoted by Asharq Al-Awsat daily as saying.
The SMBC has approved a mechanism to develop all investment opportunities as a step to realize a real food security through the development of the agricultural sector, he added.
The new shipping line will push trade exchange between the two countries by at least 20 percent by the beginning of the new year and further create new investment opportunities in light of the trend to increase funds to the agreed projects, he said.
On the other hand, members of the SMBC recently reviewed in their meeting in Casablanca the means on how to create investment opportunities serving the two parties and legal measures regulating those investments.
The SMBC chief said the company in charge of the shipping line will operate six ships carrying 100,000 cold and normal containers in the first stage. The company will engage in two activities — the first is to purchase and operate ships between the two ports and the second is to purchase and rent ships to customers, he added.
Sultan Al-Thali, member of the SMBC, said the capital of the shipping company working directly between the two ports will reach SR415 million. The company is to be based in Jeddah.
In this context, Khalid bin Jaloun, head of the Moroccan side at SMBC, said his country would give facilities and tax exemptions for five years to the investment firms.
