During its session held yesterday in Jeddah, chaired by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, the Saudi Cabinet approved a memorandum of understanding and cooperation between the Ministry of Industry and Mineral Resources in the Kingdom of Saudi Arabia and the Ministry of Energy Transition and Sustainable Development in the Kingdom of Morocco in the field of mineral wealth.
The signing of the memorandum of understanding took place on the sidelines of the Third International Mining Conference hosted by Riyadh, Saudi Arabia, from January 9 to 11, 2024. It was signed by Leila Benali, the Moroccan Minister of Energy Transition and Sustainable Development, and on the Saudi side by Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef.
The aim of the memorandum of understanding is to develop joint cooperation in the sectors of industry and mining and to exchange experiences and expertise.
The conference witnessed discussions on ways to attract investments to the mineral industries in this region, deploying advanced digital technologies in the sector, and applying the best sustainability standards. Additionally, it addressed the variables and developments of the global reality and their impact on mineral and energy supplies in the future, as well as the current state and future of mining in the region and the world.
Saudi Arabia and Morocco have been strengthening their cooperation across various sectors. Economically, there has been significant progress. A recent agreement was signed in January between their chambers of commerce aims to bolster economic, trade, and industrial ties. This includes the establishment of a joint investment fund designed to advance economic cooperation and support Saudi companies in accessing African and European markets.
In the private sector, there’s also a push to increase collaboration. Saudi and Moroccan businesses have agreed on a joint strategy to enhance cooperation and integration across various sectors, indicating a robust drive towards economic integration and mutual benefit.
Last year, they emphasized their commitment to enhancing security and counterterrorism efforts. Both countries have pledged to boost their security cooperation and have greenlit initiatives to combat terrorism together.
