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GFH announces launch of 1st phase to Morocco project
- October 15, 2006, 8:16 pm
Gulf Finance House (GFH) today announced the launch of the 1st phase of the USD 1.4 billion Gateway to Morocco project in the Kingdom of Morocco.
The 1st phase of the project comprises of Royal Ranches Marrakech and the Royal Resort in Tangiers.
Recently, GFH and the Walis of Tangiers and Marrakech signed an agreement in July 2006 to develop the 1st phase of the Gateway to Morocco project in the presence of His Majesty King Mohammed VI. This significant initiative marked the entry of GFH into the Kingdom of Morocco as a key partner working towards the socio-economic development of the Kingdom.
Commenting on this development, Mr. Abdul Rahman Al Jasmi, Deputy CEO of GFH and Deputy Chairman of Royal Resort Cap Malabata and Royal Ranches said: ‘The Moroccan economy is experiencing a noteworthy growth as a result of the enthusiasm and continued efforts demonstrated by the Moroccan leadership. Through this support, Morocco has been able to play a bigger part regionally as well as globally”.
‘Furthermore, Morocco has been the first amongst the Arab countries to take a proactive role towards economic freedom and privatization. It has effectively made its presence on the global economic scenario through several joint agreements and partnerships including the World Trade Organisation and the Free Trade Agreement with the USA,’ Mr. Al Jasmi added.
Tangiers, located in northern Morocco, has witnessed a real estate boom due to healthy influx of foreigners and tourists. The city is leading the development front for the northern area cities with the execution of big infrastructure projects such as the massive Mediterranean port, the free trade industrial and commercial zones and the roads network. Also, the city is known for its natural beauty where its highland provides a meeting point for the Mediterranean and the Atlantic Ocean.
More than several GCC and international companies have invested a total of US$ 20 billion in various real estate and tourism projects in Morocco. This will strengthen the capacity of Moroccan hotels to absorb 10 million tourists expected by 2010.
According to real estate experts in Morocco, last year witnessed a huge influx of European tourists, of which half of them were British, who purchased villas and traditional properties leading to a 50% increase in the price of such properties. Investors have praised the acceptance shown by people.
Other investment attractions include the proximity of Morocco to Europe and the opening of new air traffic lines allowing economic air transportation from different European airports to Morocco.
Designed as a one-of-a-kind mixed-use tourism, commercial and residential destination on the Mediterranean coast, the Royal Resort Cap Malabata at Tangiers will cover a total area of 129 hectares. It will feature cafes, galleries, exclusive shopping areas, marina, beach house, golf course, equestrian club and convention centre, as well as a range of residential and commercial accommodation.
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