Moroccan Government Signs $9B Deals

Friday, March 31st, 2006

Posted by Overseas Property Mall in Morocco Property, Property Industry News

RABAT, MOROCCO-The Moroccan government has signed tourism and real estate deals with two Dubai-based property firms totaling $9 billion, a government statement says. Emaar Properties and Dubai Holding will manage and contribute financing $5.1 billion of riverside and seafront developments in the capital, Rabat, and $2.4 billion in resorts near Marrakesh.

The 10-year projects also include a new marina for pleasure craft in Casablanca and a $650-million residential and tourism complex in the northern port of Tangier. King Mohammed attended the signing ceremony at his palace in Casablanca to highlight the importance of the deals for Morocco, which plans to double tourists to 10 million by 2010. The plan is for the development of a chain of resorts along the country’s Atlantic and Mediterranean coastlines financed by international investors. Emaar and Dubai Holding are expanding rapidly beyond their Dubai base.

Emaar is also expanding across the Middle East, Turkey, India and Pakistan.

A government statement issued last year admitted that foreign investment has been slow in Morocco because of currency exchange restrictions, complex rules for companies and uncertainty over land ownership rights. But the monarchy is attempting to make the country more investor-friendly.

Government-owned Dubai Holding will oversee five of the eight projects in partnership with Moroccan state investment fund Caisse de Depot et de Gestion. Dubai will provide 30% of the finance for the Moroccan projects itself and the rest it will seek to raise from other financial partners. Other deals still to be announced will take the value of Dubai Holdings’ investments in Morocco to $12 billion, the company says in a statement. Emaar says its investments in Morocco now totaled $6.9 billion spread over six projects.

Source: GlobeSt.com

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This entry was posted on Friday, March 31st, 2006 at 5:47 pm and is filed under Morocco Property, Property Industry News. You can follow any responses to this entry through the RSS 2.0 feed.

4 Responses to “Moroccan Government Signs $9B Deals”

morocco property Says:
September 6th, 2007 at 10:09 am
And I also heard that a growing number of people are interested in buying property in Morocco, Real estate in Morocco, with its ancient towns, coastal resorts and snowy peaks. This North African kingdom boasts 1,400 miles of coastline, year-round sunshine and an open invitation to foreign investment and has seen a sharp increase in the numbers of house-buyers from abroad over the last four years.
Overseas Property Mall Says:
September 6th, 2007 at 1:13 pm
We’ll definitely be doing a Morocco piece soon. So watch this space!
InvestingMoroccoproperty Says:
January 4th, 2008 at 3:32 am
The property and tourism industry are booming in Morocco. As Moroccan & British Investors and business developers focusing in Overseas Business we know why Morocco is always attracting visitors rich, famous and normal people who become investors without any business plan can you immagine? A such magical country! You can make a huge profit easily…Good luck and Fly to grab a property in Morocco because the price are up up…
Morocco Property Select Says:
January 10th, 2008 at 5:29 pm
this is a very interesting topic. something we all in this industry should be taking more notice of.

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