Morocco plans major tourism complex in Essaouira

In late January, the government of Morocco initiated a deal with a consortium of Arab investors to build a $1.8 billion leisure complex aimed at boosting tourism, according to comments made by the country’s tourism minister to the state news agency.
The consortium partners involved in the setup of the complex in the coastal city of Essaouira are Abu Dhabi Investment, Ithmaar Development and Bahrain-based Gulf Finance House, an Islamic finance company.
Morocco Tourism Minister Mohamed Boussaid reported that the agreement was signed while all parties were attending the World Economic Forum in Davos, Switzerland.
Healthcare and leisure facilities are at the heart of the project to be built on 270 hectares in the city on the Atlantic Ocean, which is one of Morocco’s main tourism destinations.
Tourism is the largest source of foreign currency for Morocco and, after agriculture and textiles, the main employer. It is draws the majority of foreign investment, with some real estate and tourism projects funded by Arab investors worth as much as $20 billion.
Analysts and tourism industry officials are concerned that the slowdown in the sector caused by the economic recession in Europe and other parts of the world may make it difficult for the country to realize its objectives.
Morocco’s government is hoping to increase the number of tourist arrivals to 10 million in 2009, as compared with eight million last year.
For more information on this article please visit www.zawya.com.
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Abu Dhabi invests in new resort

Published: on February 1st, 2009 By: Admin in: World News

Abu Dhabi Investment Company has joined with Bahrain’s Gulf Finance House and Ithmar Development to ink a .8 billion deal with Morocco, the country’s state news agency MAP said.“The importance of this project strengthens Morocco’s investment attractiveness in the tourism business,” MAP quoted tourism minister Mohamed Boussaid as sayingThe deal is for a resort of healthcare and leisure facilities over 270 hectares in Essaouira, one of Morocco’s main coastal tourism sites, MAP added.Morocco’s tourism sector attracts much foreign investment, with high-profile real estate and tourism projects financed by Gulf investors worth around billion.

Ithmar consortium to develop $1.8b resort in Morocco

Feb 1, 2009 - 12:15 -
Davos, 31 Jan. 2009 (WAM) - A letter of Intent (LoI) was signed today in Davos between Morocco and a consortium led by Ithmar Development, to develop a resort in Suwaira, Morocco, at a total cost of USD 1.8 billion.The consortium includes Ithamr Development Abu Dhabi Investment and the Gulf Finance House.The project entails construction of a world-class resort and spa on an area of 270-hectar.Moroccan Tourism minister Mohammed Bu Saed said the project was set to give a major boost to his country's position as a preferred destination for leisure and health tourists around the world.

M'sian Firm Completes Phase One Of Housing Project In Morocco

RABAT (Morocco), Jan 30 (Bernama) -- A Malaysian company, Al-Hidayah Development Sarl, has successfully completed the construction of townhouses for sale in Tamesna City, a new township project outside the capital city, and is now going on to the second phase of the housing project, said Datuk Othman Samin, Malaysian Ambassador to Morocco."It has taken quite some time for things to get started after former Prime Minister Tun Dr Mahathir Mohamad laid the groundwork during his official visit some years ago for Malaysian companies to be involved in construction projects in Morocco," he said.Al-Hidayah Development Sarl is led by Haji Baharin Ayob, who is also the head of the Malaysian community here."I hope the success of Al-Hidayah in Morocco would interest other Malaysian companies to look for opportunities here," said Othman.He said his office would facilitate other Malaysian companies keen on exploring their market potential in Morocco.Othman also said Malaysian furniture was much sought after in this country in view of their quality and affordability.As for tourism, he said, Malaysia was beginning to attract more Moroccan visitors."I am told that some 4,000 Moroccans visited Malaysia last year. That is a good sign. The promotion by Tourism Malaysia is beginning to show results," Othman added.-- BERNAMA

Golfing Holidays in Morocco

Golf in Morocco is hot stuff in every way - glorious weather, glorious courses, glorious food, glorious people - and all this a mere three hours from London - less time than it takes to play nine holes at some of the overcrowded Spanish and Portuguese courses, and a good deal less expensive.
Take the golfing road to Morocco - the courses are easy to get on, a round takes four hours on a busy day, the greens are beautifully manicured, and it doesn't cost an arm and a leg to play. Green fees are from about the 20 EUR mark, and caddies, all shrewd and knowledgeable, only charge about 6 EUR.
Bordering the North Atlantic and boasting an annual 300 days of sunshine and year-long golfing weather, Morocco is a welcome breath of fresh air that for the time being remains unspoilt and totally worthy of your attention.

SIAMA to build $85m polo resort in Morocco

Last Updated: January 12. 2009 8:21PM UAE / January 12. 2009 4:21PM GMT

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Construction will begin this year on a US$85 million (Dh312.2m) polo resort and hotel in Morocco developed by Saudi-based SIAMA, a subsidiary of Azmi Abdelhadi Group in Marrakech. At a time when companies worldwide are being conservative in their investments, particularly in the luxury market, Ammar Abdelhadi, the general manager of SIAMA, said the company could save up to 30 per cent on costs if construction began this year. “This is the perfect time for developers to be working on projects because the cost of building materials has dropped dramatically because of the economic slowdown.”
Scheduled to open in 2011 and spread over 40 hectares, the Jnan Amar Polo Retreat is being promoted as an exclusive polo and spa retreat.“Given the fact that the resort will be open by 2011, we are hoping the hospitality market will have picked up by then and, as they say, when there is a risk there will be returns,” said Mr Abdelhadi.Jnan Amar will have a hotel and villas set around a lake and a polo field.
“Developing a golf course was not something we wanted to do because so many other developers have done that, and we really wanted to target a niche market with this polo resort,” said Mr Abdelhadi.The luxury 60-room hotel will include two presidential suites and 16 private villas, and be managed by the Dubai-based Emaar Hospitality Group under the The Address Hotels + Resorts brand.“This is the first management contract that the The Address Hotels + Resorts has won internationally, and as part of our strategy we are looking to further expand the brand to cities such as London and Shanghai,” said Marc Dardenne, the chief executive of Emaar Hospitality Group.
Given the fact that the hotel brand is only three months old, Mr Dardenne admitted that would be a challenge, but one the group could handle.Several specialist food and beverage amenities are also being planned for the Marrakech property, in addition to a large ballroom and a business lounge. There will also be a range of leisure facilities including a golf driving range, all of which will be managed by Emaar Hospitality Group.
The hotel operator has already opened The Address in Downtown Burj Dubai and later this year is due to open The Address, Dubai Mall and The Address, Dubai Marina.

Morocco's BCP bank buys stake in OCP for $600 mln

RABAT, Jan 12 (Reuters) - Banques Populaires Group (BCP.CS), Morocco's biggest banking group, is to pay 5 billion dirhams ($600 million) for a 5.88 percent stake in the Office Cherifien de Phosphate (OCP), the world's leading phosphate exporter.
The deal is intended to help the state-owned OCP to expand its business during the global economic crisis, which was hitting phosphate prices, officials from the companies said.
"The BCP-OCP partnership gives us a new capacity to implement our strategy," OCP's Chairman Mostefa Terrab told a news conference.
Average phosphate prices jumped from $300 per tonne in 2007 to $1,200 last year, but have fallen about 40 percent so far this month, said Terrab.
The deal would strengthen OCP's borrowing capacity and market visibility as it improves its net debt/equity ratio by 50 percent, he added.
OCP has a 45.5 percent share of the global market for lime phosphate, 49 percent of the phosphoric acid market and 12 percent of fertilisers, according to the company's data.
BCP bank's Chief Executive Officer Mohamed Benchaboun said the deal offered a new window of external growth for the bank.
Under the accord, OCP would also take a 6.6 percent share in BCP for 1 billion dirhams.
Both stakes are in the form of a capital increase and part of a government strategy calling for partnership between state-owned firms to help them grow.
"Listing of OCP on the bourse would take place in the mid-term," said Abdeltif Loudyi, a senior finance ministry official, but he gave no further details.
OCP's stake purchase is the second share deal by BCP bank since Oct. 31, when the bank bought a 50.1 percent stake in Upline Group, Morocco's second-largest independent investment bank.
BCP has Morocco's biggest retail banking network, with about 3 million customers.
"BCP partnership with OCP would underpin its strategy of external growth and expand its operation on the international market and confirm its rank as a major player in retail and investment banking," said Finance Minister Slaheddine Mezouar.
OCP plans to invest more than $3 billion in the 2009-2020 period to modernise facilities, upgrade infrastructure and increase capacity to produce phosphoric acid and fertiliser at its Jorf Lasfar site.
OCP said it also hoped the investment scheme would lure foreign operators who would invest additional money in joint ventures.
Morocco is the third-biggest phosphate producer in the world after China and the U.S., with 28 million tonnes of output a year. It is the largest phosphate exporter, with a 31.6 percent market share.
OCP expects to increase its phosphate output to 45-55 million tonnes by 2020 on the back of its planned investment, the firm said. (Reporting by Lamine Ghanmi, editing by Will Waterman)