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 unveils plan for business park chains

TANGIER, Jan 7 (Reuters) - Morocco on Wednesday launched a network of business parks in its underdeveloped north to lure hundreds of companies and create much needed jobs, officials said.
To draw investment and help lift the northern region around Tangier out of poverty, the Rabat government opened the North African country's largest container terminal near Tangier Mediterranean port complex and is setting up a chain of industrial parks and free trade zones nearby.
The parks will be geared towards industries such as auto parts, textiles, electronics and food production, which the government has targeted to expand its export potential.
Morocco has free trade agreements with the European Union and the United States and the government wants to turn the country into a platform of exports for foreign firms. One of these parks dedicated to auto manufacturing will host Africa's biggest car factory, planned by the Renault-Nissan Alliance (RENA.PA) (7201.T).
The project for low-cost vehicles was announced in September last year and involves a total investment of 600 million euros ($817 million) in manufacturing capacity. Some parks will be free trade zones allowing manufacturers to re-export what they make at lower cost while the others will offer companies streamlined administration and business services.
The park plan would ensure that Morocco's fast expanding port of Tangier Med would be put to full use, government officials said.
The industrial parks would be clustered around the Tangier Med area and its adjacent logistics free zone which is called Med Hub, they added.
Companies, including French firm Schneider Electric SA (SCHN.PA), have expressed interest in setting up business in the planned parks, said Ahmed Reda Chami, Industry and Trade minister. "The global crisis makes it even more important to transform the country into a more attractive industrial base," Chami said.
"By developing this industrial zone, we will increase the volume at Tangier Med geared towards import/export," he added.
The parks, to be built over 5,000 hectares, would be developed over several years, Chami said. "The global crisis is there but it will not last for ever... When the world exits this crisis, we will be ready to welcome these companies," he added. (Reporting by Tom Pfeiffer; Editing by Jon Loades-Carter)