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.

Club Med 'needs financial partners' but no new shareholder pact - CEO

Club Med 'needs financial partners' but no new shareholder pact - CEO
PARIS (Thomson Financial) - Club Mediterranee CEO Henri Giscard d'Estaing said the company 'needs financial partners' but added 'it would not be useful to have
a new shareholder pact'.
Speaking after the presentation of the holiday operator's first half results, which saw it posting a net loss of 9 million euros on sales of 944 million euros, compared with a 2 million euro net profit on sales of 839 million euros last year, Giscard d'Estaing said: 'Today, Club Med is well placed for growth and profitability.

The group's summer bookings were up 8.8 percent year-on-year as of early June and operating income for the company's leisure activities rose to 30 million euros from 19 million euros in the first half.
'We are open to regional financial partners to contribute to our strategy,' he said, citing Caisse des Depot du Maroc, Japan's Nippon Life and Saudi Arabia's Rolaco as examples. helen.beresford@thomsonreuters.com afp/hem/kf1

Property Investment Recommended for Morocco as capital growth is set to soar.

Property Investment Recommended for Morocco as capital growth is set to soar

23.05.2008 16:22:46 Morocco is quickly becoming an investment property hotspot, with great potential for capital gains of around 20 - 30%.
(live-PR.com) - Morocco is considered to have a wealth of untapped property investment potential, according to property investors abroad.

According to the property analyst Fouad Akalay, many foreign buyers could collect good returns in the North African country.When he spoke to the Telegraph last week he explained how Morocco's growing popularity as a holiday destination is fuelling a property boom in many areas, especially in Marrakesh.The beautiful colours and exotic nature of the country are becoming extremely attractive to second home buyers property investors overseas.Akalay commented that "Early investors should expect capital growth of around 20 to 30% for the next several years."He also added that a property investment in Morocco can be safe, secure and free of any hassle.King Mohammed VII has already expressed a desire to increase the annual visitor numbers from 7.4 million last year to 10 million in 2010. As a result, NuWireInvestor has recommended prospective investors consider entering the market before it peaks, as the rising demand is likely to push up property values, where they are currently much lower than the UK.
Author:Jennifer Wallace