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.

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)

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)

King launches construction works of $ 2.9bln new city north of Morocco

Tangier, 8 Jan.2009 (MAP)- King Mohammed VI of Morocco, on Thursday, launched the construction works of a new city in the province of Fahs Anjra, north of Morocco, at a global cost of MAD 24 bln ($2.9 bln).

The city dubbed CH'RAFATE will be established on a 1,300ha area and will include, by the completion of works in 2020, some 30,000 housing units benefiting 150k people.
The new city, to be located between the cities of Tangiers and Tetuan (both north), falls within the framework of the strategic choices defined by the development plan of the Al Boughaz region that provides for building large new urban areas and preventing the excessive build-up along the coast by favoring inlands.
This project, to be carried out by development company Al Omrane Al Boughaz as well as national and international property developers, will strengthen both the urban and road networks in Morocco's northern region, while anticipating the demand for diversified housing that will be generated by the Tanger-Med Port and surrounding industrial areas.
It will also create jobs thanks to the establishment of an industrial zone, while guaranteeing environment-friendly measures by adapting the city to all the constraints either geological or technical, and preserving an urban style similar to that prevailing in the Mediterranean rim.
Besides a diversified housing offer, the city will include several industrial zones, a handicrafts complex, a tourism-oriented area, city facilities and green areas.
On this occasion, the Monarch inquired on the 2009-2034 urban development program of M'diq city that is meant to monitor the industrial development between the Tanger-Med Port and the city, preserve protected natural areas, replant trees and boost the economic development and the attraction of the region's tourist area.
The king also heard details about the 2020 housing program for the cities of Tangier, Tetouan, M'diq and Fnideq that require 350k additional housing units to fill housing shortfalls and address needs stemming from the population growth.

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