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