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.
www.visitmorocco.org
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.
www.visitmorocco.org
