Saudi - US private consortium to build US$ 1.3 bn worth Tourism, recreation, and health projects in Morocco
Posted on 8th December 2014
A consortium of Saudi and US private firms will invest US$ 1.3 billion on tourism, recreation, and health projects in Morocco, Saudi Gazette reported.
The developments include a theme park featuring a tourist resort and golf course designed to attract 2 million visitors a year, as well as a concrete project that would be used to build low-cost, environmentally-friendly houses, schools, hotels and other facilities.
More than 5000 two-bedroom homes would be built, as well as a 200,000 square meter medical spa specializing in weight loss and women’s health. The deal was signed between Riyadh-based Knowledge Corner Marketing and Business Services and the Moroccan city of Taroudant.
Gulf states have invested in multiple projects in Morocco to help boost the fellow Arab country’s economy. A year ago, UAE-based Al Futtaim group announced a joint venture with Moroccan and Portuguese firms to development one of the region’s biggest super-regional retail and leisure destinations in Morocco. Dubai developer Emaar also has built a residential area set around a championship golf course, in the capital, Marrakech.
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