Spanish group associated in tourism project in Morocco
Morocco-Spain, Business, 4/4/2001

The Spanish tourism group "Sol Melia," in association with Moroccan partners, will build a 5 star hotel in the Moroccan southern Atlantic city of Agadir.

The share-holding accord between Sol Melia and its Moroccan partners, namely BMCI, CIH, Upline CDG, AKWA group and Idou Layhane, was signed in Rabat Tuesday.

The 500-room luxury hotel is part of a global investment program the Spanish group pledged to carry out in Agadir within a 36 month period.

The program provides for the construction of two 5-star luxury hotels, worth 100 million Euros. The facilities will have 1,000 rooms, an 18-hole golf green, a thalassotherapy center and a conference hall.

Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, who chaired the signing ceremony along with advisor to the King, Andre Azoulay, said the participation of the Spanish renowned tourism group in the project will reactivate investments and tourism in the Atlantic sea resort of Agadir, and the participation of Moroccan operators will help promote a genuine Moroccan tourism industry.

For Azoulay, the project opens a new page between the two countries and with this "substantial" investment Morocco will impose itself as a market complement of Spain. Spain which attracts 60 million tourists per year will necessarily need more space and new products, Azoulay said.

The chief of the group, Gabriel Escarrer, said Sol Melia chose Morocco to inject such a huge investment given the country's potentials (climate, culture, history, proximity.). The group is projecting to invest in other cities mainly in northern Morocco and is ready to cooperate in matters of vocational training.

The investment convention with the Moroccan state was signed in 1999.

Morocco has become the 5th destination of Spanish tourists after France, Portugal, Andorra and the USA, with 260,000 Spanish tourists visiting Morocco in 2000.

Some 2.5 million tourists visited Morocco in 2000. The figure is expected to reach 4 million in 2003 and to jump to 10 million in 2010. To meet this expected demand, the accommodation capacity will be raised to 30,000 beds in 2003 and 160,000 in 2010.

Previous Stories:
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  Catalunia-based economic operators in Morocco   (3/19/2001)
  Spanish power corporation provides 100 mgw to Morocco until 2001   (4/28/2000)

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