Abu Dhabi development fund to inject us$ 300 million in Tangiers' mediterranean port project
United Arab Emirates-Morocco, Economics, 9/13/2002

The Abu Dhabi Development Fund will inject US$ 300 million (3.3 billion Dirhams) in the Tangiers' Mediterranean port project, under a convention signed this Thursday at a ceremony held at the royal office in Rabat under the chairmanship of King Mohammed VI.

The convention was initialed by minister of state for foreign affairs of the United Arab Emirates, Sheikh Hamdan Bin Zayed Al-Nahyan, and Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou.

Following the signing ceremony, King Mohammed VI commended the UAE president Sheikh Zayed Bin Sultane Al-Nahyan for his personal and permanent commitment in favor of consolidating relations between the two Arab states and praised the excellent political and socio-economic relations binding the two countries.

The sovereign stressed that the project will have an international standing to offer Morocco's partners best conditions to promote and facilitate investments in various ports, logistical, industrial, trade and tourism sectors.

The sovereign had instructed on August 29 the Hassan II fund to contribute US$ 200 million (2 billion DH) to the project and asked the government to include in the 2003-2006 finance bills the needed budgets to carry out the auxiliary facilities, including highways and a new railway to link Tangiers to the port of Oued Rmel and Fnideq.

The project, announced last July 30 by the sovereign in the throne speech, is intended to make of the city one of the largest ports and one of the most outstanding sea resorts in the Mediterranean.

The international standing of this complex and its connection with free trade areas are likely to help break the isolation of the Northern provinces, ensure them an integrated development and enable Morocco to be an actor and a partner in world economic exchanges, the sovereign had said.

The project, to be carried out by a special agency set up last month, is part of an integrated economic development zone that also includes free economic zones and zones for tourism promotion.

The signing ceremony was attended on the UAE side by minister of planning, Sheikh Hmyed Bin Ahmed Al Moalla, Sheikh Rached bin Hamdan Al Nahyan, Sheikh Nahyan Bin Hamdane Al Nahyan, ambassador of the UAE to Morocco, Issa Hamad Abou Chihab, director of the Abu Dhabi Development Fund, Said Bin Khalfane Roumaiti, and director of the office of the UAE minister of state for foreign affairs, Sultane Bin Khalfane Roumaiti.

Were present on the Moroccan side, advisor to the King, Abdelaziz Meziane Belfkih, secretary of state for foreign affairs and cooperation, Taib Fassi Fihri, and director of the agency for the economic and social promotion and development of the prefectures and provinces of the northern provinces, Hassan Amrani.

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