Over $ 140 million projects to be launched shortly in Casablanca
Morocco, Economics, 7/3/2003

Five major projects in tourism, real estate and leisure will be launched shortly in the Moroccan economic and financial capital, Casablanca, set to increase the city's economic competitiveness and upgrade investments.

The projects, worth over 1.3 billion Dirhams (over US$ 140 million) were approved by the inter-ministerial investments commission.

The first project, "Casa city," a hotel compound of more than 550 rooms, offices and a shopping center is worth one billion DH (US$ 106 million ). It will be carried out by French tourism group "Accor."

The second project, worth 350 million DH (US$ 40 million), is a real estate one that consists of 10-storey buildings for lodging, offices and shops. It is scheduled to generate some 2.600 jobs.

The commission also approved a project of a theme park, a sports and leisure club extending over 18 hectares, the construction of sports fields over 5 hectares and a children space featuring restaurants, a rest area and a supermarket.

The commission says other industrial projects are being examined.

Also, the Moroccan government signed on Tuesday with a group of Moroccan and foreign investors four conventions for a series of tourism projects, worth 581 million DH (US$ 61.8 million) in various Moroccan regions

The first convention, signed with Moroccan Dounia Group, provides for the refurbishing of two luxury hotels in Marrakech, for a total cost of 203 million DH (US$ 21.5 Mln).

Under a second convention, French group Tikida will also invest 338 million DH (US$ 35.6 million) to revamp a hotel in Agadir (southwestern Ocean resort city) while the Chafarina's Beach company -owned by a group of Moroccan nationals living in Belgium- will build in Al Hoceima (northeastern Mediterranean sea resort) a tourism compound for an investment of 25 million DH (US$ 2.6 million) under an addendum to an investment contract signed last year with the government.

The fourth convention, between the government and French travel group Fram, provides for the revamping of two hotels in Warzazate and Zagora (southern Morocco). Investments are estimated at 15 million DH (US$ 1.6 million).

Prime minister, Driss Jettou, who chaired the conventions signing, welcomed the new agreements that come to reflect investors' confidence in Morocco, despite a difficult international juncture.

He said investments have soared to 7.4 billion DH (US$ 787 million) in the first half of 2003, which is a 277% increase compared to the same period of 2002.

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