Morocco, UAE launch $ 2bn project to develop Oued Bouregreg valley
Morocco-United Arab Emirates, Economics, 5/18/2005

Morocco and the United Arab Emirates (UAE) signed, here Tuesday, a draft accord to launch USD 2 billion-worth "Amwaj" project in Oued Bouregreg valley that separates the capital Rabat from millennium-old Sale.

The accord was signed by Duba• International Properties (DIP), and two Moroccan partners, namely Caisse de dŽp™t et de gestion (CDG), and SABR Management company.

The project, to extend on a 100ha area, is aimed at boosting tourism and economic activity in the Moroccan capital. It will feature a harbor for yachts, five-star hotels and resorts and a convention centre to host international events and conferences. It will also include appartements, shop, malls, theaters and landscaped areas.

Amwaj is part of Oued Bouregreg project launched by king Mohammed VI last year in the historic valley of Bouregreg. The project covers over 4,000 hectares, starting from the outlet of the Sidi Mohammed Ben Abdellah dam.

SABR Management CEO, Lemghari Essakl, said the site will help turn the Bouregreg valley into one of the most important sites in the Arab states and Africa, and make of Rabat an important tourism destination.

"The launch of this project demonstrates our confidence in the future of the Moroccan economy," DIP CEO, Mohammed Al Gergawi, told a press conference in Rabat.

The project reflects the strong bond between the UAE and the Kingdom of Morocco in several areas including diplomacy and economy, he pointed out.

"Amwaj" project, to be completed in two years, will help transform the valley to a prestigious social centre, create 100,000 jobs, including about 40,000 direct ones, and boost economic development.

Previous Stories:
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