UAE holding eyes Morocco for its growth potential
United Arab Emirates-Morocco, Business, 6/30/2005

The UAE holding "Dubai International Properties" (DIP) has chosen Morocco for investment because of its "good growth potential," said Farhan Faradooni, CEO of DIP, which participates in the development of "Amwaj" project in Bouregreg valley.

The USD 2 billion "Amwaj" project, to be carried out in the valley that separates the capital Rabat from millennium-old Sale, 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 apartments, shop, malls, theaters and landscaped areas.

The project will make Morocco an attractive tourism destination, said Faradooni in an interview published Wednesday by Morocco's L'Economiste daily.

He added that Morocco, Qatar and Oman were the first countries chosen by the UAE holding for its opening on the international market with a global investment of MAD 11.5 billion (around USD 1.27 billion).

The important growth of the Moroccan market and neighboring markets in the north of the Mediterranean and central Africa makes Morocco's location ideal for the implementation of major projects in various sectors, noted Faradooni.

He said his company is interested in investment projects inside and outside the Moroccan borders and that several projects are being examined.

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