Italian tourism group injects $60 million in Morocco

The Italian tourism group NESCO will inject some $60 million in tourism projects in Morocco.

The investment project includes a 520-bed hotel in Marrakesh and a tourism compound in Agadir, consisting of a five-star hotel and other leisure and entertainment facilities. The projects will generate 500 jobs.

The investment-related accord was initialed in Rabat Tuesday by the NESCO's founder-president, Sheikh Omar Saleh Al-Hamdi, and Moroccan ministers of economy and finance, trade and industry, and tourism.

The group which plans to carry out other tourism projects in Northern Morocco is also contemplating the possibility to invest in other sectors, such as telecommunications and mobile phones.

The group set up in 1975 operates in the sectors of telecommunications, electro-mechanics and electronics, electric generators manufacturing, air conditioning, lighting devices, and irrigation networks. The company's capital stands at $125 million.