Morocco, Kuwait sign us$ 30.7 million investment agreement

Morocco and the Morocco-Kuwaiti development group signed in Rabat on Tuesday an investment agreement, worth 338 million DH (US$ 30.7 million).

Under the agreement, the group will build a hotel in Casablanca, conduct refurbishment works in several hotels and carry out other real-estate projects.

Moroccan minister of economy, finance, privatization and tourism, Fathallah Oualalou, who signed the agreement with the group general manager, Oualid Al Faysal Al Fahd, said a total of 80 new jobs will be created while 500 others will be maintained. It will also contribute to meeting the targets of Morocco's tourism strategy which aims to reach 10 million tourists by 2010.

He recalled that since 2001, the Moroccan government has signed a total of 30 investment agreements, worth seven billion dirhams (US$ 63.6 million). By 2004, 74 new hotels will be built, for an investment of 1.5 billion DH (US$ 136.6 million) and an accommodation capacity of 3,000 beds, he went on before calling the Morocco-Kuwait development group to consolidate its presence in Morocco and invest in other real-estate and development projects in the kingdom.

The group was set up in 1975 with a joint capital of about 225 million DH (US$ 20.4 million).