FADESA to contribute by $411 Mn to Moroccan resort funding

The real estate and tourism company FADESA will contribute by 3.7 billion Dhs (US $411 million) to funding the Moroccan resort of Saidia (northeast), that will require a global cost of 9 billion Dhs (US $1 billion).

The Tourism Ministry said in a release president of the Spanish group, Manuel Jove Capellan, met Wednesday with Moroccan Tourism Minister, Adil Douiri, to examine the progress of Saidia resort, one of Morocco's major tourism projects meant to attract 10 million tourists by 2010.

Capellan had announced that the tourist resort will be over in 2006.

The project is expected to generate 8,000 direct jobs and a turnover of 4.6 billion Dhs (US $511 million).