British - Saudi firm invests $50 million in Moroccan tourism project

British - Saudi "Majestic Hotels" said Wednesday it will invest $50 million in the building of a large tourism complex in the Moroccan village of Skhirat (south of Rabat).

Construction work on the project, which will create hundreds of jobs, will start next December.

The project's director, Michael Hill, said the complex, which will be dedicated in the year 2000, will comprise a 200-bed luxury hotel, villas, restaurants, swimming pools, shopping centers, fitness centers and a Congress Palace.

Moroccan Interior Minister Driss Basri, who chaired the signing ceremony for the investment accord, said the project shows the foreign investors' trust in the Moroccan economy and political stability.

"Majestic Hotels" purchased last April the three star "Amphitrite" hotel for $5.5 million and pledged to make it a luxury tourism complex.