A consortium of Saudi and US private firms is planning to invest $ 1.3 billion in constructing hotels and other recreational projects in Morocco, a Saudi newspaper has reported.
In an agreement signed with the Moroccan government, the group will set up the projects in the southern Taroudant town, according to Khalid Al Dousari who signed the agreement on behalf of the group.
Planned for construction is a large fun city spanning 6 million square meters, and sitting on this space will be three 4-star hotels, a golf course, tourism resort, cafes and restaurants. The group will also spend the money in new 5,300 houses and hospitals. The new projects are expected to attract tourists from Africa, Europe and the Gulf. The date for starting off the construction projects was not mentioned.
Dousari, who owns one of the Saudi firms in the alliance, said that the Moroccan authorities have already allocated close to 8.7 million square metres for the projects.
The developments include a theme park featuring a tourist resort and a golf course designed to attract 2 million visitors a year, as well as a concrete project that would be used to build low-cost, environmentally-friendly houses, schools, hotels and other facilities such as dieting center to serve women.
More than 5,000 two-bedroom homes will also be built, as well as a 200,000m² medical spa specializing in weight loss and women’s health.
Gulf States have invested in multiple projects in Morocco to help boost the fellow Arab country’s economy.
UAE-based Al Futtaim group announced a joint venture with Moroccan and Portuguese firms a year ago to develop one of the region’s biggest super-regional retail and leisure destinations in Morocco.