US based Construction Company Hill International will spearhead the construction of a multi million dollar project in Rabat. The construction project will include 5,000 square meters of new stores, 4,200 homes and 104,600 square meters of office space, parks and a waterfront promenade in the Moroccan capital.
According to Global Construction Review the American company was awarded the contract in the last few days to oversee the construction of the first phase of the project.
Hill International officials said the contract was awarded by an affiliate of Wessal Capital and encompassed provisions to manage a new development project called Wessal Bouregreg.
“The company will be able to develop residential homes including commercial homes, cultural amenirues at Rabat” added Waleed Abdel-Fattah, a senior vice president with Hill’s project management wing.
Walled added that they have been keenly looking into getting more projects in the African continent as it holds a lot of potential and they look into pumping more funds to expand their wings into it.
He said their company Hill International has an extensive business history in the Middle East; the firm earned roughly half of its fees in 2014 through projects in the region.
In 2011, King Mohammed VI set up the investment fund Wessal Capital to attract Gulf investors for real estate and tourism development projects in Morocco. As of this year, the fund has secured the backing of several GCC sovereign wealth funds, including the UAE’s Aabar Investments, Saudi Arabia’s Public Investment Fund and Qatar Holding.
According to Oxford Business Group, Gulf countries have contributed approximately USD 15 billion worth of investments in luxury tourism and real estate projects in Morocco, Algeria, Tunisia and Egypt.
