Oct 25 2005 |
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Al Mutahideen to Compete with Emaar on Establishing Leisure Projects in Morocco
Beirut (APD) - Al Mutahideen Company, headed by the Saudi Businessman Hamad Al Saghir, is competing with Emaar Properties on establishing new leisure projects in Morocco.Al Mutahideen intends to implement a $50 million project that will include a golf course, convention center and 160 villas in Dar Abou Aaza, south of Casablanca, the London-based daily, Asharq Al Awsat reported Tuesday.
Emaar properties and Moroccan industrial and financial company, ONA Group, announced yesterday that they will create a $327 million, large-scale residential and golfing development project in the area of Marrakech, a historic city and center of tourism 240 kilometers from Casablanca.
According to Asharq Al Awsat, Al Mutahideen also received approval to establish three hotels in Marrakech where Emaar is already undertaking its projects. The Marrakech Board Municipality Council will sell 17 hectares to the company to build the three hotels. The hotel project will carry a total cost of $45 million for land and construction and will provide 650 jobs, the daily said.
By Nadim Issa, APD Staff Writer in Beirut
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