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Jun 22 2006

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FADESA to invest Euros 300 millions in tourism project in Marrakech

In an official communiqué to MAP news agency, the Spanish group said that the new project envisages the construction of 2,685 residences, 3 hotels, a golf and a commercial center of 30,000 sq.

The project, which is located 4 km away from the center of Marrakech, will extend over a surface of 174 ha, added the same source.

With the new project, FADESA reinforces its presence in Morocco as one of the large tourism investor leaders. The Marrakech complex is part of a package of real estate and tourism projects carried out or under construction in various regions of the kingdom.

In April, FADESA had announced the launching of a tourism complex project dubbed "feet in water" in Kabila, near Tetouan.

The complex will cost nearly Euros 150 million. It includes 2,189 residences of various types, a hotel and a zone of trade and entertainment.

The ambitious real estate project of Tangier City Center (hotels, residences and office buildings) has also been attributed to a Spanish consortium made of Fadesa Maroc and Anjoka.

The total investment in this project is expected to top MAD 980 million (63 million euros) and will considerably help the northern city increase by 20% the city's tourism capacity to 8,400 hotel beds.

Fadesa Maroc is already in charge of various real estate projects in Morocco including the Mediterranean resort of Saidia, a major component of the Azur Plan.

Azur Plan to give a thrust to tourism
To cash in on the untapped potential of the country's 3,400 km of littoral on both the Mediterranean sea and the Atlantic Ocean, the Ministry of Tourism devised the "Azur Plan" according to which six of the most scenic beaches were carefully singled out to host integrated tourism facilities.

Major international investors have been lining up for the tender offer and the Accor Group of France won the Mogador resort in Essaouira. The Mazagan resort, near El Jadida, has been granted to Kerzner International of South Africa and the Mediterranean resort of Saidia was delegated to Fadesa of Spain. The Lixus resort will be built by Thomas-Piron of Belgium while the two remaining projects are scheduled to be delegated before the end of 2006, according to Diouri.

The government's success in attracting renowned investors can be explained by the various fiscal incentives conceded. Help goes beyond taxes and some projects benefit from government subsidies in acquiring land plots and undertaking construction works.

Morocco managed to hit in 2005, for the first time ever, the five million mark of visitors. The figure, though, includes more than two million Moroccans living abroad who visited the country.