BEIRUT: A $230 million destination resort casino will be developed in Morocco by Kerzner International Limited, a leading international developer and operator of destination resorts, casinos and luxury hotel properties and its local partners, Societe Maroc Emirates Arab Unis de Developement (SOMED) and Caisse de Depot et de Gestion (CDG).
The project is expected to consist of a 600-room hotel, an 18-hole golf course, convention space, restaurants and a casino. As part of its agreement with the Moroccan government, the joint venture has negotiated exclusive rights to conduct gaming operations within a 160-kilometer radius from the center of Casablanca, reported an online content provider.
Construction of the project is expected to begin in 2005 and be completed by mid-2007. SOMED is an investor with interests in various industries, including the hospitality industry. It is 50 percent-owned by the Abu Dhabi Development Fund and 30 percent-owned by the government, with the remaining interests being institutionally owned.
CDG is the government-entity that invests Morocco's pension funds and is one of the country's leading institutional investors.
© The Daily Star 2004
