By Mustafa Al-Sofi
RABAT, Dec 12 (KUNA) -- Director General of the Kuwait-Moroccan Development Group Walid Al-Fehaid announced Tuesday that the group signed a number of agreements to upgrade its hotels chain in Morocco.
In a statement to Kuwait News Agency (KUNA), Al-Fehaid said the group is considered among the important investment institutes that contributed to establishing development projects in Morocco.
He added that "Farah", a company owned by the group and is specialized in establishing and directing a chain of hotels in Morocco under the commercial name Farah Hotels, owns a hotel chain with a capacity of 897 rooms.
Al-Fehaid noted that the group signed an agreement with Gold Tulip Hotel, Inn and Resorts company to manage the hotel chain under the name Golden Tulip Farah Hotels.
In 2002, he added, the group signed an investment agreement with the Moroccan government to execute a comprehensive renovation plan for the hotels that should give the hotels a five-star ranking in accordance with international standards.
The group is also active in the real-estate business through the ownership of a number of lands in distinguished locations in addition to a number of real-estate properties established by the two subdivision companies, Al-Maqam and Al-Diyar.
The group is also investing in high-end residential units in a number of Moroccan cities, in addition to preparing the infrastructure for a number of residential areas.
Al-Fehaid revealed a new project supervised by the group that includes establishing luxurious residential units named Al-Diyar, located in the most luxurious residential and commercial zones in Casablanca.
The group is also renovating the Golden Tulip Farah Casablanca Hotel to upgrade its rating to five stars, and is preparing for launching a project to establish a residential complex in Casablanca and a resort in Tenjiers.
He praised investment environment in Morocco, noting that the country enjoys excellent investment opportunities in addition to great facilitations by the government to attract and encourage foreign investments.
He added that cooperation between Morocco and Kuwait started in 1966 when the Kuwait Fund for Arab Economic Development (KFAED) started contributing to financing a number of projects in Morocco.
The Kuwaiti-Moroccan Development Group was established upon desires of both countries to enhance joint investment and development relationships.
This improving bilateral relationships resulted in establishing the Supreme Kuwaiti-Moroccan Joint Committee in 1999, which focuses on major directions in bilateral cooperation in a number of important fields.
