RABAT, Nov 8 (KUNA) -- Morocco signed on Wednesday an important deal with two Kuwaiti and UAE firms calling for building a huge terminal for combustibles at Tanja seaport on the Mediterranean Sea.
The agreement, sponsored by the Moroccan Prime Minister Driss Jettou, was signed by Walid Al-Hadid - chairman of Kuwaiti Petroleum Group, a private oil group, and CEO of UAE Emirates National Oil Co. Ltd (ENOC) Hussein Tantawi.
The Moroccan side was represented in the signing ceremony by director of Tanja-Mediterranean Private Agency Saed Al-Hadi and CEO of Africa-Morocco Co. Aziz Khanoush.
The agreement opens new horizons for Kuwaiti investments in Morocco," Al-Hadid told KUNA, hailing the distinguished relationship between Kuwait and Morocco in various fields.
He praised the investment facilities in Morocco and the investment opportunities for foreign companies in the north African country.
Inaugurating the signing ceremony, Jettou praised the two Kuwaiti and UAE companies that won "a transparent tender" for the project.
The project is expected to turn Tanja seaport into a significant economic hub on the national and regional levels. It will create up to 100,000 jobs.
The project is part of the fruitful cooperation among the three countries to develop the Moroccan national economy, according to ENOC official.
The huge project will be erected on a 12-hectare area and its storage capacity is estimated at 308,000 cubic meters. It will offer docking services for ships visiting Tanja port.
The Tanja-Mediterranean project will cost Euro 1,400 million including 450 million for the terminal, 250 million for free zones, 600 million for infrastructure, and 100 million for water and power supplies.
Among contributors to the project are The Kuwaiti Development Fund, Al-Hassan II Fund, the Arab Fund for Economic Development, Abu-Dhabi Fund, and the Islamic Development Fund.
