- 'Gateway to Morocco' concept comprises Marrakech Equestrian City and Cap Malabata Resort
- Project will enhance FDI flow for Morocco and make positive contribution to the Kingdom's socio-economic framework
- Landmark development marks entry of Gulf Finance House into the Kingdom of Morocco
Casablanca, Morocco / Manama, Bahrain - In the presence of His Majesty King Mohammed VI, two official agreements were signed today between Gulf Finance House (GFH) a leading MENA region Islamic investment bank, and representatives of the Government of Morocco to develop the 'Gateway to Morocco' project. This significant initiative marks the entry of GFH into the Kingdom of Morocco.
With a total project value estimated at US$ 1.4 billion, the first phase of 'Gateway to Morocco' will comprise two distinctive but complementary elements - Marrakech Equestrian City in Marrakech, and Cap Malabata Resort in Tangiers.
The project supports the vision of His Majesty King Mohammed VI to strengthen and diversify Morocco's rapidly growing economy, and the Government's efforts to attract foreign investment into the Kingdom. The project will also have a positive impact on the social and economic framework of Morocco.
The investment also highlights the strong partnership between the Government and Gulf Finance House who shares its vision, and has the investment and infrastructure development experience and expertise to make this project a success.
Under the vision and leadership of His Majesty King Mohammed VI, Morocco has in recent years made great headway in opening the economy to foreign investment and trade, as well as introducing economic reforms that will encourage the continued growth of the economy. A direct result of these reforms has been the Free Trade Agreements signed by Morocco with the European Union and the US.
Elaborating on the potential of Morocco and the key reasons for Gulf Finance House's investments in the Kingdom, Chief Executive and Board Member Mr. Janahi, said: "Morocco's pro-business environment, trade agreements with the European Union and the US, and its closeness to Europe, were key factors in our decision to invest in the Kingdom. 'Gateway to Morocco' not only marks the Bank's entry into Morocco but is our first stepping stone in partnering with the Government and contributing to infrastructure development initiatives in the Kingdom.
"Furthermore, Morocco offers GFH an ideal gateway into the North African market, a key component of our regional expansion strategy, and we are delighted to be the lead promoters and developers of this unique project, the 'Gateway to Morocco'. By capitalising on the rapid economic development in Morocco, this project will provide our clients and strategic partners with new attractive investment opportunities," Mr Janahi added.
Planned to resonate the spirit of community without trespassing upon an individual's privacy, Marrakech Equestrian City will be a mixed-use sporting, leisure and residential complex. Spread over a total area of 380 hectares at Marrakech, it will boast of a world-class horse racing track that will be supported by state-of-the-art stabling, veterinary facilities, and grandstands. Villas and apartments will be provided amidst spectacular landscaping and superlative waterways in the form of rivers and lakes.
According to the Wali of Marrakech, Mr. Mounir Chraibi: "The planned Equestrian City - the first of its kind in the region - will not only enhance the prestige of the 'Pink City' but will also help to generate important revenue from both sporting and tourism-related visitors. This is a significant development for Marrakech."
Designed as a one-of-a-kind mixed-use tourism, commercial and residential destination on the Mediterranean coast, the Cap Malabatta Resort, located at Tangiers, will cover a total area of 129 hectares. It will feature cafes, galleries, exclusive shopping areas, marina, beach house, golf course, equestrian club and convention centre, as well as a range of residential and commercial accommodation. The Resort will also provide the international business community with an exclusive destination for corporate meetings, conventions and exhibitions.
The Wali of Tangiers (Tetuan) welcomed the development of the Cap Malabata Resort. "This prestigious project capitalises upon Morocco's spectacular Mediterranean coastline. As well as attracting regional and international tourists, the Resort will generate important new business and corporate hospitality revenue."
MZ & Partners from Qatar are the Architecture Consultants and Master Planners for the 'Gateway to Morocco' project.
The first phase of 'Gateway to Morocco', estimated at US$ 1.4 billion, adds to GFH's existing investment and project portfolio in the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the United Arab Emirates; the State of Qatar, Kuwait, the Hashemite Kingdom of Jordan, Germany, Spain and France.
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For further information please contact:
Jayakrishnan B
Eyad Mohammed
Percept Profile Gulf
Dubai, UAE
Tel: +9714 3446373
Fax: +9714 3429158
E-mail: info@perceptprofilegulf.com
© Press Release 2006
