Essential Morocco is pleased to present the following major announcement today from two U.A.E. property development companies. The investment agreements illustrate the level of commitment the King of Morocco and the Government share in making Vision 2010 a reality for the Kingdom.
Morocco and the United Arab Emirates (UAE) signed on Sunday two large-scale investment agreements of up to USD 1.75 billion in to be carried out in Rabat and Marrakech.
The signing ceremony, which took place in Casablanca, was co-presided by HM King Mohammed VI and visiting UAE president Cheikh Khalifa Ben Zayed Al Nahyane.
It was also attended by Prime Minister Driss Jettou and the Minister of Tourism, Handcraft and Social Economy, as well as a number of Emirati ministers.
The agreements were signed by the Moroccan state and two big Emirati groups, Reem Investments and Sorouh.
In partnership with the Bouregreg Valley Development Agency, Sorouh will participate in the development of a part of the Bouregreg valley (70 ha).
The project, worth USD 750 million, comprises mainly a Marina, hotels, houses and infrastructures of economic and commercial activities.
To be carried out by Reem Investments in Marrakech's Ourika, the second project includes a golf course, three hotels of 2,500 beds, houses and infrastructure for commercial and economic activities. This project, costing USD 1 billion, is expected to create about 6,500 direct jobs.
Earlier, Morocco signed investment agreements with two important economic operators from UAE, Dubai Holding and EMAAR, concerning the development of tourist projects, worth USD 9 billion.
These agreements, which extend over 10 years, aim at encouraging tourist investment in the four principal poles of economic development, including Rabat, Marrakech, Casablanca and Tangier.
“Morocco and the UAE are determined to reinforce their economic relations,” had stressed the Emirati Minister of Economy and Planning, Cheikha Loubna Bent Khalid Khassimi, last May in Rabat.
