The bank has financed a $1bn leisure and residential project covering 380 hectares near Marrakech. The Royal Ranches Marrakech will be themed on an equestrian training centre, horse breeding centre, polo field and stables.

The project will take five years to finish, although the infrastructure will be in place within a year.

The second project will be the $582m Royal Resort Cap Malabata tourism and residential development on the coast near Tangier.

The bank declined to say how long construction work would take on the 113 hectares real estate project.

Gulf Finance House generated a net profit of $340m during 2007, a 61 per cent increase on 2006.