Gulf investors commit

04 August 2006
Three more Gulf-based real estate developers have announced plans to invest in real estate projects in Morocco. Bahrain-based Gulf Finance House (GFH) is planning schemes in Marrakech and Tangiers, and two Abu Dhabi-based companies, Sorouh Real Estate and Reem Investments, plan to build mixed-use developments in Rabat and Marrakech.

GFH has signed a $1,400 million agreement with the government to develop the Gateway to Morocco project. The first phase of the project will comprise two developments, Marrakech Equestrian City, and Cap Malabata Resort in Tangiers. Covering a total area of 380 hectares, Marrakech Equestrian City will be a mixed-use sporting, leisure and residential complex. The Cap Malabatta Resort will cover a total area of 129 hectares and will include shopping malls, a marina, a golf course, equestrian club, convention centre, and a residential and commercial accommodation. Qatar's MZ & Partners is preparing the masterplan and architectural designs.

Sorouh and the local Bouregreg Valley Development Agency have signed a memorandum of understanding (MoU) to develop the estimated $2,000 million Bab al-Bahr project in the Bouregreg Valley in Rabat. The 650,000-square-metre development will be located downstream from the Moulay al-Hassan bridge and will offer residential, commercial and office space. Reem Investments estimated $1,000 million project will be located at Ourika in Marrakech and will include a golf course, three hotels, each with 2,500 keys, residential properties, and commercial areas.

The three companies are the latest in a string of developers from the Gulf to invest in Morocco this year. Two Dubai-base developers, Emaar Properties and Sama Dubai a subsidiary of state-owned Dubai Holding plan to invest $20,000 million in mixed-use tourism, commercial and residential projects across the country. Doha-based Qatari Diar Real Estate Investment Company plans to invest $170 million in a hotel and resort at Qassaba near Tangiers (MEED 7:4:06).

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