Orascom enters Morocco

02 February 2007 By MEED Editorial

The local Orascom Hotels & Development (OHD) is to build a new tourist resort on 15 square kilometres of land it has bought in the southern Moroccan province of Guelmim.

Announcing its plans on 31 January, OHD said it would develop a tourist and leisure resort and town in Oued Chbika. The development will include hotels, residential units, an 18-hole golf course, shops and leisure facilities.

OHD has signed an agreement with the state-run pension fund Caisse de Depot et de Gestion (CDG) which gives the latter a 30 per cent stake in the project.

The move is in line with Rabat's plan to increase its annual tourist arrivals to more than 10 million by 2010.

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Orascom enters Morocco

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