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22 June 2024

Saudi-US firms to invest $1.3bn in Morocco projects

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By Staff

A group of Saudi and US private investors plan to channel nearly $1.3 billion to construct hotels and other tourism and recreation projects in Morocco, a Saudi newspaper reported on Sunday.

The group has signed an agreement with the Moroccan government to set up the projects in the southern Taroudant town, the Arabic language daily ‘Alwatan’ said, quoting Khalid Al Dousari, who signed the agreement on behalf of the group.

Dousari, owner of one of the Saudi firms in the alliance, said Moroccan authorities have already allocated around 8.7 million square metres for the projects.

He said they involve the construction of a large fun city on an area of about six million square metres, three 4-star hotels, restaurants, cafes, golf course and a tourism resort.

He told the paper that the projects are expected to attract nearly two million tourists annually from Europe, Africa and the Gulf.

The projects also involve the construction of 5,300 ready concrete houses, schools and hospitals, including a health and dieting centre for women.

Dousari did not identify the investors or give date for starting the project but said the group is also planning to set up a similar project in southern Saudi Arabia.

The paper quoted him as saying he would give details of the Saudi project after it is approved by the competent authorities of the country.