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Five investment funds from Morocco and the UAE have agreed to join hands to construct a large shopping mall in the Moroccan capital Rabat, a newspaper in the North African Arab country reported on Tuesday.
The Arabic language daily Al-Sabah said the mall would include at least 200 shops, a luxury hotel and other facilities under an agreement signed last week by the five funds.
It said the investors include the Casablanca-based Aksal Group, Wessael Capital, a Moroccan private equity style investment fund and the Moroccan fund for touristic development. The report did not name the two other funds.
“The agreement was signed last Wednesday for the mall project, which will be set up on an area of six hectares (60,000 square metres),” the paper said.
It said the mall would be built near the Bou Regreg River, which is located between the Western towns of Rabat and Sale, adding that it would provide about 3,000 jobs.
It did not mention the project costs or when it would be launched but quoted the investors as saying the mall is part of major Bou Regreg River development launched by King Mohammed VI in May for the construction of houses, services, cultural and recreation centres, hotels and other facilities.
The paper said those projects, with an area of 110 hectares (over one square km), would cost around 8.7 billion Moroccan dirhams (878 million dollars).
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