GFH to launch $1.4b Gateway to Morocco project in early 2007

Dubai: Bahrain-based Gulf Finance House (GFH) yesterday that it will launch both components of its $1.4 billion 'Gateway to Morocco' project in early 2007.

Memorandums of Understanding (MoU) for both components, namely Royal Resort Cap Malabata in Tangiers and Royal Ranches in Marrakech were signed between the Government of Morocco and GFH on July 27 in the presence of His Majesty King Mohammad VI and Prime Minister Driss Jettou.

Abdul Rahman Al Jasmi, Deputy CEO of Gulf Finance House and Vice Chairman of Royal Ranches Marrakech and Royal Resort Cap Malabata Tangiers, said: "The Gateway to Morocco project and its two components Royal Ranches Marrakech and Royal Resort Cap Malabata together signify GFH's strategic commitment to play a key role in developing the social and economic framework of the Kingdom of Morocco.

"Significantly, it supports the vision of His Majesty King Mohammad VI to strengthen and diversify Morocco's rapidly growing economy, and the government's efforts to attract foreign investment into the Kingdom."

GFH's business model is based on the concept of 'partnership for progress' whereby GFH becomes a part of the community and works together with the Government to contribute to the welfare of the people and partner in the infrastructure development initiatives of that country.

The Gateway to Morocco project is not just in line with this model but is also part of GFH's strategic move into the North African market.

It will provide GFH clients and strategic partners with new attractive investment opportunities.

Royal Ranches Marrakech will be a mixed-use sporting, leisure and residential complex designed to express the spirit of community living without trespassing upon an individual's privacy.

Spread over an area of more than 370 hectares and dedicated to the equestrian world, it will boast a world-class horse racing track supported by state-of-the-art stabling, veterinary facilities, and climate-controlled grandstands.

Villas and apartments will be provided amidst spectacular landscaping and superlative waterways in the form of rivers and lakes.

The first of its kind in North Africa, this exclusive development will feature an Elite Equestrian Club comprising a clubhouse (with meeting rooms, restaurant, specialised shops, auditorium and changing facilities), equestrian school, race course, polo fields, riding arena, veterinary centre, breeding centre, training centre, equestrian kids club and children's theme park.