Mega real estate project launched

Tangiers: In the latest Gulf investment in the North African region, the foundation stone of a $1.3 billion (Dh4.77 billion) real estate project was laid in Tangiers, Morocco on Monday.

The mega project of the Kuwaiti Gulf Holding Company (GHC) is the fourth real estate project launched by a Gulf Company in Morocco in the past few years after Dubai's Emaar Properties, Sama Dubai and Qatar's Diyar.

The great potential and strong prospects of the Moroccan economy encouraged the company to go ahead with its plan to start the project despite the financial crisis that is crippling some of the globe's strongest econ-omies, according to executives of GHC.

Good opportunity

The project, which is named Villa Royale, comes in line with the company's mid-term focus on aggressively exploring good opportunities in emerging markets, they noted.

All the world is witnessing a painful bleeding, Ahmad Al Ameer, vice-chairman and CEO of GHC said in reference to the crisis.

However, there are countries, including Morocco, that were not affected by the crisis, he added in a press conference held shortly before the festival ceremony to launch the project.

Several Moroccan officials attended the ceremony held in an area overlooking both the Mediterranean coast and the straits of Gibraltar.

"Morocco's (economic) indicators are positive," Al Ameer said, adding that the economy of the northern African country is expected to record a growth of 6 per cent in 2008.

Vision 2010

He also pointed out to the Moroccan government's Vision 2010 which aims to attract 10 million tourists by 2010, and to the strong indicators of the banks and financial institutions in northern African country, as well as its desire to open up the door for foreign investments and opportunities similar to Monday's project.

The project will be built on an area of 1.13 million square metres.

It comprises of a residential part that includes palaces and residential units, as well as a clinic, a school, an equestrian centre and a retail complex of cafes, restaurants and shops.

The project is expected to be completed by the end of 2011, while the first part is scheduled to complete by mid 2010.

GHC was established in Kuwait in 2005 at the beginning of the construction boom in MENA region. Presently, its capital stands at 70 million Kuwaiti dinars. Its shares are not listed yet on the Kuwaiti Stock Exchange. In 2007, the company announced a net profit of 20.14 million dinars.

Morocco's project is the third for the company with investments totalled so far nearly $2.2 billion.

The great potential and strong prospects of the Moroccan economy encouraged the company to go ahead with its plan to start the project despite the financial crisis that is crippling some of the globe's strongest economies.