Casablanca: Emaar yesterday announced $5.4 billion worth of projects in Morocco, part of an overall portfolio which could exceed $6.9 billion.

Mohammad Ali Al Abbar, Chairman of Emaar Properties, has singed three memoranda of understanding (MoU) with Moroccan government on three projects Oukaimeden in Marakkech, Tinja near Tanfiers and Saphira in Rabat.

"Today we signed three MoUs for projects, valued at $5.4 billion. These are part of our overall plans to develop six projects, worth $6.9 billion. These are mixed-use masterplanned developments that will include residences, hotels and resorts and other community facilities," he told the media following the signing ceremony.

The company will soon open its Morocco headquarters in Marakkech and offices in all the major cities to kick start the construction works. It is also in the process of hiring manpower for the projects.

The latest signing signals Emaar's fourth move into Morocco, following its announcement of the $327 million Amelkis a luxury residential golfing community development in Marakkech and the launch of the $1.2 billion Bahia Bay a large scale golfing and residential community with a joint venture partner, the ONA Group.

"Morocco is a sizeable economy, with high resources and an hour from Europe. It has a very investment friendly laws and strong potential for growth. That's why we are here with such high level commitment.

"This is probably the only country that has vibrant colours and smell. It has long beaches, four seasons and high growth potential. Besides, its very much Moorish."

He said, Morocco will play an important role in the international expansion of Emaar. "With a total of six projects planned, Morocco is one of Emaar's most significant commitments outside the UAE and we will soon be opening our office headquarters in Marakkech as well as offices in Rabat and Tangiers to cement this commitment," he said.

"Our Moroccan projects draw together all the most successful elements of Emaar's many signature lifestyle communities," Al Abbar said.

Oukaimeden

Oukaimeden, a hill resort in the Atlas Mountains, will house a cluster of Georgio Armani villas and resort that will have 2,000 hotel rooms, more than 300 retail units and 25,000 square metres of business and conference facilites, complimented by a golf course. It is expcted to be a year-round hive of activities.

Saphira

Situated on Rabat's western side, Saphira, or Rabat Corniche dev elopement will become a leisure and tourism hub. Stretching along 11 kilometres of coastline, covering 330 hectares and comprising nine districts, the project will include a road network of tree-lined boulevards and electric tram system, cycle paths and green spaces.

Tinja

To be developed on a 230 hectares of landscaped terrain stretching two kilometres that is 20 minutes drive from Tangiers, the project will have more than 670 residential units and over 600 hotel rooms.

The project will be built over a period of eight years and will be developed in five phases.