Gulf states to invest over $730 million in tourism infrastructure in Morocco

Wed Apr 2, 2014 6:48am GMT
 

RABAT (Reuters) - The Arab Gulf states fund Wessal Capital will invest 6 billion dirhams ($737 million) in tourism infrastructure in the port of Casablanca, the first in a series of other similar projects planned by the Gulf states, a statement from the royal cabinet said on Tuesday.

Wessal Capital is a joint venture focused on tourism development in Morocco, created by Qatari fund Qatar Holding, the Kuwait Investment Authority's Al Ajial Investments, Abu Dhabi's sovereign wealth fund Aabar , Saudi Investment Fund and Moroccan Fund for Tourism Development (FMDT).

($1 = 8.1362 Moroccan Dirhams)

Tourists walk around the Argana restaurant (background) at Marrakesh?s famous Jemma el-Fnaa square, June 22, 2012.    REUTERS/Abderrahmane Mokhtari

Market Update

  • Africa
  • US
  • Europe
  • Asia
UK £ USD =1.6191
Euro USD =1.2623
Rand USD =0.0888