April 2, 2014 / 6:53 AM / 3 years ago

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

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

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

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