$1.4bn Gateway deal for Morocco
LEADING regional investment bank Gulf Finance House has signed a $1.4 billion deal with the government of Morocco to develop the Gateway to Morocco project, in support of King Mohammed VI’s vision to diversify the country’s economy.
The first phase will comprise two distinctive but complementary elements – Marrakech Equestrian City in Marrakech, and Cap Malabata Resort in Tangiers.
“Morocco offers GFH an ideal gateway into the North African market, a key component of our regional expansion strategy, and we are delighted to be the lead promoters and developers of this unique project, the Gateway to Morocco,” said the bank's chief executive and board member Esam Janahi.
The Marrakech Equestrian City will be a mixed-use sporting, leisure and residential complex. Spread over a total area of 380 hectares at Marrakech, it will boast of a world-class horseracing track supported by state-of-the-art stabling, veterinary facilities, and grandstands. Villas and apartments will be provided amidst spectacular landscaping and superlative waterways in the form of rivers and lakes.
Designed as a one-of-a-kind mixed-use tourism, commercial and residential destination on the Mediterranean coast, the Cap Malabatta Resort, located at Tangiers, will cover a total area of 129 hectares. It will feature cafes, galleries, exclusive shopping areas, marina, beach house, golf course, equestrian club and convention centre, as well as residential and commercial accommodation.