Dubai firms announce $19bn Morocco projects

Dubai firms announce $19bn Morocco projects
Published: 06 April 2006

Dubai-based developers, Emaar Properties and Dubai International Properties DIP), yesterday announced projects worth US$18.9 billion in Morocco, part of a commitment exceeding US$20 billion (Dh73 billion) by UAE  investors over 10 years.

Mohammad Abdullah Al Gergawi, UAE Minister of State for Cabinet Affairs and  Chairman of Dubai Holding, the parent company of DIP, and Mohammad Ali Al Abbar, Chairman of Emaar, have signed memoranda of understanding with their  partners for eight major mixed-use developments, in the presence of King  Mohammad VI of Morocco, at his palace in Casablanca yesterday.

Dubai Holding is involved in five projects worth over US$12 billion, while  Emaar’s total investment will be US$6.9 billion in six projects. Emaar signed  three MoUs yesterday with the government. The rest are the redevelopment of a port in Rabat and a free zone in Tangiers by Jebel Ali Free Zone Authority.

"Together, the UAE’s investment in Morocco will exceed Dh73 billion, of  which Dubai Holding is involved in US$12 billion worth of projects that will  be executed over a period of 10 years," Al Gergawi told Gulf News. "Dubai Holding has already invested US$3 billion in Morocco."

This makes the UAE the top investor in Morocco, said a Moroccan official. Al Abbar said this was the fourth largest investment abroad by Emaar. "Today, we are announcing US$5.4 billion worth of projects, part of US$6.9  billion investment in Morocco, spread across Rabat, Casablanca, Tangiers and  Marakkech," he said.

Emaar’s projects will be owned by it, including the land on freehold. "The UAE has become the single largest source of foreign investment in  Morocco," Salaheddine Mezouar, Morocco’s Minister for Trade Industry and  Economy told Gulf News. "Dubai has a strategic vision for overseas investment following their  success at home and I’m sure more investment will flow from Dubai to  Morocco, as we have opened our doors for investment," he said.