UAE firm lands $800mn Morocco deal

Reem's development in Marrakech is expected to create around 2,500 jobs. (Getty Images)

Abu Dhabi-based Reem Investments on Wednesday signed an agreement with the government of Morocco to develop an $803.7 million project in Marrakech.

The 200-hectare Atlas Garden project will include three hotels, a fitness club, golf course, market and shopping centre, as well as villas and apartments, state news agency WAM reported on Thursday.

The development is expected to create around 6,500 jobs, according to local media.

AbdulHameed Saeed, chairman of Reem Investments, said in a statement to WAM that the project will consolidate the company’s presence in Morocco, praising the investment atmosphere in the North African country.

Atlas Gardens was one of four projects announced on Wednesday during a ceremony chaired by Moroccan King Mohammed VI, with investment totalling $3.4 billion.

Belgian group Thomas & Piron, Morocco’s Palmeraie de Marrakech and Moroccan Bank BMCE are to build eight hotels in the southern region of Quarzazate in a deal worth $667 million, reported Moroccan state news agency Maghreb Arabe Presse.

A $741.2 million tourism project is also being developed in the south of the country, which will include the construction of hotels, housing units and leisure and entertainment facilities.

The fourth development, part of the $1.2 billion ‘Plage Blanche’ project in the southern city of Goulmim is being carried out by Spanish Group Fadesa-Martinsa and includes 8 hotels, 2 golf courses, a spa and other leisure facilities.

In total all four projects are expected to create over 20,000 jobs.

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Posted by Tarek Helmy on Sunday 16 September 2007 at 15:00 UAE time


It is really appreciated that large investment groups to go beyond the boundries of UAE & to invest in other Arab countries. Meanwhile, I believe also if these same groups can speed up the real estate investments in Abu Dhabi before looking into outside UAE opportunities. Abu Dhabi is announcing so many large projects, yet still to become reality and with very slow progress compared even to Dubai. I believe this is the feeling of most Abu Dhabi residents.

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