Saudi-US alliance to invest US$1.3bn in Moroccan projects

Morocco gets increased investment
Morocco gets increased investment

A private sector-led Saudi-US alliance has agreed to allocate US$1.3 billion (SAR4.88 bn) to finance investment projects in tourism, recreation, and health fitness sectors across Morocco, as reported by Arab News.

Knowledge Corner marketing and business services on behalf of a group of US companies has entered into an agreement with Moroccan Taroudant province to establish number of investment projects.

The agreement was signed by Fouad Mohammadi and Khalil Nazeeh on the side of Morocco and Khaled Al-Dosari on the Saudi side.

Al-Dosari said, a universal park entertainment in Morocco will be managed and is located in an area of six million square metres in addition to three and four-star hotels, restaurants and cafes.

Under this agreement, 2.5 million square metre land is demarcated for a hotel, a tourist resort and a golf playground, which are likely to attract about two million tourists a year from the Gulf, Europe and African countries.

According to him, another 200,000 square metre land has been allocated for a ready to mix concrete project, for low-cost construction of houses, schools, hotels and other facilities compatible with the environment.

All these projects are expected to provide 2,500 to 3,000 jobs for young Moroccan nationals. Al-Dosari explained that the US-Saudi alliance will undertake a similar project in southern part of Saudi Arabia, pointing out that the details will be revealed after obtaining approvals from the authorities. Saudi projects and investments are of great importance to the alliance, he added.

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