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FINANCIAL NEWS
Saudi, US joint venture to invest USD1.3b in Morocco
07 Dec 2014
(MENAFN) A joint venture between companies in the private sector of both Saudi Arabia and the United States said that they are planning to invest USD1.3 billion to finance investment projects in the tourism, recreation, and health fitness sectors across Morocco, Arab News reported.
The joint venture, headed by Riyadh-based Knowledge Corner Marketing and Business Services, signed an agreement with the Moroccan Taroudant province to establish a number of investment projects on a 8.7 million square meter land in the province.
The joint venture said that the invested money will be allocated for the construction of a universal park entertainment in Morocco, which will be located in an area of 6 million square meter in addition to 3-4 star hotels, restaurants and cafes.
The agreement also included allocating a 2.5 million square meter land 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.
Meanwhile, another 200,000 square meter land will have a medical spa specializing in weight loss and health solutions for women constructed on it, with expectations that these projects will provide 2.500 to 3.000 jobs for young Moroccan nationals.
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