Russian gas giant invests in Morocco
From "FOH News" on 10 July 2008
Gazprom’s real estate subsidiary Kudla has established a Moroccan-based group, Intelco, which will oversee the development of the Paradise Golf Resort at Aouchtam in the Rif mountains, comprising of high-end villas, a golf course, residential apartments and a marina. Further development of the surrounding area will see some 58 hectares of projects to be developed between Tangiers and Tetouan.
The group is also working on a 1,200-hectare project on the Mediterranean at Azla, near Tetouan, which will also comprise of luxury residential property, a golf course and a marina development.
Explaining his firm’s decision to enter the Moroccan sector, Mohamed Ghalat, director of Kudla, told a press conference: "We want to invest here because the Spanish market is saturated."
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A UK-based agency has also entered the Moroccan sector, by launching Les Terrasses d’Agadir - what it is calling the first apart-hotel project to be situated on Morocco’s Atlantic Coast.
Les Terrasses d’Agadir is a 147-room apart-hotel that offers investors the opportunity to buy a fully managed and furnished 4-star serviced apartment.
Alex Andjel, director, said that fundamentals for future growth in Morocco were behind the move. "Morocco’s King Mohammed VI, recently instructed that continuous improvements should be made to the country’s infrastructure, law and security enforcement, environment, and responsible tourism and property development in order to remove any obstacles inhibiting foreign investment. Now Morocco has developed an ambitious strategy dubbed Vision 2010, which has been backed by the Ministry of Tourism and aims to attract 10 million tourists per year by 2010. This will involve the construction of more holiday complexes and increased investment focusing on property developments, seaside resorts and marine and airport infrastructure."
