Rabat: According to the Morocco’s royal cabinet, the Arab Gulf countries will spend 6 billion dirhams in tourism infrastructure in the port of Casablanca in the first of a series of developments.
The countries will utilize their Wessal Capital joint project, one of the vehicle made by the Gulf Cooperation Council (GCC) states to support the Moroccan and Jordanian kingdoms during the Arab Spring uprisings.
Abu Dhabi’s sovereign wealth fund Aabar, Qatari fund Qatar Holding, Saudi Investment Fund, Kuwait Investment Authority’s Al Ajial
Investments and the Moroccan Fund for Tourism Development (FMDT) supported the tourism development in Morocco.
The four Gulf countries such as United Arab Emirates, Qatar, Kuwait and Saudi Arabia agreed in 2012 to provide help worth a total $5 billion to Morocco between 2012 and 2017 to construct its infrastructure, promote tourism and toughen its economy.
Morocco is where tourism accounts for around 8 to 9% of the gross domestic goods saw little of the chaos in 2011 Arab Spring mutiny that ousted autocrats in North Africa such as Egypt, Tunisia and Libya.
In 2013, it hit a record 10 million tourists and the country assumes a further 10% increase this year. On the other hand, tourism revenues slipped a little to 57.55 billion from 57.83 billion dirhams last 2012.
Tourism is now Morocco’s biggest source of foreign money and a key to a fragile balance of payments along with remittances from 4.5 million Moroccan’s living out of the country.
Moroccan King Mohammed has kept his distance from Gulf Arab monarchies since his coronation in 1999, making far fewer official visits to the region than his late father King Hassan. Nonetheless, concern over community disturbances has brought Arab monarchies closer.