Morocco and four Gulf states will give 40% of the financing for 2 billion euros ($2.78 billion) of tourism projects in Tangier, Rabat and Casablanca, the North African country’s tourism minister.
The government revealed proposal to revitalize Casablanca’s port area, valuing the asset from the Gulf countries, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates at 6 billion dirhams ($741.14 million).
These countries will also work in partnership with Morocco on mixed use projects in Tangier and Rabat that will include residential housing, according to the Minister of Tourism.
Morocco and the GCC countries would provide 40 percent of the funding for the three projects and the remainder would come from private investors and bank financing, the Minister of Tourism also stated.
The Rabat project would develop a valley among the Moroccan capital and nearby Salé, which will include hotels, residential units and cultural attractions like theater and museum.
The government will restore the Mediterranean city’s port area, reviving land presently occupied by a military barracks, factories and some port facilities in Tangier.
The project construction would start this year and would be finished in 4-5 years, totaling tourist numbers would increase 8% this year from 10 million in 2013. This will lead to a 4% increase in profits. Morocco’s tourism income was 57.55 billion dirhams.
The four Gulf countries allowed to give assistance worth a total $5 billion to Morocco between 2012 and 2017 to build up its infrastructure, build up its economy and promote tourism.