Conceived through collaboration of Morocco with four Gulf States, Wessal Capital plans to devote AED9 billion or $1.1 billion in tourism infrastructure in Rabat.
The venture is backed by Abu Dhabi’s sovereign wealth fund Aabar, Al Ajial Investments of Kuwait Investment Authority, Qatari fund Qatar Holding, Saudi Investment Fund, and the Morocco Fund for Tourism Development (FMDT) with a primary objective of improving and developing Morocco’s tourism.
After a preliminary outlay of AED6 billion for a project to build a cruising port, hotels, marina and a plan to renovate the old medina in the port of Casablanca, this is considered the second and larger investment of the fund.
The second phase of the project Bouregreg valley development in Rabat will be located at the Bouregreg River where it converges with Atlantic Ocean. Included in the plan are hotels, residential housing, urban green spaces, a marina, a museum and a theater having a property base of 110 hectare.
Way back in 2012, the four Gulf States approved to aid Morocco with an amount of $5 billion within the year 2012 and 2017.
However, the $3.4 billion worth of funds from Wessal Capital is not included in the aid package. Morocco reached 10 million tourists in 2013 and forecasted to increase by 10 percent this year. Aside from the transfer of funds coming from the Moroccans abroad, tourism is now acknowledged the major source of foreign currency of Morocco.