Works on Kingdom of Morocco’s Wessal Casa-Port project will begin closely by Wessa Capital, a Moroccan fund consisting of oil-rich gulf countries. It has been noted that the construction of the project will take 18 months at a cost of 530 million Euros.
Construction works includes cruise ship terminal, hotels, offices and residential buildings.
As its first investment project, Wessal Capital is backed by 2.5 billion euros in equity commitments from the Moroccan Fund for Tourism Development, Qatar Holding, the United Arab Emirates’ Aabar, Saudi Arabia’s Public Investment Fund and Kuwait’s Al-Ajial fund.
Wessal was organized to invest specifically in Kingdom’s tourism and real estate industries, may award contracts to units that its shareholders own or have stakes in.
The chief executive officer of the Moroccanj Fund for Tourism Development said that the number of their shareholders has equity participation in international chain operator. That is the office that will be relying on to pursue such projects.