Around €28 million or $30.5 million will be outlaid for the refurbishment of Casablanca’s Old Medina which is included in a major Casa-Port project estimated at $577 million.
According to the developer Wessal Capital, the redevelopment of the historic old city of Casablanca which is considered as prime tourist spot, symbolizes the second phase of the Casa-Port project with the works on the new port is currently in progress. The works are expected to be done in five years.
The old city will soon feature a new 3.7 kilometer long trail which is linked to a new cruise ship terminal which passes through all of the main tourist spots around the area. Approximately 2,000 jobs are created through the Casa-Port project, which is expected to reach 6,000 in the future.
The developer is said to be a joint undertaking of five sovereign wealth funds namely the Moroccan Fund for Tourism Development (FMDT), Abu Dhabi’s Aabar Investments, Saudi Arabia’s Public Investment Fund, Qatar Holding and Kuwait’s Al Ajial Capital.
The existence of the Old Medina was traced way back sixth century. It measures 50 hectares having seven mosques, three synagogues and a church.