Emaar investment in Morocco reaches AED 25.3 billion for six world class real estate developments
Emaar Properties, the world’s number one property developer, has further strengthened its position in the Moroccan market with the company’s investments reaching AED 25.3 billion covering six real estate projects across the country.
The company signed a new AED 19.8 billion Memorandum of Understanding (MoU) today with King Mohammed VI, King of Morocco. Emaar was represented by its Chairman Mr. Mohamed Ali Alabbar. The MoU opens the door for Emaar to develop communities comprising residential, commercial, retail, leisure and entertainment facilities.
The momentous MoU includes three unique developments stretching from the Atlas Mountains to the Atlantic coast and includes world class golf and ski communities, Riviera living and luxury spas and resorts. Construction work will start on all three projects this year.
A shared vision for the prosperity of their nations and inspirational leadership cements the long standing partnership between King Mohammed VI and Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of
UAE and Ruler of Dubai. Both leaders have been instrumental in shaping their nations and driving forward their economic growth.
Due to the vision and leadership of King Mohammed VI, Morocco has in recent years made great headway in opening the economy to foreign investment and trade as well as making financial reforms which will encourage the continued growth of the Moroccan economy.
Emaar’s Chairman Mr Mohamed Ali Alabbar said: “The signing of this MoU is the culmination of our commitment to provide communities that will complement Morocco’s unique environment, architecture and cultural character. We look forward to working with the Moroccan government in creating these exciting developments.”
“Morocco will play an important role in the international expansion of Emaar. With a total of six projects planned, Morocco is one of Emaar’s most significant commitments outside of the United Arab Emirates and we will soon be opening our office headquarters in Marrakech as well as offices in Rabat and Tangiers to cement this commitment,” he added.
Alabbar said any planned future projects will complement Morocco’s maturing as a tourist destination and residential investment location. “Morocco is a natural fit with the types of world class communities we offer. It has distinctive natural beauty, from rocky coast to snow-capped mountains, and a climate conducive to year round outdoor living and leisure. As a destination and a place to live it is increasingly sought after.
The three distinct developments covered in the MoU are:
Oukaimeden: Located in the Atlas Mountains, Oukaimeden, the valley of four winds, is set to become the ultimate four season mountain destination for recreation, entertainment, relaxation and residence as well as being the Middle East and Africa’s only golf and ski resort.
In keeping with Berber design and architecture of the great Atlas Mountains, Oukaimeden village will combine commercial, office, retail, entertainment and dining amenities with a full range of residential options to choose from. With 2,000 hotel rooms, more than 300 retail units and 25,000 sq. metres of business and conference facilities planned, Oukaimeden will be a year round hive of activity.
Saphira: Situated on the City’s western side, Saphira (Rabat Corniche) will become the leisure and tourism hub of Rabat City, one of the country’s most famous historic and cultural centres. With a striking Atlantic coastal position, Mediterranean and Moorish architecture and an ancient commercial heart, Saphira will provide high quality residential communities, as well as a vast array hotel and leisure facilities.
Stretching along 11km of coastline, covering 330 hectares and comprising nine distinctive districts, Saphira will include a road network of tree-lined boulevards, an electric tram system, cycle-paths, parks and green spaces. At Saphira’s core will be the pedestrian, “Le Grand Souk”, which will connect the old medina with the new Medina Maris district – a world class marina development with vibrant Riviera lifestyle and a host of leisure and retail opportunities.
Tinja: Nestled between seafront and natural indigenous forest, Tinja is a haven of peace and tranquility just 20 minutes from Tangiers. Offering a mix of high quality residential and commercial zones arranged around a vibrant marina, Tinja is a world class development located on the impressive Atlantic Ocean coastline.
With more than 670 residential units and over 600 hotel rooms as well as leisure clubs and facilities, Tinja offers Riviera living at its best - eye catching coastal views combined with world class facilities. Located close to the main coastal route and the Ibn Battuta airport, Tinja provides the perfect gateway from which to explore Tangiers and Morocco as a whole.
“Our Moroccan projects draw together all the most successful elements of Emaar’s many signature lifestyle communities. Using our experience of creating world class golf communities, luxury leisure and hotel resorts as well as internationally renowned marinas and amenities rich communities, we will work with the Moroccan government to build innovative real estate – like our unique golf and ski resort - that adds value both to Morocco and its people,” added Alabbar.
This latest signing signals Emaar’s fourth move into Morocco, following its announcement of the US$327 million Amelkis II - the luxury residential golfing development in Marrakech, the announcement of Amelkis III – further development of the residential golfing community and its launch of the US$1.2 billion Bahia Bay project, a large scale residential golfing community along the picturesque Moroccan coast – all with joint venture partner ONA Group.