Infrastructure works start on Gulf Finance House’s projects in Marrakech and Tangiers
Gulf Finance House BSC, hereinafter called GFH, the leading Islamic investment bank specializing in conception and execution of economic infrastructures in some of the worlds fastest growing economies, today announced that infrastructure works have begun on two exceptional projects in the Kingdom of Morocco. Royal Ranches Marrakech and Royal Resort Cap Malabata in the cities of Marrakech and Tangiers respectively are both mixed use developments with a combined value of circa US$ 1.6 billion and will take shape over a total of 60 months while initial infrastructure work will occupy a period of 12 months.
Royal Ranches Marrakech is a US$ 1 billion mixed-use sporting, leisure and residential city spread over a total area of 380 hectares. To mark the occasion Mr. Mounir Chraibi, Wali of Marrakech will join GFH Chairman Esam Y. Janahi at a private ceremony on the Royal Ranches Marrakech site in Marrakesh. On completion, the resort will offer a wealth of equestrian facilities with the development of a world-class equestrian training centre, polo field, horse breeding centre, horse riding arena and training centre, equestrian children’s club, state of the art stabling and veterinary facilities.
The US $ 582 Royal Resort Cap Malabata marries tourist, commercial and residential themes and is set to cover a total area of 113 hectares. It will encompass residential villas and apartments, riyads, hotels, a cultural village, an equestrian club and a school. The resort will also serve as a hub for the international business community, offering an exclusive location for corporate meetings, conventions and exhibitions.
Commenting on the commencement of infrastructure works GFH Chairman, Esam Y. Janahi said, “Morocco is the perfect location for this initiative and today’s announcement marks the next exciting step in its delivery. It further underscores our commitment not just to the conception but also the delivery of infrastructure upon which the resorts will take shape”.
Ali Lamsouber, General Manager of Royal Ranches Marrakesh and Royal Resort Cap Malabata said, “Morocco is the perfect location for this landmark GFH project. Tangiers offers numerous and awe inspiring beaches ideally located for residential, tourist and business purposes, while Marrakesh enjoys a global reputation thanks to the breathtaking landscapes it boasts in the foothills of the Atlas mountains”.
Morocco has experienced significant economic growth over the past few years and GFH has recognized the huge potential this project can offer the Kingdom of Morocco. On completion, the project will deliver a range of employment opportunities, attract tourists from across the globe and incubate the brand of socio-economic development central to all GFH economic infrastructure initiatives, whether in the energy, financial, entertainment, software or telecoms sectors.