Morocco: Spanish firms win lucrative real estate deal
According to Al-Hayat newspaper (June 20, 2005), the Spanish Fadesa Inmobiliaria SA, one of the largest Spanish groups on the real estate market, and ANJOCA Property Company have recently won a Euro 89.45 million contract to build a major residential, holiday and commercial project in the Moroccan city of Tangiers, promoted by the Moroccan Government via the public body responsible for the promotion of the Bahía de Tánger, SNABT. Facing the Bahía de Tánger, the project has an area of 3.4 hectares and a built area of 226,678 m2. The residential area will comprise of 600 units, approximately distributed over three blocks, which will occupy a built area of 75,572 m2. Likewise, the new development will have three 3, 4 and 5 star hotels respectively that will offer a total of 1,440 beds.