The launch of the first phase of the $1.4 billion Gateway to Morocco project, which includes the establishment of the Royal Ranches Marrakech and the Royal Resort in Tangiers, was announced recently by the Gulf Finance House (GFH).
GFH recently reached an agreement with the Walis of Tangiers and Marrakech to develop the 1st phase of the Gateway to Morocco project in the presence of His Majesty King Mohammed VI, marking the entry of GFH into Morocco’s socio-economic development projects.
"The Moroccan economy is experiencing a noteworthy growth as a result of the enthusiasm and continued efforts demonstrated by the Moroccan leadership,” stated Abdul Rahman Al Jasmi, Deputy CEO of GFH, according to Khaleej Times.
“Through this support, Morocco has been able to play a bigger part regionally as well as globally,” stated Al Jasmi, whi is also the Deputy Chairman of Royal Resort Cap Malabata and Royal Ranches.
More than several GCC and international companies have invested a total of $20 billion in various real estate and tourism projects in Morocco, strengthening the capacity of Moroccan hotels to absorb 10 million tourists expected by 2010.
Morocco last year witnessed a huge influx of European tourists, many of whom purchased villas and traditional properties throughout the Kingdom.