Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

KIA's Al-Ajial Fund invests 400 mln euro in Morocco  Join our daily free Newsletter

MENAFN - Arab Times - 15/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Bat april 2 (agencies): al-ajial investment fund of kuwait investment authority (kia) is investing 400 million euro in the wessal capital gulf-morocco venture an equal share to that put in by the sovereign funds of saudi arabia qatar the uae and morocco. al ajial investment fund general manager waleed al-fehaid told reporters in casablanca late tuesday that 780 million of the total investment would be channeled to the wessal casablanca-port project. king mohammed vi had earlier in the day inaugurated the project which is aimed to bolster this gulf-morocco partnership.

the official said this is the first time for a group of arab sovereign investment funds to join hands on such mega development project. the project would greatly benefit casablanca morocco's monetary and economic capital. gulf partners too are eager to seize such investment opportunities in the country and to diversify the exchange and progress towards the aspired strategic gcc-morocco partnership. the gulf-morocco investment partnership is broken into equal contributions by kuwait investment authority qatar holding abu dhabi's sovereign wealth fund aabar saudi investment fund and the moroccan fund for tourism development (fmdt). the total wessal capital stands at 3.4 billion. the wessal casablanca-port project includes construction of a residential complex at par with design seen in big cities across the world and a business-suited complex along with luxury hotels and green and recreational spaces. the venture also includes building a scientific city a scientific library a new fishing port and a cruise station as well as rehabilitation old casablanca to preserve and restore its cultural identity and rebuff its touristic appeal.

initiative

wessal capital is a separate initiative from the gcc's grant of usd five billion to morocco made earlier. it serves to attract the attention of major international investors and finance institutions to the country.  the launch of the wessal casablanca-port project coincided with the signing of eight new agreements between the new body on one hand and state bodies and international and financing institutions on the other. four gulf states - qatar saudi arabia kuwait and the united arab emirates - agreed in 2012 to provide aid worth a total 5 billion to morocco between 2012 and 2017 to build up its infrastructure strengthen its economy and foster tourism. the wessal capital funds worth 3.4 billion are separate from the aid package the statement carried by the state news agency said.

'wessal casablanca-port will completely change the city. there will be hotels cruising port marina and an ambitious plan to renovate the old casablanca's medina' haddad said. 'the property base is worth 1.3 billion dirhams.' morocco where tourism accounts for around 8 to 9 percent of the gross domestic product saw little of the turmoil of the 2011 arab spring revolts that ousted autocrats in north africa such as tunisia libya and egypt. it hit a record 10 million tourists in 2013 and the country expects a further 10 percent rise this year. however tourism receipts slipped slightly to 57.55 billion from 57.83 billion dirhams in 2012. along with remittances from the 4.5 million moroccans living abroad tourism is now morocco's biggest source of foreign currency key to a fragile balance of payments. moroccan king mohammed has kept his distance from gulf arab monarchies since his coronation in 1999 making far fewer official visits to the region than his late father king hassan. however concern over social unrest has brought arab monarchies closer.


 


Arab Times




  MENA News Headlines
 May 6 2015 - GCC urges acceleration of global aid to YemenGulf Times
(MENAFN - Gulf Times) GCC leaders yesterday reviewed the latest developments in Yemen, praising the objectives and outcomes of the Operation Decisive Storm and the start of the Operation Renewal of ...

 May 6 2015 - Qatar- VCU-Q marks commencement eventThe Peninsula
(MENAFN - The Peninsula) Virginia Commonwealth University in Qatar (VCU-Qatar) held its 2015 Commencement Ceremony on Monday at the Education City Student Center, conferring 61 Bachelor of Fine Arts ...

 May 5 2015 - Spring weather conditions forecast over next three daysJordan News Agency
(MENAFN - Jordan News Agency) A rise in temperatures is expected on Tuesday and the weather will be moderate in most parts of the Kingdom and warm in the Jordan Valley and Aqaba.According to the ...

 May 5 2015 - U.S led-coalition conducts 22 airstrikes against Daesh in IraqJordan News Agency
(MENAFN - Jordan News Agency) Coalition military forces in a statement said it had launched 22 airstrikes against Daesh terrorist gang in Iraq during the past 24 hours.The strikes hit tactical units ...

 May 5 2015 - Israeli forces arrest 11 Palestinians in the West BankJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation soldiers on Tuesday arrested 11 Palestinians in the West Bank.Palestinian Interior Ministry said that the occupation forces stormed the towns of ...

 May 5 2015 - Red Cross issues 24 travel documents for Syrian refugeesJordan News Agency
(MENAFN - Jordan News Agency) A total of 24 travel documents were issued recently by the International Committee of the Red Cross (ICRC) to Syrian refugees in Jordan who were granted resettlement ...

 May 5 2015 - 7th Jordan AFAQ Economic Forum to be held in Amman next TuesdayJordan News Agency
(MENAFN - Jordan News Agency) The 7th Jordan AFAQ Economic Forum will be held in Amman next Tuesday with the participation of economic and financial experts as well as companies from 10 nations, ...

 May 5 2015 - TAG signs two agreements to promote Italian languageJordan News Agency
(MENAFN - Jordan News Agency) The Talal Abu Ghazaleh (TAG) organization and the Italian Embassy in Jordan signed a cooperation agreement Tuesday to promote the Italian culture and language.Under the ...

 May 5 2015 - IMF expects 3.8% GDP growth in Jordan in 2015Jordan News Agency
(MENAFN - Jordan News Agency) The Regional Economic Outlook Update, released Tuesday in Dubai, projected that Jordan's Gross Domestic Product (GDP) will grow by 3.8 per cent this year and 4.5 per ...

 May 5 2015 - Specialized training course on ethical hacking concludes at RSS in JordanJordan News Agency
(MENAFN - Jordan News Agency) A specialized training course entitled "Certified Ethical Hacking" concluded at the Royal Scientific Society (RSS) Tuesday.The training course, which was held by the ...

more...


 






Google

Arab Advisors_12th convergence conf

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help