Spanish developer Fadesa announces $597m tourist investment in Morocco
2007-03-27
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Spanish real estate group Fadesa announced that it will invest $597 million to build a residential complex of 5,000 dwellings at the beach Playa Blanca along the Atlantic coast, MAP quoted the company as saying on Monday (March 26th). Fadesa said the new complex will be comprised of 1,338 apartments, 865 villas, 1,850 dwellings and 980 villas for tourists, eight four- and five-star rated hotels, an 18-hole golf course, a shopping centre and other leisure facilities. Upon the project's completion in 2014, the new resort will create some 13,000 jobs and help strengthen Morocco’s external position. In line with King Mohammed VI's Vision 2010 strategy, government incentives to develop the tourism industry have increased investment in the sector and resulted in rising tourism revenues. Morocco aims to attract 10 million tourists by 2010. (MAP)
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