Morocco
Saudis invest in new Moroccan sea resort

afrol News, 25 July - Taghazout, near the southern city of Agadir, is to become Morocco's next tourist attraction. The development of the resort is expected to claim a total of over US$ 1 billion private capital investments, and yesterday, a Saudi group agreed to finance the initiation of the works. 

The total investment stands at more than US$ 152 million for the development works at Taghazout and the in-site infrastructures are foreseen to generate an induced investment of about US$ 952 million for the construction of the accommodation and leisure equipment, the Moroccan news agency MAP reports. Once materialised, "the project will contribute to the generation of 15,000 direct jobs and 75,000 indirect ones."

The plans for Taghazout are enormous. The sea resort is planned to the site of construction of 35 high-graded hotel units with a 19,000-bed accommodation capacity, tourism residences with a total accommodation of 5,100 beds and leisure and entertainment facilities, including 3 golf links and two fishing and leisure shelters.

A Saudi group has guaranteed for the bulk of the investments. King Mohammed VI himself on Wednesday chaired over the signing of an investment convention with the company Palais des Roses International, an affiliate of Saudi Dahlan Group. The resort is to be built in a public-private partnership.

Taghazout presently is a small fishing village some 20 kilometres north of Morocco's main seaside resort Agadir. The village is blessed with a 10 kilometre long sandy beach to the south and several smaller beaches to the north. 350 days of sun a year and the proximity to Europe will make the future resort an attractive all-year holiday destination for sun-loving Europeans.

The Moroccan tourism industry contributes with a significant portion of the country's foreign exchange earnings. Tourism-related industries, such as handicraft, provide employment to over half the Moroccan working force. The country has become an attractive tourist destination especially for Europeans.

Sources: Based on MAP, Moroccan govt and afrol archives

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