Al-Futtaim Plans Morocco Project

  • 15 years ago
  • Uncategorized

Al-Futtaim Capital of Dubai, the investment arm of the Al-Futtaim Group, is planning a major development on the Atlantic coast of Morocco. The company is in the final stages of acquiring a plot of land in Bouznika, a coastal town just south of Rabat, the capital city, and north of Casablanca.

 

The land is said to be approximately seven million square meters and will hold up to 42,000 residential units when complete. Al-Futtaim Capital’s managing director, Marwan Shehadeh, said that “The total development cost of the project will be in excess of a couple of billions of dollars.” The total project will have a 20-year timeline, according to Shehadeh.

 

This will be the company’s third major development project, following DubaiFestivalCity and CairoFestivalCity. The master plan is being finalized, and once all government approvals are granted, construction is expected to begin in 2010.

 

Omar A. Al-Futtaim, Chief Executive Officer, Al-Futtaim said: “By expanding into Morocco, we have a great opportunity to grow despite the slowdown in the global economy. There is strength, diversity and depth to the Moroccan economy and we see many good reasons to be confident about our investment. This acquisition gives us a foothold in Morocco that we intend to build on.”

 

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