The National Emirates
by Michael Fahy
Project management firm Hill International has landed a contract to project manage the first phase of a US$900 million (Dh3.3bn) mixed-use development in Morocco’s capital city, Rabat.
The firm said that the contract was awarded by an affiliate of UAE-backed Wessal Capital to project manage Wessal Bouregreg – a project that will contain a 5,000 square metre shopping mall, 4,200 homes and 104,600 sq m of commercial office space, public parks and a waterfront promenade.
“The Wessal Bouregreg development will provide important residential, commercial and cultural amenities to Rabat,” said Waleed Abdel-Fattah, a senior vice president within Hill’s project management group.
“We look forward to helping Wessal successfully complete this important project,” added Mr Abdel-Fattah.
Wessal Capital is an investment fund set up by King Mohammed VI of Morocco in 2011. It has the backing of several GCC sovereign wealth funds including the UAE’s Aabar Investments, Saudi Arabia’s Public Investment Fund and Qatar Holding.
Hill International is a US-based project management firm that earned about 47 per cent of fees through work in the Middle East in 2014 – the latest year for which figures are available.
It is currently carrying out project management contracts on several mixed-use schemes in Morocco, including the Al Houara Coastal Resort Project in Tangier – a golf and beach resort containing two hotels spread over 234 hectares.
According to the Oxford Business Group, an estimated $15bn worth of investments have been made by GCC investors in luxury tourism and real estate projects in Morocco, Algeria, Tunisia and Egypt.
mfahy@thenational.ae
