Rabat – Morocco’s Tourism investment Authority (Wessal Capital), signed on Thursday in Rabat between the Moroccan Fund for Tourism Development and sovereign investment funds of Qatar, Abu Dhabi and Kuwait, will generate investments in the tourism sector worth over 20.8 billion dirhams, Minister of Tourism and Handicrafts Yassir Zenagui said.
Wessal Capital will add to the investment momentum spurred by Morocco’s tourism promotion strategy, Vision 2020, said the Minister.
For his part, Foreign Minister, Taib Fassi Fihri, underscored that establishing Morocco’s Tourism Investment Authority mirrors Gulf countries’ support for the political and social reforms undertaken by Morocco.
The setting up of the new Authority will lead to reinforcing the already existing partnership between Morocco and the Gulf Cooperation Council member countries (GCC), he added.
Fassi Fihri said that Morocco is looking forward to the 32nd GCC summit which will allow for launching earnest negotiations with Morocco with a view to achieving an “advanced partnership” with the six-nation regional grouping, mustering Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The signing ceremony of the Partnership Agreement took place under the chairmanship of King Mohammed VI, Emir of Qatar Sheikh Hamad bin Khalifa al-Thani, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohammed bin Zayed bin Sultan Al Nahyan, and Kuwait’s Finance Minister Sheikh Mustafa Jassim Al Shamali.
The Agreement was signed by Economy and Finance Minister, Salahedine Mezouar, President of the board of directors of the Hassan II Fund for Economic and Social Development, Abdelouahed Kabbaj, CEO of Qatar Holding, Ahmad Mohamed Al-Sayed, Pesident of the Board of Directors of Aabar investments (Abu Dhabi), Khadem Abdallah Al-Qubaissi, and President of the Board of Directors of the Al-Ajial Investment Fund, Badr Al-Ojail.
