Arab News
Riyadh: Abdul Hannan Tago
BUSINESS ALLIANCE: Morocco’s Fouad Mohammadi and Khalil Nazeeh and Saudi Arabia’s Khaled Al-Dosari sign the private sector-led agreement for implementing projects in the two countries.
A private sector-led Saudi-US alliance has agreed to allocate $1.3 billion (SR4.88 billion) to finance investment projects in the tourism, recreation, and health fitness sectors across Morocco.
A Riyadh-based Knowledge Corner Marketing and Business Services on behalf of a group of US companies has entered into an agreement with the Moroccan Taroudant province to establish a number of investment projects on a 8.7 million sqm land in the province, said a statement released on Saturday.
The agreement was signed by Fouad Mohammadi and Khalil Nazeeh on the side of Morocco and Khaled Al-Dosari on the Saudi side.
Al-Dosari said, a universal park entertainment in Morocco will be managed and supervised by one of the largest US companies in the entertainment industry and is located in an area of 6 million sqm in addition to 3-4 star hotels, restaurants and cafes.
Under this agreement, 2.5 million sqm land is demarcated for a hotel, a tourist resort and a golf playground, which are likely to attract about two million tourists a year from the Gulf, Europe and African countries.
According to him, another 200,000 sqm land has been allocated for a ready to mix concrete project, for low-cost construction of houses, schools, hotels and other facilities compatible with the environment.
Under this project, 5,300 two-bedroom houses will be built in line with the American, European and other global building standards in a year.
Another 200,000 sqm is demarcated for a medical spa specializing in weight loss and health solutions for women.
All these projects are expected to provide 2,500 to 3,000 jobs for young Moroccan nationals.
Al-Dosari explained that the US-Saudi alliance will undertake a similar project in southern part of Saudi Arabia, pointing out that the details will be revealed after obtaining approvals from the authorities. Saudi projects and investments are of great importance t the alliance, he added.
