Trade Arabia
Finance & Capital Market
Gulf states will invest Dh6 billion ($737 million) in tourism infrastructure in the port of Casablanca in the first of a series of such projects, a statement from Morocco’s royal cabinet said.
The states will use their Wessal Capital joint venture, one of the vehicles created by the GCC states to support the Moroccan and Jordanian monarchies during the Arab Spring uprisings.
The fund is focused on tourism development in Morocco and is supported by Qatari fund Qatar Holding, the Kuwait Investment Authority’s Al Ajial Investments, Abu Dhabi’s sovereign wealth fund Aabar, Saudi Investment Fund and the Moroccan Fund for Tourism Development.
Four Gulf states – Qatar, Saudi Arabia, Kuwait and the UAE – agreed in 2012 to provide aid worth a total of $5 billion to Morocco between 2012 and 2017 to build up its infrastructure, strengthen its economy and foster tourism.-Reuters
