Articles
Companies

Home / NEWS / Casablanca's Old Medina set for $30m revamp

Casablanca's Old Medina set for $30m revamp

by Michael Fahy on Mar 30, 2015


Image of Wessal Capital's $577m Casa-Port project
Image of Wessal Capital's $577m Casa-Port project

RELATED ARTICLES: Tasweek plans $55m mixed-use project in MoroccoDubai company to build $1bn skyscraper in MoroccoWessal Capital to invest $2.4bn in Morocco

Work has started on a $30.5m (€28m) redevelopment on Casablanca's Old Medina as part of the wider $577m Casa-Port project.

Casa-Port is being developed by Wessal Capital, which is a joint venture between five sovereign wealth funds - the Moroccan Fund for Tourism Development (FMDT), Abu Dhabi's Aabar Investments, Qatar Holding, Saudi Arabia's Public Investment Fund and Kuwait's Al Ajial Capital.

Wessal Capital said the redevelopment of Casablanca's historic old city, which is a major tourism attraction, represents the second phase of the Casa-Port project, with work getting underway on the new port last week.

It is due for completion in five years.

The Old Medina dates back to the sixth century, although much of it was destroyed and then rebuilt in an earthquake in the 17th Century. The site extends across 50 hectares and includes seven mosques, three synagogues and a church.

The regeneration will include a new, 3.7km tourism pathway connecting to a new cruise ship terminal which runs through all of the major tourism sites in the area.

Around 2,000 construction jobs are being created at the Casa-Port project, with a further 6,000 expected in the future.



Advertisement




Articles
Companies