Al-Futtaim to develop major project in Morocco

Dubai Festival City is one of Al-Futtaim?s most recent developments.

Dubai-based Al-Futtaim Capital has announced it is in the final stages of acquiring a seven million square metre plot of land in Morocco, to build a mixed-use development.

This will be Al-Futtaim’s third large scale mixed-use project in the region, following the development of Dubai Festival City and Cairo Festival City.

“By expanding into Morocco, we have a great opportunity to grow despite the slowdown in the global economy,” said the company’s CEO Omar Al-Futtaim. “There is strength, diversity and depth to the Moroccan economy and we see many good reasons to be confident about our investment.”

Once the master plan is finalised, the company will seek governmental approval before officially launching the project next year. The community will include residential, retail and leisure facilities.

Advertisement

FEATURED COMMENT Please click here to comment on this article

The project is located half way between the capital city of Rabat and Casablanca, the country’s business hub, with a 5.5km frontage on the busy highway that connects the two cities.

“Morocco is on track to achieve a GDP growth rate above 5% for 2009, one of the highest in the world, which is a testament to the country’s strong leadership and fundamentals,” added Al Futtaim.
                                       
With an unemployment rate at its lowest in five years, as well as a young, well-educated and growing population, Morocco is one of the most attractive markets in the MENA region.

It has the second-largest non-oil GDP in the Arab world, and the second largest GDP per capita in North Africa.
 

---