A ceremony was held alongside the ministerial Strategic Intelligence Committee meeting to sign investment agreements on March 18th, 2009, at the headquarter of the Ministry of Economy and Finance. The ceremony was attended by Mr. Sallaheddine MEZOUAR, Minister of Economy and Finance, Mr. Ahmed Reda CHAMI, Minister of Industry, Trade and New Technologies, and Mr. Mohammed BOUSSAUS, Minister of Tourism and Handicraft.
These agreements are part of development projects for the tourism sector by national investment funds exclusively dedicated to tourism investment in Morocco. Such funds are sponsored mainly by Actif Invest of BMCE Bank Group, H Partners of Attijariwafabank Group, and BP in partnership with renowned hotel operators.
Actif Invest Funds, represented by its subsidiary Tertia 4, signed an investment agreement for the construction of one hotel in Marrakech.
This project of MAD 618 million will finance the building of one hotel with an 800-room capacity. It will create 1200 direct and stable jobs. This project is in partnership with the French Hotel operator Nouvelles Frontières, a subsidiary of TUI group.
H Partners` funds signed, through its subsidiary Jasmin Morocco Hospitality, an investment agreement to build one hotel in Marrakech and another one in Casablanca. The two projects are in partnership with the Spanish Group Husa Hotels. Together these hotel entities will provide a global capacity of 534 beds, with an investment package of MAD 230 million, creating 214 direct and stable jobs.
The global investment for these two projects is MAD 850 million, with more than 1400 direct jobs created.
The completion of these new projects is expected in 2012.