A view from Casablanca

Casablanca: new mega project of tourism real estate waterfront

 

The official announcement was made yesterday before the king in Casablanca, the eve of Audience industry taking place Wednesday in the same city.Munching a part of the Port of Casablanca, funded by capital from the Gulf or the EIB Wessal project should mobilize more than $ 730 million in real estate tourism.

A LARGE HOUSING COMPLEX

A new development of waterfront Casablanca will be implemented by the financial vehicle Wessal. This is a "fund of SWFs" Gulf countries (Box) and Morocco tourist oriented.

The project consists of a large property consisting of hotels, residences feature and a water sports center.

"Wessal Casablanca Port" is its name, was  the object,  Tuesday, eightinvestment agreements between the Moroccan authorities and holders of signed project as often for this kind of investment before the king.

The  European Bank for Reconstruction and Development  ( EBRD ), the European Investment Bank  ( EIB ) and the World Bank will also be part of the funders of this investment amounted to over 730 million.

Moroccan banks private Attijariwafa Bank, Banque Centrale Populaire (BCP) and Moroccan Foreign Trade Bank (BMCE) also provide their assistance.

THE CONVERSION OF A SIGNIFICANT PART OF THE PORT AREA

The project will be located on the seafront, between the current trading port Casablanca and Marina, an area already full real estate development.Thereof, positioning close to the project Wessal, is not even completed.She sits on over 25 acres with 480,000 sq ft built-term and 600 million euros of investment.

For its part, Wessal Casablanca Port will cover 12 hectares will trigger the conversion of a significant part of the port area. It will result in particular the movement of the current shipyard and fishing port.

The construction of a new fishing port is provided, as well as that of a cruise terminal.

According to the Moroccan press, 450 million dirhams (40 million) will be allocated to fishing harbor, 100 million dirhams (8.9 million euros) to a ferry terminal and 500 million dirhams (44.5 million euros) to the site.

Are also discussed, a city of science and a scientific library. The commercial port which is subject to extension under the aegis of Marsa Morocco (TC3) will, he not touched.

The redevelopment of the current medina located just nearby should be undertaken simultaneously for $ 30 million as part of the general upgrade of the city whose failures in urban planning are the subject of a plan emergency.

IN 2013, MOROCCO HAS HOSTED 10 MILLION TOURISTS

Overall, " it is to significantly increase the tourism potential of Casablanca yet primarily known as a center of business to include cruise and nautical , "says L'Usine Nouvelle, a close case .

Lahcen Haddad according to Tourism Minister quoted by Reuters, Wessal Capital is also involved in development projects in Rabat (Bouregreg) and Tangier (Marina).

In 2013, Morocco has hosted 10 million tourists, a record, and has established a long-term goal of 20 million.Tourism revenues however declined slightly last year (-0.5%) to 57.55 billion dirhams (5.1 billion euros).

Tourism is, with income Moroccans living abroad (MRE) and foreign direct investment (FDI), a key element to fill the gap in the current account of the kingdom that displays this year, according to the Moroccan Central Bank Bank Al-Maghrib (BAM) heavy deficit of more than 7% of GDP.