Dubai Holding in US$2 billion Rabat project

Dubai International Properties undertakes its third project in five months as it signs a deal to fund a US$2 billion Morocco development.

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By  Rhys Jones Published  May 22, 2005

Dubai Holding is set to fund a US$2 billion residential and commercial development to be built in Moroccan city of Rabat. The ‘Amwaj’ project is to be implemented by Dubai International Properties in collaboration with Caisse de Depot et de Gestion and SABR Management. The complex is comprised of some 2000 apartments, 300 retail outlets and around 200 square meters of office space as well as malls, parks and theatres. “This project aims to put the Moroccan capital on the map as one of the most important Mediterranean cities,” said Mohammed Al Gergawi, CEO, Dubai Holding. “The launch of this project demonstrates our confidence in the future of the Moroccan economy. This project is a realisation of the vision of the two countries and reflects the strong bond between the UAE and the kingdom of Morocco in several areas including diplomacy and economy,” he added. The ‘Amwaj’ development is a component of the wider ‘Bouregreg’ project, which spreads over 5,000 hectares. “Amwaj is at the core ‘Bouregreg’ development project,” said Farhan Faraidooni, CEO, Dubai International Properties. “It has a central position with respect to other projects that are part of the master plan because of its strategic position,” he added. The Amwaj project is the third project undertaken by Dubai International Properties since its launch five months ago. The company last month announced the Dubai Towers Doha project at a cost of US$273 million. It also signed an agreement last February with the Omani government to develop a US$810 million tourism resort spread on an area of 620 million square meters just outside Muscat.

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