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DIP launches $2b project in Morocco
RABAT — Dubai International Properties (DIP), the international property arm of Dubai Holding, yesterday announced the launch of 'Amwaj' a tourism linked real estate project in Rabat, Morocco at an estimated cost of $2 billion (Dh7.35 billion).
The new project, the largest of its kind in Africa will be implemented by Dubai International Properties in collaboration with Caisse de Depot et de Gestion and SABR Management. Located on 100 hectares of land Amwaj will include components that will make the Bouregreg area of Rabat an attractive tourist destination. It will feature a harbor for yachts, five star hotels and resorts and a convention centre to host international events and conferences.
Announcing the project at Rabat yesterday, Mohammed Al Gergawi, chief executive officer of Dubai Holding said: “The launch of this project demonstrates our confidence in the future of the Moroccan economy. This project was launched by the directives of General Shaikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence who firmly believes in the importance of having strong ties between the UAE and the Kingdom of Morocco as well as with other Arab countries.”
While thanking His Majesty King Mohammed VI, King of Morocco and the Moroccan Government for their support, A Gergawi said that 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. It is also the outcome of the visit of His Majesty the King to the UAE recently and the visit of the Dubai Crown Prince to Morocco a few months ago.
Commenting on the objectives of the project Al Gergawi said, "Amwaj will be one of the main projects under 'Bouregreg' project that will boost the commerce and tourism sectors in the city. The project will include thousands of apartments of different designs and styles and 200 sq. m. of office space with state-of-the-art facilities. The project will include hundreds of shops for commercial purposes, which will be spread on an area of 100,000 sq m. besides including malls, parks, theatres and landscaped areas.
Amwaj will be the first project to be implemented under the 'Bouregreg' project. The planning for the project respects the historically rich Capital of the Kingdom and its rare and prestigious character among the Mediterranean region.
Dubai International Properties will apply a unique architectural design to the project that will combine Moroccan heritage and with modern concepts and creativity.
“Amwaj project is at the core 'Bouregreg' development project. It has a central position with respect to other projects that are part of the master plan because of its strategic position. The project also has a unique architectural design and offers comprehensive facilities and services,” said Frhan Faraidooni, CEO of Dubai International Properties.
Amwaj will be a comprehensive city that will offer all modern lifestyle amenities and will enhance the beauty of the Bouregreg riverbanks. It will form an ideal destination for tourism and leisure.
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