Morocco Savvy

Investment in and around Marrakech is reaching fever pitch - last year, the region attracted a record US$ 10.6 billion.

Three-quarters of that sum involves investments in the tourism sector, L’Economiste reports. The construction of a string of new hotels, spas, golf courses and holiday homes will generate about 40,000 jobs in the city over the next few years.

Moroccan investors like Atlas Hospitality (Royal Air Maroc’s chain of hotels) make up most of the future development. Close second are investors from the United Arab Emirates.

High-profile projects that were announced last year include:

• Morocco Film City, a film studio complete with movie theme park, film academy, shopping mall, hotels, luxury tourist residences, golf course, a Formula 1 race track, ATP-qualified tennis courts and two museums - a US$ 1.4 billion project funded by the Moroccan government and a group of foreign investors around Swedish media group Tritel (whose website, ominously, seems to have disappeared).
• Royal Ranches Marrakech, an equestrian center with racing track, villas and apartments set in a large park with artificial rivers and lakes, part of the US$ 1.4 billion “Gateway to Morocco” project proposed by Gulf Finance House from Bahrain.
• The Royal Palm Marrakech, a 5,000-bed luxury hotel, the first one to be built by Beachcomber Hotels outside Mauritius and the Seychelles, for a total investment of around US$ 210 million.

The total amount of projected investment over 2006 was 84 percent higher than the year before.

• You don’t need billions to enjoy Morocco