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Gulf Holding Company (GHC), which has two significant projects in Bahrain, has signalled its foray into the fast growing North African market of Morocco, through successful acquisition of 600,000 sqm of the Gulf Finance House-promoted Royal Resort Cap Malabata project.
As a direct result of this initiative and as a part of its Signature Series, GHC will be developing an $800 million mixed-use project 'Villa Royale' on the earmarked land.
The project, which will comprise four zones and which is located approximately 20 minutes from central Tangiers, has views of both the Mediterranean coast and across the Straits of Gibraltar to the Spanish coast. Villa Royale, which will be GHC's latest offering through its Signature Series, has been designed to uphold the high standards of quality and uniqueness in design that it has come to be identified with.
Ahmed Al Ameer, vice-chairman and CEO, GHC, said: "Driven by the Moroccan government's redevelopment schedule 'Vision 2010', which aims to attract 10 million tourists by 2010, the country has become one of the largest recipients of foreign direct investments in the Mediterranean.
"With both our existing projects in Bahrain - Villamar @ the Harbour and Downtown Al Areen - being on a steady growth track, we are in line with our mid-term growth strategy, exploring good opportunities in emerging markets.
"Our decision to invest in this project has thus not just come at an apt time when Morocco is emerging a hive of international activity but has also been the result of an exhaustive feasibility and research process."
