Saudi and US companies plan $1.3bn investment in Moroccan projects

8 December 2014 (Last Updated December 8th, 2014 18:30)

Riyadh-based Knowledge Corner Marketing and Business Services has signed an agreement with the Moroccan Taroudant province on behalf of a group of US companies to invest $1.3bn in a portfolio of projects.

Riyadh-based Knowledge Corner Marketing and Business Services has signed an agreement with the Moroccan Taroudant province on behalf of a group of US companies to invest $1.3bn in a portfolio of projects.

The tourism, recreation and health projects will be developed on 8.7 million m² of land in the province and include a theme park and golf course.

Universal park entertainment in Morocco will be spread across an area of six million m², to be managed and supervised by a US company.

"The combined projects will create around 2,500 to 3,000 jobs for young Moroccan nationals."

A new golf course will be designed to attract two million visitors a year, reported Arabian Business.

A concrete project will also be used to build houses, schools, hotels and other facilities that are low-cost and environmentally friendly.

The consortium plans to build more than 5,000 two-bedroom homes in-line with US, European and other global building standards, as well as a 200,000m² medical spa specialising in weight loss and health solutions for women.

The combined projects will create around 2,500 to 3,000 jobs for young Moroccan nationals.

The US-Saudi alliance will undertake a similar project in southern Saudi Arabia, with details to be revealed following attaining approvals from authorities.