Monday, 26 March 2007

Fadesa Invest in Plan Azur resort at Plage Blanche

Fadesa to invest 450 mln eur in Morocco tourist project.

MADRID (AFX) - Fadesa Inmobiliaria SA said it will invest 450 mln eur in its first tourist resort project along the Atlantic coast in Guelmim-Smara, Morroco, broadly confirming an earlier report in Cinco Dias.

In a statement, Fadesa said the 632 hectare complex will comprise eight hotels and more than 5,000 residential dwellings on the beach Playa Blanca.

Separately, Fadesa said it is investing 470 mln eur to promote a residential complex in Smir.

Fadesa is also investing 300 mln eur in a project in Tangiers, it noted.

Fadesa, currently immersed in a merger with Grupo Martinsa, has invested some 3.0 bln eur in Morrocco since 2000, Cinco Dias said.

Wednesday, 7 March 2007

Spanish Prime Minister Jose Luis Rodriguez Zapatero says "the Spain Morocco tunnel plan is a historic project

Morocco, Spain vow undersea tunnel
From correspondents in Rabat

March 07, 2007 12:00

MOROCCO and Spain vowed overnight to work together to bore a tunnel under the Strait of Gibraltar to link Africa and Europe.

Moroccan experts say the long-mooted 39km rail tunnel would be among the world's most sophisticated engineering works and rival the Channel Tunnel linking England and France.

"We will deploy the necessary effort to achieve this project or at least put it on the right track," Moroccan Prime Minister Driss Jettou said.

Spanish Prime Minister Jose Luis Rodriguez Zapatero, who completed a two-day official visit to Rabat overnight, shared Mr Jettou's optimism and called the plan an "historic project".

Mr Zapatero pledged to drum up European Union support for a project he said "would change Africa and Europe".

"The fixed link would bind the African continent to Europe.

It is an ambitious project but we are sure it is within our reach," Mr Jettou said.

Moroccan authorities displayed blueprints of the project.

Engineers say one of the most daunting obstacles in building the tunnel is the seabed under the Strait of Gibraltar, which is more permeable than it is around the Channel Tunnel.

This would mean boring further down, pushing costs higher.

Neither Mr Jettou nor Mr Zapatero estimated the cost. Expert forecasts have ranged between $US7 billion ($9.1 billion) and $US17 billion ($22.09 billion).

Support for the project reflected how warm ties between Rabat and Madrid have become under Mr Zapatero's Socialist government. Four cooperation accords were also signed, including one on cracking down on illegal migration of children.

Relations had soured under conservative former Prime Minister Jose Maria Aznar over illegal migration, drug trafficking and the disputed territory of Western Sahara. Mr Zapatero replaced Mr Aznar in 2004.

Mr Zapatero cited a 60 per cent drop in illegal migration from Morocco and increases in trade and investment as among fruits reaped from "excellent relations" between the two countries.

Spain is Morocco's second trading partner after France and its second source of foreign investment, with about 1000 Spanish companies present in sectors ranging from energy to tourism, real estate and agriculture

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Tuesday, 6 March 2007

The Plan Azur resort of Mazagan will open its first hotels in August 2007

At the end of his visit to several countries of Central America, Mr Driss Jettou, Prime Minister, has made a guided tour of the tourist station "Atlantis" which belongs to Kerzner International Limited (in the Bahamas), the Group who is charge of the construction of Mazagan's station (Province of El Jadida), within the framework of the Azur Plan.

The Moroccan Prime Minister has been informed about the plans of this mega-project which attracts annually about 2 million tourists from different parts of the world, and more particularly from the Gulf of Mexico and the United States of America.

In a declaration to the 1 st national TV channel, Mr Jettou has pointed out that this visit may allow them to inquire about what will be Mazagan's station, a seaside resort whose construction will be launched next summer.

The creation of this Station is likely to give considerable impetus to the development of Azzemmour and El Jadida, and to contribute to the emergence of a new tourist pole in Morocco.

ith an area of about 500 ha, Mazagan's tourist station will be equipped, at the end, with a global capacity of 8000 beds, including 4000 hotel beds. It will be equally equipped with tourist facilities relating to entertainment, commerce and leisure. The station will be achieved in three stages, the 1 st stage of which will require an amount of 2,4 billion DH, along with the opening of the first hotel in August 2007

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