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.