Key decision makers address future of real estate and tourism in Morocco and MENA region

Over 100 key decision makers and investors in the region attended the discussions that were held in association with the Financial Times on the future of tourism and real estate in the region.

Farhan Faraidooni, Executive Chairman of Sama Dubai, led a discussion on the future of tourism in Morocco. He highlighted the importance of sharing experience and information among decision makers in the region to support overall regional development.

Forum speakers included Abdelmalik Al Latifi, Director of Real Estate Development, Ministry of Housing and Urban Development, Morocco, Yasser Charafi, Investment Officer, IFC Morocco, Fouad Chraibi, President, H Partners and Ali Ghennam, President, MEDZ. The Forum reviewed studies on tourism, real estate, infrastructure, economy and investment sectors besides private sector development.

Faraidooni said: "In the past, the regional investment vision was mostly limited to one country's strategy and focused greatly on individuals or secondary deals between Arab countries and other regions. However, things have changed. With a global drive towards supporting economic clusters, we need to re-orient and restructure our investment portfolios in order to enable the region to compete globally. This is vital because our region is endowed with strong infrastructures, established rules and regulations and a strategic geographical location.

"The North African country is also an accessible tourist destination, especially to the European market, due to the country's geographical position, as well as its cultural and historical ties with Europe.

"We need to focus on tourism more in the coming years mainly because we enjoy great natural and financial resources. We also have adequate experience that will enable us to reach our tourism goals. According to recent statistics, tourists spend a great amount of money outside our region. Although the percentage of Arab tourists is quite small at three per cent, with 12 million tourists we also know that their spending is the highest globally," Faraidooni added

Studies have shown that tourists from the Arabian Gulf spend at a daily rate of US$1,814, more than double that of European tourists who spend US$836 a day.

Faraidooni said that regulatory and organizational frameworks need to be amended, or improved, to develop tourism in the region. He emphasized that there is a need to recognize the private sector, be it locally or regionally, as a strong partner. He also highlighted the need to develop leadership, human resources, investment in Information Technology and IT telephony, marketing, simplified border controls and setting up of joint ventures between the real estate and tourism sectors.

Sama Dubai is developing three landmark projects in Morocco; Dubai Towers - Casablanca, Amwaj - Rabat and Marina De Casablanca - Casablanca.

"Dubai Towers - Casablanca" is a US$600 million project that will cover an area of 240,000 sq. m and will cater to both tourists and businesses. It will include a hotel, office tower and a mall anchored by prestigious brand names. The whole complex will offer office space, residential apartments, retail and entertainment facilities. Similar projects are being developed in the UAE, Qatar and Turkey, under the 'Dubai Towers' brand.

The US $ 3 billion Amwaj - Rabat will be the first development to be implemented under the Bouregreg project. It will include beautifully crafted apartments and villas, designed to allow international and domestic residents to lead a full and balanced lifestyle. Located on over 121 hectares, Amwaj will feature five-star hotels, resorts, a convention centre, a mix of entertainment facilities and a marina.

Valued at US$500 million, the Marina de Casablanca will feature offices, retail and entertainment facilities, marina hotels, residential apartments, promenade and open landscape, on a built-up area of 190,000 sq. m.