Dubai International Properties commences construction of AMWAJ project's sales centre in Morocco

The sales centre signals the start of Dubai International Properties' partnership with Caisse de Depot et de Gestion (CDG) and SABR Management, to develop the $2 billion Amwaj project. Amwaj will be built on an area covering 100 hectares in the Bouregreg valley.

Farhan Fairadooni, CEO of Dubai International Properties said: "We are committed to ensure that each phase of the project is completed on schedule. The sales centre will be constructed within six months while the entire project will be completed by the second quarter of 2009."

"AMWAJ will be a complete city that provides all the needs of a modern lifestyle. Set on the banks of the Bouregreg River, Amwaj offers an idyllic tourist, residential and commercial destination. It will feature a marina, hotels, convention centres, multiplexes, various residential units, shopping malls, commercial and residential towers and massive car parks,"

Faraidooni added.

He said, "the collaboration between Dubai International Properties and Caisse de Depot et de Gestion and SABR Management will help in the successful implementation of an extraordinary project as the two companies are leading companies in Morocco and have outstanding resources. We look forward to the successful implementation of this project."

Commenting on the objectives of the project, Faraidooni said, "Amwaj will be one of the main projects under the 'Bouregreg' development. This project aims at putting the Moroccan capital on the map as one of the Mediterranean region's most important cities. The project will boost the commerce and tourism sectors in the city."

The Kingdom of Morocco was among the first countries chosen by Dubai International Properties to undertake such a project as it has strong potential for growth. The kingdom's ancient cities and long coastline provide exceptional real estate, hospitality and tourism opportunities. Attractive investment policies, a stable economy and a rapidly growing tourism sector combine to make it an ideal destination. Morocco currently attracts 4.5 million tourists every year and seeks to increase this number to 10 million by 2010.