Orascom Development announces the inauguration of phase one of its newest town in Morocco
Source: BI-ME , Author: BI-ME staff
Posted: Tue July 7, 2009 5:58 pm

MOROCCO. Orascom Development Holding officially inaugurated the marina town of Chbika in Morocco in a well attended event.

This is a culmination of Orascom Development’s past efforts to ensure swell positioning as well as long term viability and sustainability for the project, which has been started in 2007 with a development agreement between the Government of Morocco and Orascom Development.

The integrated and self-sufficient tourist destination will be developed by Oued Chbika Development, a subsidiary of Orascom Development, and in collaboration with Caisse de Dépôt des Gestion (one of the largest financial institutions in Morocco with extensive experience in tourism and real estate). Orascom Development will retain a majority stake of 65%.   


The new Orascom town will be located in the southern part of Morocco, at  Chbika on the Atlantic Ocean in the province of Guelmim (300 km from  Agadir), covering a total area of 15 million m2.

The project's philosophy is based on integration into the existing beautiful countryside between the Sahara  dessert, the dunes and the Atlantic Ocean. By embedding the town into the  cliffs, left and right of the banks of a nearby river, the town will provide perfect  and harmonic shelter for its’ inhabitants and visitors.  

The planned resort will offer several hotels, residential units, a golf course, a town center along all related amenities and services.

The Chbika project will be developed in two stages, with the first phase expected to be finished in 2015 and the second phase expected to commence thereafter. The first phase covers a total area of 5 million m2, comprising of:  

Eight hotels offering a total capacity of 2,500 rooms  1,851 real estate units (apartments and villas)  All amenities and supporting infrastructure including a marina with 100  berths capacity, a golf course, congress centre, shops, restaurants,  cinema, arts and crafts, sports centre, spa, staff housing, and medical  installations 
 

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 29, 2014
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
date:Posted: October 29, 2014
UAE. Significant increase in inflows of private capital into UAE in 2014; UAE seen as hub between Africa and Asia; Political stability remains a major factor driving flows; UAE clear winner in the region, as other GCC countries see net outflows of private capital.
date:Posted: October 28, 2014
INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
dhgate