MOROCCO. Royal Ranches Marrakech (RRM), one of the flagship projects of Bahrain based Islamic investment bank, Gulf Finance House (GFH), has recently received a delegation representing some of GFH’s board members to assess progress on the development.
They were met by senior representatives from the project’s main contractor, STAM, and toured the existing infrastructure which is now 45% complete.
Royal Ranches Marrakech covers approximately 380 hectares located in the foothills of the Atlas Mountains. The design draws upon numerous aspects of Moroccan culture and history, delivering a unique equestrian experience for enthusiasts worldwide. RRM is comprised of four districts including equestrian, residential, leisure and tourist areas.
The development will also include an equestrian school with certified instructors, a professional 18-hole golf course with spectacular views of the Atlas Mountains, a 5-star hotel and 6-star boutique hotel, luxury residential units and a shopping area where winding streets will recall a traditional Moroccan souk.
RRM is now working on a revised time schedule for the completion of the remaining infrastructure work necessary and focusing on attracting investors and developers to commence development of the readily available parcels of land.
Esam Janahi, President of RRM and Executive Chairman of GFH said: “We are very pleased with the progress that we have seen today, and STAM, as our main contractor has certainly lived up to our expectations. We anticipate further steady progress over the coming months as we now focus on revising our time schedule for completion and restructuring the company’s board of directors.“
“Morocco has seen significant growth over the past few years in the services and tourism sectors, and the government has encouraged this with stronger Foreign Direct Investment and domestic policies and incentives all in support of open trade. The government of Morocco’s commitment to grow tourism makes it the ideal location for a development of the scope of Royal Ranches Marrakech” continued Mr. Janahi.
Dr. Ahmed Al Mutawa, Vice Chairman of GFH commented: “Morocco has recently inked a deal with a number of GCC states to create a new Moroccan entity that will focus on the development of new tourism resorts in Morocco which proves that this project is on the right track. I am thrilled to be personally witnessing the impressive progress of this unique and exciting development and look forward to my involvement in this challenging project as cooperation between the Moroccan and Gulf economies continues.”
“GFH has a proven track record in attracting developers to invest in mega projects enabling us to identify potential investors and developers for this project, be it from the gulf or North Africa, or from within Morocco itself.”
Louis Raymond Buadrand, President of STAM, also commented: “We are proud to be working with Royal Ranches Marrakech, and are confident in the substantial value that this partnership will bring to the project. Our expertise and reputation in the Moroccan development sector has been built through years of work in the agricultural, roads and tourism sectors. We are committed to adding value to this project with profitable and timely completion of the Royal Ranches Marrakech development.”
“RRM has reached a very promising stage so far with 45% of the infrastructure work completed. It now has parcels of land ready to be developed vertically by investors while we work in parallel to complete the infrastructure work on the other land parcels.”