MOROCCO
Delmar says that Morocco has been shielded from the effects of the global economic downturn, adding: “The key challenge in Morocco is the same as elsewhere in the region – the impact of the global financial crisis that has affected investor confidence. Morocco, however, has been far less affected than other countries in the region and is already showing strong growth prospects.” Emaar Morocco’s projects are worth a combined
total of US$6.9 billion, in locations throughout the country. The developer signed a MoU with the ruler Mohammed VI to implement three residential com- munities with strong tourism and retail elements – Saphira, Tinja and Oukaimeden. It is also developing three residential and leisure communities – Amelkis II and III and Bahia Bay – in partnership with Onapar, part of the ONA Group. Delmar states that development on Tinja is
running “as per schedule”. Groundwork has been completed in the past few months, while work on the Aldea residences is progressing, with foun- dation work for villas and townhouses nearing completion. Infrastructure work on the first phase is also running on track.
Regarding the rest of the company’s portfolio, he
adds: “Emaar Morocco is completing all formalities with respect to governmental licences and master plan approvals for our various projects. We are now rolling out our projects with an aggressive execution and marketing strategy that includes international markets.” When it comes to opportunities within the
country, he comments: “The kingdom is making a concerted effort to develop growth sectors like tourism and property, thus offering a robust growth opportunity for developers. The Gov- ernment of Morocco had unveiled the Plan Azur,
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1 Uptown Cairo, Egypt 2/4 Bab Al Bahr, Morocco 3 Tinja, Morocco
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which is one of the prime drivers in encouraging investor confidence in the Kingdom. The focus on driving tourism development on the Kingdom’s Mediterranean and Atlantic coasts presents a strong opportunity for developers. By creating world-class resorts, developers can complement the tourism growth initiatives of the government. Demand for resort developments is growing and will appeal to investors from across the world.” Another UAE developer active in Morocco is Al
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Maabar, a joint venture between six of Abu Dhabi’s leading players – Mubadala, Aldar, Sorouh, Al Qudra, Al Reem Investments and Al Reem International. The company is developing the US$800 million Bab Al Bahr project which is located between Rabat and Sale, and contains high-end residential units, a hotel, as well as retail, office and public buildings. Completion of the scheme, master-planned by Foster + Partners, is scheduled for 2013. Cushman & Wakefield’s van den Bergh highlights the country’s location, political stability and economy as crucial
factors. “Morocco has a long history of commercial association with Europe with its geographic proximity, shared business culture and social synergy. Political stability and the rising domestic GDP have meant it is perceived as an easier place for international businesses to establish themselves compared to some of its neighbours,” he comments. Yet despite the popularity with international companies, the current office supply is inad- equate according to Cushman & Wakefield’s 2010 report ‘Emerging Markets: Africa and the Middle East’. It says: ‘The majority of office buildings within Rabat and Casablanca are of poor quality, and consequently there is a low supply of good quality office space within both cities. The office market has been stable for the last year or so but it is anticipated that the market may soon begin to grow, due to a lack of supply and an increasing demand for good quality office space from inter- national companies.’ The report cites the main expatriate resi- dential area as the Anfa district of Casablanca and predicts an increase in rental levels. ‘Despite an increasing supply of both expatriate apartments and villas due to significant development activity, it is predicted that rental levels will increase over the next 12 months due to demand levels advancing at a faster rate than high quality premises can be delivered to the market,’ the report comments. ➔
jun-sep 2010
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