Signature of two investment conventions in the field of tourism 20-03-2009

Alongside the Ministerial Committee of Strategic Intelligence, a special signing ceremony of investment conventions took place on March 18, 2009 at the headquarters of the Ministry of Economy and Finance, involving Mr Salaheddine Mezouar, Minister of Economy and Finance, Mr Ahmed Reda Chami, Minister of Industry, Trade and New Technologies and Mr Mohamed Bousaid, Minister of Tourim and Handicraft.

These conventions are part of the development of a series of tourist projects by the national investment funds dedicated exclusively to tourist investment in Morocco, more particularly Actif Invest of the Group BMCE Bank and H partner's of Attijari and BP Group, in partnership with some top hotel operators .

During this ceremony, Actif Invest fund has signed, through its subsidiary Tertia 4, an investment convention centered on a hotel project in Marrakech.

This project is directed at building a capacity of 800 hotel rooms, with an investment of 618 million DH; and it will generate more than 1200 direct and stable jobs, in partnership with the French hotel group, Nouvelles Frontières, a subsidiary of the TUI Group.

As for H partner's fund, it has signed -during this ceremony- through its subsidiary Jasmin Morocco Hospitality, an investment convention relating to the establishment of a hotel project in Marrakech, in partnership with the Spanish Group Husa Hoteles as well as another project in Casablanca .

These hotel units aim to come up with an overall capacity of 534 hotel beds, for an investment of the order of 230 million DH, and they will create more than 214 direct and stable jobs.

The global investment of these two projects amounts to about 850 million DH and more than 1400 direct jobs.

The delivery of these new capacities is expected to take place in 2012.

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