The MOU sees the banking consortium release the remainder of the facility’s amount as progress continues on RRM gradually. Infrastructure works on Royal Ranches Marrakech began earlier, with 45% of the infrastructure work already completed. RRM will now focus on completing a revised time schedule for the completion of the entire necessary infrastructure work, which will be submitted to the banking consortium while working on attracting investors and developers to complete the project.
“Morocco is seeing steady recovery of its economy, and tourism represents a major source of the national income. GFH is now seeking strategic partnerships with developers to develop RRM vertically. Once completed, RRM will attract significant annual revenues for the country. We expect RRM to positively impact the local economy, as well as the larger Moroccan economy, creating a significant number of local jobs and attracting thousands of visitors annually,” Esam Janahi, President of RRM and Chairman of GFH, said.
The Royal Ranches Marrakech project is set to further catalyse the burgeoning tourism market in the country once it is completed. The development sits on a total area of approximately 380 hectares and is located in a green oasis at the foot of the Atlas Mountains. The development is comprised of four districts including equestrian, residential, leisure and tourist areas. Additionally, the development will include an equestrian school with professional 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.
“We are very pleased to be a part of this project which will contribute positively to the development of the tourism industry in Morocco which represents 10% of the country’s total annual GDP. Royal Ranches is one of the biggest and most impactful projects in the Kingdom, and Gulf Finance House’s interest to complete it indicates its trust in the sector and the country. BMCE’s involvement reflects our commitment to investments such as this one that support the people and the economy of the country,” Mohammed El Halaissi, General Manager of BMCE, said.
“Morocco has devised a strategic plan to join the world’s top 20 holiday destinations and having a unique project such as Royal Ranches Marrakech supports this imitative. RRM is unique to other developments in the area due to its focus on Equestrian and Golf themes. At the same time, it enjoys being located on prime land, in close proximity to the city centre, as well as strategically located near to other large tourism and real estate development projects. I am honoured to be associated with RRM and be part of this value addition to my country and its economy,” Hassan Alami, Financial Advisor to RRM, said.