Convention for the development of a tourist resort in Ifrane

His Majesty the King Mohammed VI presided over the signature ceremony of a convention relating to the planning and development of a new tourist resort in Ifrane by the Moroccan-Kowaiti Consortium for Development (CMKD) with an overall cost of MAD 346 millions. The new tourist resort of Ifrane, which is in line with the Biladi project intended to promote domestic tourism, will be built on a surface area of 30 ha with an overall accommodation capacity of 700 beds as tourist residences and 4,000 beds in the form of camping sites, besides residences intended for tourism with a capacity of 450 beds.

Infrastructure works begins on Gulf Finance House’s projects

Gulf Finance House has said that infrastructure works have begun on 2 projects in Morocco. Royal Ranches and Royal Resort Cap Malabata are both mixed use developments with a combined value of around $1.6 billion and will take shape over a total of 60 months while initial infrastructure work will occupy a period of 12 months.

Government plans to combat housing speculation

As property prices in Morocco skyrocket, new government plans announced by Finance Minister Salaheddine Mezouar aim to combat housing speculation. The 12 measures are designed to tackle an enormous rise in housing and land prices. The housing ministry reports that between 2003 and 2007, prices per sqm rose by 92% in Marrakesh, 45% in Rabat, 43% in Casablanca and 35% in Tangiers. Prices for plots of land have increased even more, by as much as 358% in Agadir and 234% in Rabat. The government measures to slow the rising prices include a package of tax incentives. One of the tax measures is designed to address the scarcity of building land by taxing vacant lots. Other measures call for the introduction of a tax on the country's estimated 800,000 vacant homes and more public-private partnerships aimed at regulating the market and meeting demand for affordable housing. Professionals in the sector welcome the proposals, but are quick to point out that implementing them will be a major challenge.

InterContinental Hotels set to launch first property in Morocco

InterContinental Hotels & Resorts has this week announced an agreement with Moroccan developer, Groupe Cadex, to open its very first property in Morocco in the beautiful resort destination of Marrakech. It is the first venture into Morocco for the InterContinental Hotels Group. The resort will comprise 180 rooms and suites, a first-class 2,000 sqm spa and is scheduled to open in the Q1 of 2011.