Two Abu Dhabi-based companies have agreed to invest a total of almost $2 billion in Morocco, one in a 700-megawatt power plant expansion and the other in a mixed-use real estate project. The Abu Dhabi National Energy Company, or TAQA, plans to invest $1.2 billion to increase generating capacity at its Jorf Lasfar electricity plant in the city of Fez. Property firm Al Maabar International Investments, meanwhile, has broken ground on a $750 million development in the Moroccan capital, Rabat. The companies announced their agreements on Wednesday during a three-day visit to Morocco by General Shaikh Mohamed bin Zayed Al Nahyan Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces.General Shaikh Mohammed chaired a signing ceremony for the power plant expansion in Fez. He also joined the ground-breaking of the real estate project together with Morocco’s King Mohammed VI of Morocco and Crown Prince Moulay Rachid. Al Maabar International Investments launched the next phase of its Bab Al Bahr mixed-use development in Rabat on Tuesday. The project, located near the Bouregreg River and the Atlantic Ocean, is set for completion in 2012. The project will have access to Rabat’s marina and overlooks national landmarks including the Grand Mosque of Sale, the Old Mosque of Casbah, and the Minaret Hassan. Al Maabar is developing it in a joint venture with L’Agence pour le Développement de Bouregreg of Morocco.
Al Maabar is joint venture between six Abu Dhabi investment companies: Mubadala, Al Dar Properties, Sorouh Real Estate, Reem Investments, Reem International and Al Qudra Holdings. It also has projects underway in Qatar, Jordan, Libya and Iraq.
via Khaleej Times
Posts
