France Middle East: The French middle east business resource: "The British fund Libra Capital Ltd. real estate investment through a fund of the Emirate of Abu Dhabi and the Sultanate of Oman will launch a huge real estate project in southern Morocco on the coast of Tan Tan, opposite the Canary Islands, with key construction over 3600 villas, 24,000 apartments and three nursing homes targeting older Europeans.
5 billion euros of investment over 15 years
The project Morroco Rivieara spread over a surface area of 200 hectares and will be built in three phases over fifteen years, ultimately came from the 270,000 pensioners in Europe.
'We chose to install the project in front of the archipelago to make connections to develop between the Canaries and the Moroccan coast,' said Rachid Laâouimir, CEO of Libra Capital.
Work should begin in 2013. According to the sponsor, the building complex will include nursing homes with a social and environmental sustainability, 3,000 hotel beds on the beach with a marina with 700 moorings, a deepwater port and eight golf courses. The project will generate over 30,000 direct and indirect jobs and contribute to the development of tourism in the region of Tan-Tan."
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