Muttie
September 24th, 2008, 05:53 PM
RABAT, Sept 24 (KUNA) -- The Moroccan-Kuwaiti Development Group has unfolded the establishment of a new investment fund with a capital of 7.1 billion dirhams, the group director-general said here Wednesday.
The US dollar equals seven dirhams.
The holding group was set up by the Investment Authority with a view to effectively contributing to reinforcing development projects in Morocco, Walid al-Faheed was quoted as saying.
He also laid it bare that the fund's capital was raised up by five million dirhams on September 5th in order to cope with swift business growth in Morocco and to increase available investment opportunities in Morocco.
Last year, the fund established subsidiaries aiming to run investment activities in diverse development sectors in the Kingdom of Morocco, he said.
Contributors to the mammoth fund come from the infrastructure, engineering, services and agricultural fields, he added.
Al-Faheed uncovered new direct investments purposed to promote tourism and real estate in Morocco, including the purchasing of a big hotel and a conference palace in Marrakesh City.
Established in 1976, the Moroccan-Kuwaiti Development Group is active in the hotel, real estate and financial domains.
The US dollar equals seven dirhams.
The holding group was set up by the Investment Authority with a view to effectively contributing to reinforcing development projects in Morocco, Walid al-Faheed was quoted as saying.
He also laid it bare that the fund's capital was raised up by five million dirhams on September 5th in order to cope with swift business growth in Morocco and to increase available investment opportunities in Morocco.
Last year, the fund established subsidiaries aiming to run investment activities in diverse development sectors in the Kingdom of Morocco, he said.
Contributors to the mammoth fund come from the infrastructure, engineering, services and agricultural fields, he added.
Al-Faheed uncovered new direct investments purposed to promote tourism and real estate in Morocco, including the purchasing of a big hotel and a conference palace in Marrakesh City.
Established in 1976, the Moroccan-Kuwaiti Development Group is active in the hotel, real estate and financial domains.