Wessal Capital announces €775 million investment project,the WessalBouregreg
RABAT– Wessal Capital, an investment fund initiated by His Majesty King Mohammed VI and which brings together five sovereign wealth funds, announces the launch of “WessalBouregreg”, its second large-scale investment project. Focused on the cities of Rabat and Salé, the project aims to create a new cultural and leisure centre designed for local residents and tourists alike.
The framework agreements for this €775 million (DH8.7 billion) project were signed in Rabat yesterday, in the presence of His Majesty King Mohammed VI. The project is part of a national plan to position Morocco as a gateway to Africa.
In conjunction with other projects that aim to enhance the region’s social and environmental development, WessalBouregreg is Wessal Capital’s second major investment project: it follows “Wessal Casa-Port”, the €530 million project launched in April to transform Casablanca’s port area. Designed for local residents and tourists alike, WessalBouregreg will enhance both the cultural and tourist attractions of the Rabat and Salé metropolitan areas. By 2020, the country’s ambition is to host 4 million tourists and create 63,000 jobs in this area.
WessalBouregreg reflects the Moroccan State’s determination to support the economic and social development of the Rabat and Salé twin cities, and Morocco in general. Morocco offers unrivalled opportunities for investors: the country is seen as politically stable and under the direction of the King, is pursuing a radical modernisation and reform programme.
Sequence II of the Bouregreg Valley development plan is the most strategic as it is located between the two most populous areas of Rabat and Salé. It also offers the greatest potential as there is much demand for housing within the area.Once completed, it will offer high quality living areas, a business centre and a tourism complex, which will incorporate several leisure facilities.
Also,sightseeing tours will be developed to facilitate discovery of the area’s main attractions, monuments and historical buildings.
WessalBouregreg aims to promote the cultural development of the region and to preserve UNESCO World Heritage sites. The Bouregreg Valley has a unique and historic location, secular history and many treasures of civilisation, including the Mohammed V mausoleum, the Kasbah of the Udayas, and the 12th century Hassan Tower.
The development is centred around the new iconic Grand Theatre designed by Zaha Hadid(which the Moroccan Government has already committed to fund) and it will cover an area of 110 hectares between Hassan in Rabat and the old medina of Salé.The project aims to create a link between Rabat and Salé, which will transform the valley and represents a real opportunity for integrated urban development in both cities: according to the demographic projections of the Urban Agency of Rabat-Salé, the population could reach three million by 2020.
The WessalBouregreg project represents a link between the river and the city. Particular attention has been paid to sustainable development aspects, thanks to a number of impact studies conducted. These studies cover the environmental impact of the project, taking into account the wetlands, inlets, ecological systems and the management of liquid waste as well as the energy efficiency of new buildings.