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Wessal Capital to launch Casablanca port construction in 18 months

April 13, 2014 1:57 am

A Moroccan fund backed by Gulf Arab countries has said construction on a €530m ($735m) project to develop Casablanca’s port area is expected to commence in about 18 months, Bloomberg has reported. Wessal Capital said the development of the Wessal Casa-Port will include a cruise ship terminal, hotels, offices and residential buildings. The fund is backed by €2.5bn in equity commitments from the Moroccan Fund for Tourism Development, Qatar Holding, the UAE’s Aabar, Saudi Arabia’s Public Investment Fund and Kuwait’s Al-Ajial fund.