Morocco’s royal cabinet said that Arab Gulf states would put in 6 billion dirhams ($737 million) in tourism infrastructure in the port of Casablanca in the first of a series of such projects. The states will
make use of their Wessal Capital joint venture, one of the vehicles created by the Gulf Cooperation Council (GCC) states to support the Moroccan and Jordanian monarchies during the Arab Spring uprisings.
The fund is focused on tourism expansion in Morocco and is supported by Qatari fund Qatar Holding, the Kuwait Investment Authority’s Al Ajial Investments, Abu Dhabi’s sovereign wealth fund Aabar, Saudi Investment Fund and the Moroccan Fund for Tourism Development (FMDT). In 2012, Qatar, Saudi Arabia, Kuwait and the United Arab Emirates, these four Gulf states agreed to grant help worth a total $5 billion to Morocco between 2012 and 2017 to develop its infrastructure, reinforce its economy and promote tourism.
Morocco tourism accounts for around 8 to 9 percent of the GDP saw little of the chaos of the 2011 Arab Spring revolts that ousted autocrats in North Africa such as Tunisia, Libya and Egypt. In 2013, it beat a record 10 million tourists and the country anticipates a additional 10 percent climb this year. However, tourism receipts slipped slightly to 57.55 billion from 57.83 billion dirhams in 2012.
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