Gulf SWFs back Morocco tourism fund

MARRAKESH, Morocco (Reuters) – Three Gulf Arab sovereign wealth funds and UAE-based property developer Al Maabar have raised 15 billion dirhams for a tourism fund that aims to put Morrocco among the world’s top 20 destinations.

Omar Bennani, who heads state-controlled Moroccan Touristic Engineering Company (SMIT), said the four investors were Bahrain’s Mumtalakat, the Kuwaiti Investment Authority (KIA), Qatar Investment Authority (QIA) and Al Maabar of the United Arab Emirates.

“The contribution of the four partners is of at least 15 billion dirhams … They are committed to support us throughout the next 10 years,” Bennani told Reuters in an interview on Wednesdayread more

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