GFH completes 45% work of Moroccan project

Royal Ranches Marrakech (RRM), one of the flagship projects of Bahrain based Islamic investment bank, Gulf Finance House (GFH), has recently received a delegation representing some of GFH’s board members to assess progress on the development in Morocco. They were met by senior representatives from the project’s main contractor, STAM, and toured the existing infrastructure which is now 45% complete. Royal Ranches Marrakech covers approximately 380 hectares located in the foothills of the Atlas Mountains. The design draws upon numerous aspects of Moroccan culture and history, delivering a unique equestrian experience for enthusiasts worldwide. RRM is comprised of four districts including equestrian, residential, leisure and tourist areas. The development will also include an equestrian school with certified instructors, a professional 18-hole golf course with spectacular views of the Atlas Mountains, a 5-star hotel and 6-star boutique hotel, luxury residential units and a shopping area where winding streets will recall a traditional Moroccan souk. RRM is now working on a revised time schedule for the completion of the remaining infrastructure work necessary and focusing on attracting investors and developers to commence development of the readily available parcels of land. Esam Janahi, President of RRM and Executive Chairman of GFH said: “We are very pleased with the progress that we have seen today, and STAM, as our main contractor has certainly lived up to our expectations. We anticipate further steady progress over the coming months as we now focus on revising our time schedule for completion and restructuring the company’s board of directors.” “Morocco has seen significant growth over the past few years in the services and tourism sectors, and the government has encouraged this with stronger Foreign Direct Investment and domestic policies and incentives all in support of open trade. The government of Morocco’s commitment to grow tourism makes it the ideal location for a development of the scope of Royal Ranches Marrakech” continued Janahi. Dr. Ahmed Al Mutawa, Vice Chairman of GFH commented.