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(adsbygoogle = window.adsbygoogle || []).push({}); Hill bags deal to oversee build of GCC-backed, $900m Morocco project - Algeria latest news

The project management firm Hill International has landed a contract to oversee the first phase of a US$900 million mixed-use development in Morocco’s capital, Rabat.

The firm said the contract was awarded by an affiliate of UAE-backed Wessal Capital to manage Wessal Bouregreg, a project that will include a 5,000 square metres shopping mall, 4,200 homes and 104,600 sq metres of office space, parks and a waterfront promenade.

“The Wessal Bouregreg development will provide important residential, commercial and cultural amenities to Rabat," said Waleed Abdel-Fattah, a senior vice president with Hill’s project management group.

“We look forward to helping Wessal successfully complete this important project."

Wessal Capital is an investment fund set up by King Mohammed VI of Morocco in 2011. It has the backing of several GCC sovereign wealth funds, including the UAE’s Aabar Investments, Saudi Arabia’s Public Investment Fund and Qatar Holding.

Hill International is a US-based firm that earned about 47 per cent of its fees through work in the Middle East in 2014, the latest year for which figures are available.

According to Oxford Business Group, about $15bn worth of investments have been made by GCC investors in luxury tourism and real estate projects in Morocco, Algeria, Tunisia and Egypt.

Tag(s) : #Maghreb

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