Home About Kuna Advertise Contact Us Kuna's Bureaus Services Term Of Use
Register Login
facebook Twitter Youtube rss
His Highness The Amir sends cable of condolences to Zambia's vice-president      Kuwaiti oil barrel up 67 cents, reaches USD 81.71      Ban condemns Sudan hostilities      US, Israeli officials discuss ISIL, Iran      Obama urges protection of Rohingya rights in Burma      Global forum urges implementation of program of action for youth      Jordan int'l calls pressurize Israel to reopen Haram Al-Sharif to Muslims      Arab Nat'l Security seminar urges need to address threats collectively      US urges Israel: Haram Al-Sharif "must be re-opened to Muslim worshippers"      Palestinian leader, Arab League hail Swedish recognition of Palestine
  General
KIA's Ajial invests 400 mln euro in Wessal Capital
02/04/2014   |   10:43 AM | World News
تصغير الخطالشكل الأساسيتكبير الخط

 RABAT, April 2 (KUNA) -- Al-Ajial Investment Fund of Kuwait Investment Authority (KIA) is investing 400 million euro in the Wessal Capital Gulf-Morocco venture, an equal share to that put in by the sovereign funds of Saudi Arabia, Qatar, the UAE, and Morocco.
Al Ajial Investment Fund General Manager Waleed Al-Fehaid told reporters in Casablanca, late Tuesday, that 780 million of the total investment would be channeled to the Wessal Casablanca-Port project. King Mohammed VI had earlier in the day inaugurated the project, which is aimed to bolster this gulf-Morocco partnership.
The official said this is the first time for a group of Arab sovereign investment funds to join hands on such mega development project. The project would greatly benefit Casablanca, Morocco''''s monetary and economic capital. Gulf partners, too, are eager to seize such investment opportunities in the country and to diversify the exchange and progress towards the aspired strategic GCC-Morocco partnership.
The Gulf-Morocco investment partnership is broken into equal contributions by Kuwait Investment Authority, Qatar Holding, Abu Dhabi''''s sovereign wealth fund Aabar, Saudi Investment Fund, and the Moroccan Fund for Tourism Development (FMDT). The total Wessal Capital stands at USD 3.4 billion.
The Wessal Casablanca-Port project includes construction of a residential complex at par with design seen in big cities across the world, and a business-suited complex, along with luxury hotels and green and recreational spaces.
The venture also includes building a scientific city, a scientific library, a new fishing port, and a cruise station, as well as rehabilitation old Casablanca to preserve and restore its cultural identity and rebuff its touristic appeal.
Wessal Capital is a separate initiative from the GCC''''s grant of USD five billion to Morocco made earlier. It serves to attract the attention of major international investors and finance institutions to the country.
The launch of the Wessal Casablanca-Port project coincided with the signing of eight new agreements between the new body on one hand and state bodies and international and financing institutions on the other.(end) adt.wsa

 Print
  Email
 Save
Share
Share
Honoring Kuwait 2014


KUNA publishes a book titled (His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah: A Humanitarian Leader) to commemorate the UN honoring of Kuwait's leader

kuna magazien


Most Read Most Emailed  
1.   Ronaldo wins 3 awards in La Liga ceremony
2.   Turkey to combat antiquities smuggling from Iraq, Syria - Celik
3.   Kosovo FM lauds relations with Kuwait
4.   15 Syrian regime personnel killed in North Syria -- monitor
5.   Global oil USD 25 decline will cause GDP eight pct drop for GCC - IMF's Lagarde
6.   Russia calls for ending Israeli settlement policy
    Photo Gallery

Kuwaiti author Mai Al Nakib

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah

Kuwait Stock Exchange (KSE)

Kuwaiti Ambassador to Mexico Johar Hayat with new Mexican Senator

Kuwait's Ambassador to Italy praises Rome International Film Festival

Ayman Al-Ali, the head of the award higher committee Offers a commemorative shield to Editorial Director

Kuwait's Abdullah Al-Muzayen

His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah

National Assembly Speaker Marzouq Ali Al-Ghanim

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah commences parliament's 3rd regular session of 14th

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah commences parliament's 3rd regular session of 14th

Kuwait's Ambassador to Jordan Hamad Al-Duaij offers donation to Al-Quds Open University

His Highness the Prime Minister Sheikh Jaber Mubarak Al-Hamad Al-Sabah during the cabinet in its weekly meeting

Minister of Information and Minister of State for Youth Affairs Sheikh Salman Sabah Salem Al-Humoud Al-Sabah

Commissioner for Financial Programming and Budget Jacek Dominik

(OPEC)

Undersecretary of the Foreign Ministry Khaled Al-Jarallah

The State Audit Bureau Chairman Abdulaziz Al-Adsani

OPEC
Publications

WEATHER
PRAYER
CURRENCIES
KUWAIT AIRPORT
    Calendar
About KUNA KUNA SERVICES USEFUL LINKS KUNA ARCHIVE KUNA PUBLICATIONS
Home
About Kuna
Advertise
Contact Us
Kuna's Bureaus
Services
Term Of Use
Read The Whole Newscast
Pictures (during the week)
FTP Service
KUNA training center
KUNA Reader
SMS Services
الكويت فى ذاكرة الأيام
Job Application
Careers
Arab News Agencies
International News Agencies
Governmental Institutes
Banks in Kuwait
News Paper
Local Companies
other useful links
Prayer Times
News Archive
Other News Services
Today In Kuwait's History
Events
Training Sessions
Videos
All KUNA right are reserved © 2012. This site is designed and published by IDS