Qatar National Hotels Company Signs Investment Agreement In Morocco
Morocco 16th November 2011
An investment agreement has recently been signed in Rabat between Qatar Nationals Hotels Company (QNH) and the government of Morocco for the rehabilitation of Tazi Palace in Tangier.
The agreement had been signed by the Minister of Industry, Trade and New Technologies, Ahmed Reda Chami and Chief Executive Officer of QNH. The signing ceremony has also been attended by representatives of Ministry of Economy and Finance and Ministry of Tourism and Heritage in Morocco, as well and the Moroccan Agency for Investment Development.
QNH is to invest USD 55 million for converting the former palace into a high-end five star hotel consisting of 120 luxurious hotel rooms, two VIP villas and one Royal villa, a spa, a fitness centre and a business centre, in addition to state-of-the-art conference and banqueting facilities.
The project is expected to cover a total area of 36,000 sqm which includes an overall built up area of 9,500 sqm and gardens with lush vegetation and areas for walking and relaxation, water bodies, an outdoor pool and a golf course. Moreover, the project is forecasted to generate more than 200 jobs for the local residents.
“Our investment in rehabilitating the Tazi Palace in Tangier aligns with QNH’s strategic plans for international expansion, being our second venture in North Africa. Located in an area with rich cultural heritage and tourist attractions, Tazi Palace will become one of the gems in our portfolio of luxury hotels that carry the glory of ancient times of magnificence”, says Chief Executive Officer of QNH.