King Mohammed VI chaired a ceremony to sign the financing agreement of the $10 billion project which will be funded by Chinese group HAITE (002023.SZ), BMCE’s Bank of Africa, and the Moroccan government.
Industry Minister Moulay Hafid El Alamy said in a presentation at the ceremony that the new city will be ready in 10 years. The hub will include multiple industrial zones specializing in sectors including aeronautics, automobiles, telecommunications, renewable energy, and transport equipment, he said.
Speaking on the same occasion, President of the Tangier-Tetouan-Al Hoceima region, Ilyas EL Omari, said the project will create jobs in the region, promote technology transfer and boost the competitiveness of the Moroccan economy.
For his part, President of HAITE group, Li Biao, underscored the attractiveness of Morocco for Chinese investors, saying that Morocco boasts a stable society and open economy that is well integrated in the international value chain.
Li Biao also highlighted the strategic location of Tangiers at the crossroads between Europe and Africa as well as its developed infrastructure, notably Tangier Med port and associated facilities.
The hub will attract investments from 200 companies totaling an investment worth $10 bln. Upon completion, the city will offer jobs to 100,000 people and will house 300,000 inhabitants on a surface area of 2000 hectares.