ABN - Morocco has signed a US$10 billion funding deal with Chinese company Haite, for the construction of a new business hub near Tangiers.
King Mohammed VI of Morocco and representatives from Haite signed a MOU at the Marchane Royal Palace in Tangiers for the project, which will be called Mohammed VI Tangiers Tech City.
The new industrial and technology centre will stretch over a 2,000-hectare site in the North of the country, and will provide 100,000 jobs while housing 300,000 inhabitants.
Haite’s large-scale investment will be made over a 10-year period and will host a significant number of Chinese companies in numerous industries, including auto-manufacturing, aviation, electronic information, textiles and machinery manufacturing.
Moroccan Minister Moulay Hafid El Alamy said the project is expected to attract foreign investment from 200 multinational corporations.
The tech city is the latest project to be funded by Chinese companies in Morocco, following the recent construction of a suspension bridge connecting the capital Rabat with nearby city Sale, which was backed by Chinese investment.