EMS gains 40% of new development in Morocco |
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Monday, Oct 13, 2008
Gulf News
Dubai: Dubai-based Equine Management Services (EMS) has acquired 40 per cent of a new development in Morocco, the $800 million Royal Ranches Marrakech, boosting its portfolio to well over $1.4 billion.
This is the company's second development in the Middle East and North African region, the first being a $720 million equine community in Ajman.
Located in the foothills of the Atlas Mountains, Royal Ranches will be a five-star equestrian resort spread over 380 hectares with a development value of between $700 million and $800 million.
Like its sister project in Ajman, this development will house an equestrian centre for 200 horses, an equine spa, a boutique five-star hotel and residential units, including apartments and villas.
"Like golf communities which have become popular the world over, equestrian communities offer residents an experience -one that is healthy, fun, engaging and different.
"Residents are buying into a lifestyle and experience, whether it be horses, golf or boat marinas," Anwer Sher, managing director of Equine Investment Company, said. The Royal Ranches will also feature the HoofbeatZ programme, designed by EMS to provide educational and recreational activities centred around horses.
Royal Ranches Marrakech has been designed as a world class equestrian resort which fuses the luxuries of a five-star resort with an advanced wildlife haven," chairman of Royal Ranches Marrakech, Esam Janahi, said.
Construction is due to start by the end of this year.
This development is the latest in the increasingly budding Moroccan real estate market. Foreign direct investment hit over $4 billion at the end of 2007, an 18.8 per cent increase on the previous year.
"The Royal Ranches project is ideally located only 30 minutes from the Atlas mountains and 10km from Marrakech city centre - both major tourism attractions in their own right. The country is also a convenient tourism destination for European holidaymakers as well as an ideal choice for holiday homebuyers," said Sher.
Sher also said Morocco's equine cultural history makes it the natural place for an equine community. Similar projects are planned in the UAE and internationally.
© Gulf News 2008. All rights reserved.
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