Global Arab Network | Morocco launches 8 mln urban development project in Oujda

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Morocco launches $288 mln urban development project in Oujda

Thursday, 06 May 2010 14:03

HM King Mohammed VI of Morocco has launched construction works of the first phase of the urban development project in the eastern city of Oujda, to be carried out for a total cost of 2.5 billion dirhams ($288 mln).

On this occasion, the Sovereign presided over the signing ceremony of a partnership agreement to implement this project, which aims to promote the attractiveness of the largest city in the eastern region, notably through setting up modern urban structures in the city center, delocalizing the industrial railway activities and using the freed spaces from the station to promote the city’s urban development.

The first phase of the project, worth 300 million dirhams, aims to upgrade Oujda city center into an integrated urban pole to promote the attractiveness and competitiveness of the city at the national and international levels through reinforcing its professional and residential real estate assets.

The project is also designed to build an urban pole including a state-of-the-art railway station, shops, offices, residential neighborhoods, hotels and tourism infrastructure, in addition to entertainment centers.

It is worth mentioning that Morocco's economy growth increased by 4.6% in the first quarter of 2010, the state statistics office HCP said .

Non-agricultural value added grew 5.1%, compared to 1.2% a year earlier and 1.9% in the third quarter of 2009, HCP said in its latest note.

The production of red meat and white meat rose by 4.2% and 8.4% respectively at the end of March 2010 compared with the same period of 2009.

Agricultural value added declined in the first quarter of 2010 by nearly 9.6%, according to the same source.

Concerning consumption, HCP said that local car sales rose by 7.8% at end March 2010 and imports of consumer goods decreased by 7.9% in late February 2010.

The real estate loans grew by 12.9% over the first two months of 2009, compared to 24.9% in the first quarter of 2009. (Map)

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