Operating through a new company, Oryx Capital, Morocco’s sovereign fund Ithmar Capital is cooperating with QInvest in developing three tourism-related projects in Morocco. Orxy Capital mobilizes with an initial budget of $5.5 million for initial feasibility studies.
The projects include:
- A resort in the mountainous region of Oukaimeden, featuring sports and entertainment around a medina;
- An amusement park in the Marrakech region; and
- A seaside resort now nicknamed the “White Beach” or Al Chatii Al Abdyad.
Back in May 2016, Ithmar Capital received approval of Moroccan public authorities to launch such a venture. Ithmar was formerly operated as the Moroccan Fund for Tourism Development (FMDT).