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Morocco Property Investment Specialist

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Morocco Property Report

New Nissan and Renault car plant announced for Tangier

Posted in Property News by Colin Timms Wednesday September 3, 2008

In another move that highlights the growing economic strength of Morocco, carmakers Renault and Nissan have announced that they are joining forces to produce up to 400,000 vehicles in a new manufacturing complex to be built near Tangier in Northern Morocco.

Tangier: Becoming more than just a tourist destination

The complex will be within the free trade zone, located close to the recently upgraded Tangier International Airport. The joint venture is the largest manufacturing project undertaken by the two car making giants. When fully operational the complex will produce a new range of light vans for Nissan and low cost cars for Renault.

Carlos Ghosn, who is chief executive of Renault and Nissan said, ‘We’re talking about a whole set of cars that are competitive and will be exported from this platform’.

At the weekend, the two car makers signed a memorandum of understanding with Morocco’s government for the project which is the country’s biggest car facility to date, and one of the Mediterranean region’s largest.

Renault and Nissan are to invest €600m into the venture, with a further €200m-€400m to follow, depending on the vehicles produced. When complete, the new facility will have the capacity to manufacture 200,000 vehicles from 2010, with capacity later rising to some 400,000 vehicles.

Moroccan Sands Comment: Projects such as the newly announced car plant, the huge new Tangier container and passenger port and the millions of dollars being spent on upgrading Northern Morocco’s infrastructure, are turning the Tangier region into a boom area. This massive investment is being matched by the millions currently being ploughed into the new wave of Tangier property projects.

Developments such as the Al Houara Resort and the bargain priced, Atlantic Golf Resort (From €73,000) just south of Tangier, look set to benefit from both price uplift and enhanced rental potential created by the expected demand for quality rental accommodation from the new business elite relocating to the area.

Morocco Property Report 3rd September 2008 –