World Finance’s 2014 Sovereign Wealth Fund Deal of the Year, and 2014 Social Deal of the Year
Wessal Capital, a joint venture set up in 2011 by the Moroccan Fund for Tourism Development (FMDT), Abu Dhabi's Aabar Investments, Qatari fund Qatar Holding, Kuwait Investment Authority's Al Ajial Investment and Saudi’s Public Investment Fund, focuses on tourism and hospitality investment opportunities in Morocco. Wessal Capital’s total funding commitments amount to approx. EUR 2.5 billion.
Wessal Capital was named “2014 Sovereign Wealth Fund Deal of the Year” by World Finance in October 2014, due to its unique collaborative model and the scale of its developmental impact.
Wessal Capital recently launched its first two investments in Casablanca and Rabat.
The 5.9-billion dirham (EUR 530M) Casablanca Port project includes the construction of hotels, a marina and a plan to renovate the old medina with better connections with the port of Casablanca. A framework agreement was executed on April 1, 2014 by Wessal Capital, the Government of Morocco and the city of Casablanca.
The Wessal Casablanca Port project, as a key component in the socio-economic overhaul in Casablanca, was named “2014 Social Deal of the Year” by World Finance in October 2014.
The 8.7-billion dirham (EUR 780M) Rabat / Bouregreg mixed-use development project includes a marina, residential areas, hotels, shopping / commercial centers and cultural facilities. A framework agreement was executed on May 12, 2014 by Wessal Capital, the Government of Morocco and the Bouregreg Valley Development Agency.
FMDT (for the setting-up of Wessal Capital) and Wessal Capital (for the Casablanca and Rabat projects) were advised by Allen & Overy, with partner Hicham Naciri, counsel Lamiae El Abbouti and associates Allia Skalli, Zineb Ramid and Camelia Menjra.
Aabar Investments (both for the setting-up of Wessal Capital and for the Casablanca and Rabat projects) was advised by Gide, with partner Julien David, senior associates Simon Auquier and Jean-François Levraud.
Qatar Holding (both for the setting-up of Wessal Capital and for the Casablanca and Rabat projects) was advised by Bennani & Associes LLP, with partner Mehdi M. Bennani and senior associate Zineb Tayaa.