Vision3, a strategic alliance formed between Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House, has signed a deal with Moroccan government to develop a $1.8 billion mixed-use health resort over a massive 270 hectare area in Essaouira.

Mohammed Boussaid, Moroccan minister of tourism and handicrafts and Mohammed Khalil Alsayed, board member of Vision3 and Ithmaar Development Company’s chief executive and board member, signed the Letter of Intent (LOI) on the sidelines of the ongoing annual summit of the World Economic Forum 2009 in Davos.

Also present at the signing ceremony were Ithmaar Bank chairman Khalid Abdulla-Janahi, high-ranking officials from the Government of the Kingdom of Morocco and senior representatives of the Vision3 alliance.

'The signing of the Letter of Intent with Vision3 is a continuation of our discussions over the past few months to develop a mixed-use health resort in the province of Essaouira.” said Boussaid.

“The project will not only help develop the health and wellness sector in the Kingdom of Morocco, but also help promote health tourism, commercial and residential development sectors in Morocco,” he said.

“This strategic initiative will also contribute to further stimulating the national economy through the direct employment of Moroccans,” said Boussaid. “We look forward to working closely with Vision3 towards realizing the full benefit of this project,” he said.

Alsayed said the project, in the South of Essaouira, will prove a landmark development and will include health and wellness as an anchor theme with surrounding tourism and other real estate developments.

“We are honored to partner with the Government of the Kingdom of Morocco for this prestigious mixed-use development in Essaouira which would also further strengthen the relationship between the Kingdoms of Bahrain and Morocco,” said Alsayed.

“We are excited about this project which signals our intention to further expand our existing geographical footprint,” he remarked.

“We stand committed to execute this venture in keeping with best-of-breed practices in all aspects of such complex projects – and we bring with us an established track record in similar developments,” Alsayed stated.

“We are confident that our vision for the project would further cement the status of the Medina of Essaouira as a Unesco world heritage site,” he added.-TradeArabia News Service