Morocco's government as well as the Chinese group Haite have announced their $10 billion agreement for a project to build a new industrial and technology hub near the city of Tangiers. The agreement also includes BMCE's Bank of Africa.
The new industrial and technology hub will be a 2,000 hectare
city and it is hoped that it will provide 100,000 jobs and house 300,000 inhabitants according to Morocco's Industry Minister, Moulay Hafid El Alamy. Given the size and scale of the project, the timelines given are that it will take 10 years to complete it.
The industrial and technology hub will be divided into various industrial zones spanning different sectors including aeronautics, automobiles,
telecommunications, renewable energy, and transport equipment.
The Minister, Alamy, further stated stated that the project is expected to attract investment
from 200 multinational corporations as it progresses.