Abu Dhabi Investment House inaugurated on Saturday its $400,000 Porta Moda Marrakech project in Morocco, with the attendance of high level Moroccan government officials, foreign investors, international media. Porta Moda Marrakech is the first of the Porta Moda's in North Africa. ADIH's latest concept for style city is the first in North Africa. Porta Moda is ADIH's $7 billion latest visionary mixed-use development designed to be implemented in Marrakech, Tunis, Qatar, Abu Dhabi and India, offering components in living, hospitality, retail and fashion, entertainment as well as education - all with a focus on the style and design aspect. Rashad Y. Janahi, board member and managing director of ADIH, expressing his gratitude to King Mohammed VI of Morocco for his support to investment projects within Morocco and his flexible economic policies and approach, said the gesture “ultimately aims at the advanced progress of Morocco and its communicates, as well as the development of Moroccan economy as a whole, given Morocco's unique geographic and cultural composition which attracts major international tourism.” The inauguration ceremony signifies the commencement of construction work at the site of the project - which in turn translates into job opportunities to the local community and creating a hub for style, retail and high-end living. Porta Moda Marrakech will be located on an area of more than 306,000 sqm with investments reach up to $450 million to include the following: Medina - a downtown Porta Moda Marrakech and will be implemented on an area of more than 84,000 sqm to contain high end retail experience, international brand names as well as more than 86,000 sqm of residential complexes with luxury apartments. The 5-star hotel, with a total area of 10,517 sqm, will be constructed next to the golf course with scenic views of the mountains. The design of the hotel will be provided by one of the international designers with another international brand to manage it. The clinic will be located on an area of 460 sqm offering various luxury 5-star treatments to hotel guests and Porta Moda visitors. An academy, with an area of more than 3,000 sqm, will have a capacity of 300 students, in addition to the galleries and museums. An entertainment center includes entertainment features aimed at families that will also contain day care centers for children. A sports center will contain equestrian activities located next to the golf course. The sport facility will also contain tennis courts, an outdoor swimming pool on a total built area of 13,950 sqm. Porta Moda Marrakech will moreover be offering approximately 8000 job opportunities within the local communities starting with this inauguration and commencement of construction work to working within the project's districts and various components when the project is completed with the next 3-4 years. The project will highly be depending on local talent when it comes to creation and design where the local culture will be the most influencing factor. A Porta Moda Advisory Board created especially to give advice on the implementation of the Porta Modas around the world include some of the most famous style and fashion brands such as: Louis Vouitton, Ralph Lauren, Bulgari, Christian Dior, London Fashion Week, Neiman Marcus, London School of Design and many more other international renowned names. Porta Moda Marrakech is located 7km from Marrakech airport benefiting from the infrastructural work currently being implemented in the area. The masterplanning of the Porta Modas around the world is being developed based on high international standards and on due-diligence to best serve the market segments targeted. The selection of destinations that Porta Modas will appear in comes as a result of studies that show flexible governmental regulations and the economic growth potential these countries enjoy. Moreover, study has also shown that young adults are moving towards studying aesthetics and arts. With Porta Moda within their geographic reach, they will be able to get their education at the hands of international talents and expertise. Each Porta Moda destination has market studies implemented to ensure proper market segmentation and targeting. The real estate industry is booming within these countries - with growing populations representing an extremely big middle class consumer market, resulting in the inherent attraction of major multinational companies. Developments in the real estate sector are being driven by demand for more housing units in cities and towns because of growing urbanization, burgeoning middle class, increased disposable income, easy availability of housing finance at cheaper rates and tax incentives. __
