Wessal Capital, a private equity tourism and real estate fund, is investing €775m in a mixed-use scheme in Morocco.
Wessal – backed by five sovereign wealth funds including Kuwait, Abu Dhabi, Qatar, Saudi Arabia and the UAE – has committed the capital to the Bouregreg scheme between Rabat and Salé.
The project will include office, retail and residential property.
The consortium, which has committed a total €2.5bn to Moroccan real estate projects, also includes the country’s fund for tourism development (FMDT).
The deal is the group’s second investment, following the €530m Wessal Casa-Port project launched last month.