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Tuesday, November 25, 2008

ADIH Launches Fashion City Project in Morocco and Creates 8,000 jobs

Marrakesh: Abu-Dhabi Investment House (ADIH) Abu-Dhabi Investment House (ADIH) inaugurated in Morocco last week its first phase of a $7 billion (Dh25.69 billion) project to build fashion cities in several parts of Asia and Africa.

The launch of the $400 million Porta Moda Marrakesh project in the current international circumstances goes to show that ADIHADIH's investments and plans are not affected by the global financial crisis, company executives stressed.

"First of all," Rashad Janahi, board member and managing director of ADIHADIH said, "we don't have any relation with the [international] banks that have declared bankruptcy."

Also, "the markets that we are choosing are successful ones [economically]," he told a press conference, referring to the great potential of some developing countries, including Morocco, where the economy is expected to grow up to 6 per cent next year.

The north African countries have "proven to be attractive for investments" he added."We are looking forward to more investment in these countries," Janahi said. Read more.
Story by Gulf News.

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