Morocco's Vision 2010
At a meeting in the Moroccan Embassy in London, investors were told that our investment, Paradise Golf Beach Resort, was the only one of the many developments that started in Morocco between 2004 and 2008 that unfortunately did not complete. We have investors that have joined us from other failed investments and have found the following information from the 2016-2017 annual report of Morocco’s Head of Court Auditors. This has also pinpointed irregularities in tourism projects. The report, which was made public Monday, August 27 2018, has found a “low rate of achievement” for the 15 signed regional program contracts (CPR) signed since 2010, part of the government’s “Vision 2020” for tourism development. The document revealed that of the 944 tourism projects since 2010 “only 37 projects were completed at the end of 2015, for an amount of nearly MAD 1.4 billion.” While MAD 151 billion was allocated to the projects, only 1.4 billion was spent for the intended purpose.