Wessal Capital is an innovative investment fund established in 2011 to finance transformational tourism and real estate projects in Morocco. An initiative of King Mohammed VI, it has a unique shareholding structure with five sovereign wealth funds committing an equal amount of capital: the Kingdom of Morocco through the Moroccan Fund for Tourism Development (FMDT), the United Arab Emirates through Aabar, the State of Kuwait through Al Ajial, the State of Qatar through Qatar Holding, and the Kingdom of Saudi Arabia through its Public Investment Fund (PIF). In total, Wessal Capital has €2.5 billion in shareholders' equity commitments, making it the largest investment fund in Africa.
Wessal Capital invests in projects which develop Morocco's socio-economic environment and enhance the lives of residents, while attracting international business and tourists. Projects are selected on the basis of their social and environmental responsibility and cultural relevance, as well as their potential financial return. Announced on April 1, 2014, the fund's first investment was the €530 million Wessal Casa-Port project to transform the harbor area and renovate the historic old town Medina area of Casablanca, thereby enhancing the city's attractiveness and role as a key business and financial hub in Africa.
