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Friday, 11 July 2008 00:00 |
Spanish businessman Manuel Jove has announced that he is to invest in property in Morocco.
Mr Jove, who became the biggest shareholder in Spain's BBVA bank last year, said he plans to spend £2.79 billion on investments in the next three years.
Mr Jove's company, Inverante, has said that it is considering investing around £740 million in property assets in Morocco, Spain, eastern Europe, Mexico and Brazil.
It is expected that property administration and energy companies will be key investment targets for the savvy businessman's company Inverante.
Inverante has also said that it plans to invest in energy projects in Spain and worldwide, including a deal with Moroccan energy company ONE.
Overall, Mr Jove said he plans to spend £275 million on hotels and invest £60 million in producing olive oil, wine and cheese.
This follows recent news that house prices in Morocco are set to rise due to a growth in the country's tourism - welcome news for property investors in the country. |
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