Moroccan investment company, Libra Capital, has formed an alliance with Mourjan Marinas IGY(MM) for the master planning of an exclusive marina and waterfront development, called the RiveriaWaterfront project, close to Agadir. The project includes a marina that will have an as yet unspecified number of berths including a substantial number for megayachts.

The development will include commercial, residential and leisure facilities such as luxury hotels, golf courses, a host of exclusive retail and dining outlets and the recreational marina. Mourjan’s role is to lead various marine environmental studies ahead of construction. This will also include commercial viability and feasibility studies to further spearhead the master planning process of this vibrant development. The first phase of this project is due for completion in 2012.

For Mourjan, Morocco is a new market and came about by Libra approaching the Dubai-based marina management company. Mourjan say that the project “highlights Morocco’s dynamic vision for the future of the country, as this exciting new development will promote it as a country dedicated to modern and efficient development projects.” At this initial stage it is too early to put a value on the total project or marina district.

Mourjan Marinas IGY’s CEO, Michael Horrigan, says: “Our focus is on the marina district which is only one element in the masterplan. Our first action will be to formulate the overall program of works for the marina district, but at this stage I believe it is realistic to advise that the feasibility study will be in final form by the fourth quarter of 2010.”

The maximum size of yacht that the development will be able to accommodate is unknown until the planning is completed for the spread of berths for smaller yachts and megayachts. As for operating the marina, Horrigan says: This was actually part of the original contact but is not contractually finalized at this stage