07.04.08, 3:28 PM ETTANGIER (Thomson Financial) - The real estate subsidiary of Russian gas giant Gazprom is to invest nearly one billion euros in northern Morocco, an aide said on Friday.To see through the project the subsidiary, Intelco, set up a Moroccan group, Kudla, whose capital is listed at 155 million dirhams, which equates to about 13.5 million euros, the Moroccan unit's Mohamed Ghalat said.Kudla will invest 5.6 billion dirhams to build a 48-hectare Paradise Golf Resort at Aouchtam in the Rif mountains, complete with high-end villas and apartments, a nine-hole golf course, tennis courts and a shopping centre as well as a marina and 58 hectares of real estate projects between Tangiers and Tetouan.The Russian group is also involved in a 1,200-hectare project on the Mediterranean at Azla, near Tetouan which will also come with an upmarket marina, hotels, a golf course and an upscale residential area.Five billion dirhams have been earmarked for this project.'We want to invest here because the Spanish market is saturated,' Ghalat said, adding that Gazprom had been charmed by northern Morocco where it will concentrate its tourist projects in North Africa's Maghreb region.Investors mainly from France, Spain and the Gulf region are currently developing areas in southern Morocco.//en.yabiladi.com/topics/gazprom-s-real-estate-subsidiary-invest-44-2591075-2591075.html#msg-2591075 Sat, 06 Jun 2026 07:20:08 +0200 Phorum 5.2.15