By MARTELLA MATTHEWS,Guardian Business Reporter martella@nasguard.com

The first international equity listing for The Bahamas International Securities Exchange (BISX), Kerzner International, is on the move again with plans to develop another resort on the African continent.

In a release issued Thursday, the Paradise Island based resort development company announced that Kerzner International has entered into an agreement with the government of the Kingdom of Morocco and local Moroccan partners to develop another destination resort casino.

The cost of the project is estimated at $230 million and will be 50 per cent owned by Kerzner. The equity contribution expected of Kerzner international will be $47 million with the remaining equity to be provided by the two local partnering companies Societe Maroc Emirates Arabs Unis de Developpement (SOMED) and Caisse de Depot et de Gestion (CDG). Further debt financing will be raised in the local Moroccan market.

The proposed resort will consist of a 600-room hotel, an 18-hole golf course, convention space, restaurants and a casino. To be located on the Greenfield site near El Jadida, approximately 50 miles southwest off Casablanca, the resort will have the exclusive right to conduct gaming operations within a 100-mile radius from the centre of Casablanca.

The selected site encompasses three miles of beachfront running along the country's Atlantic coast and within easy access to the Casablanca International Airport. Construction of the new resort is expected to begin in 2005 and has a completion date of mid 2007.

Like most of its other proposed investments, Kerzner will enter into long-term management and development agreements with its Moroccan partners. The development of the project is subject to regulatory, municipal and regional approvals.

SOMED is an investor with interests in various industries, including hospitality and is 50 per cent owned by the Abu Dhabi Development Fund and 30 per cent owned by the government. Institutions hold the remaining interests. The second partner CDG is the government-entity responsible for investing Morocco's pension funds and is one of the country's leading institutional investors.