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(ANSAmed) - DUBAI, JUNE 15 - Al Futtaim Capital, part of Dubai-based conglomerate Al Futtaim Group, will develop a large multi-billion dollar master-planned community in Morocco that will house 40,000 residents, Gulf news online reports. "Al Futtaim Capital is in the final stages of acquiring a seven million square metre plot of land in Bouznika, Morocco, to develop a master-planned community encompassing a mix of residential, retail and leisure facilities," the company said in a statement. Once the master plan is finalised, the Dubai-based conglomerate will seek the relevant government approvals before officially launching the project next year, it said. The project is located half way between the capital Rabat and Casablanca, the country's business hub, with a 5.5km frontage on the busiest highway of the country that connects the two cities. Marwan Shehadeh, managing director of Al Futtaim Capital, told Gulf News his company will finalise the master-planning of the multi-billion dollar project later this year. "We have more or less identified the master planner. We will decide on the master-planner soon," he told Gulf News. On the value of the project, he said, "It is difficult to put a value on the project. But we are talking about a few billions of dollars." This is the company's first major foray into the North African country. It is currently developing Dubai Festival City and Cairo Festival City under the 'Festival City' concept. (ANSAmed).