Three Gulf sovereign wealth funds and UAE-based property developer Al Maabar have raised Dh15 billion ($1.77 billion) for a tourism fund that aims to put Morocco among the world's top 20 destinations.

Omar Bennani, head of state-controlled Moroccan Touristic Engineering Company, said that the funds were Bahrain's Mumtalakat, the Kuwaiti Investment Authority and Qatar Investment Authority.

'The contribution of the four partners is of at least Dh15 billion. They are committed to supporting us throughout the next 10 years,' he was quoted as saying in our sister newspaper Gulf Daily News (GDN).

He said the investors did not want their contributions to the Moroccan government-backed fund be made public.

The new fund aims to attract Dh100 billion in investment.

It will finance resort developments in Morocco that aim to more than double tourism receipts to Dh150 billion by 2020. Bennani was speaking after the four partners signed agreements with authorities.

Tourism Minister Yassir Znagui said the Moroccan government would contribute Dh15 billion to the new fund.

He said Moroccan authorities could consider bond issues to raise another Dh70 billion.

'We will run an international roadshow to raise the rest of the money required by the new fund,' he said in Marrakesh.

He did not, however, identify the potential issuer.

'We are encouraged by our recent success through the eurobond issue.'

Morocco sold a 10-year 1 billion euro-denominated bond in September. It was priced at 200 basis points over mid-swaps, at the tight end of yield guidance.