In March 2017, the King of Morocco launched Tangier Tech, a smart city to be built on a 200-hectare site over the next 10 years. Designed as the spearhead of the future Tangier region economic hub at the gateway to Europe, Mohamed VI Tangier Tech City has set international goals. A Chinese group is helping to finance the project, estimated to cost $1 billion. Nearly 200 Chinese companies operating in the automotive, aerospace, textile, electronics, and machine tool sectors are planning to set up locations there.