The Kidd project, Tagazhout, which was near Agadir, about 200km from Marrakesh, went bust in a fairly spectacular way - I have heard a variety of stories about how much money was owed there, and frankly don't know what to believe. But it was clearly a mess.
Two or three years ago, Morocco looked like a boom market, but it has gone rather quiet recently for obvious reasons. I haven't seen Al Maaden, but Kyle, I know, is quite excited about it. Rocco Forte Hotels has opened its second golf resort (after Verdura in Siciliy), Assoufid, whose golf course was apparently designed by Niall Cameron, who used to be head pro at RSG and Turnberry, and is now director of golf at Verdura.
There's an interesting project currently being talked about in the Atlas Mountains, near Fes, in the Ifrane national park. A friend of mine has been, and says the site is good, and because of the altitude, it would be a cool season course. But that's a way off, I imagine.