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French Version

Kuwaiti investment in Morocco housing project

Kuwaiti Commercial Real Estate Company signed a protocol with the Moroccan
government as part of a partnership with several Gulf and Moroccan companies and establishments.

The protocol refers to investments in developing lands that the government directed for construction and marketing of social housing units in some of the main provinces of the Moroccan kingdom, reported the Kuwaiti newspaper, Al-Rai al-A'am on September 25.

The project's value is $500 million and the accomplishment period will last about three years. The strategic investment alliance includes Venture Capital Bank (VCBank), which is a Bahraini Islamic investment bank, the Commercial Real Estate Company, a Kuwaiti share company operating according to the Islamic Law, and the Moroccan Company Rashid al-Jamiei and Co.. The protocol was signed with the attendance of Moroccan Prime Minister,
Driss Jettou.

According to the protocol, the Moroccan government will supply the land plots with a total area of 105 hectares for the establishment of 24,000 housing units in Rabat and Marrakech. The government will also grant the needed support and will supply the needed infrastructure for the project. In return, the alliance will supply all its technical, professional, financial and administrative facilities for the development, construction and marketing of the housing units.

It should be mentioned that the Moroccan government gives high priority to social dwelling projects due to the severe shortage in this sector. The government aims to allow the private sector and foreign investments to play an important role in the developing of social dwelling, with creation of many job opportunities.

Casablanca,11 01 2005
Mena Report
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