Kuwait, 3rd April , 2011: Kuwait based investment company, North Africa Holding Company (NorAH), announced today it has acquired a minority stake with board representation in Dar Saada Company (DSC), a Palmeraie Holding affiliate company that specializes in Social and Intermediate housing development.
NorAH's stake was acquired through a capital increase that raised MAD 1.1 billion (about USD 137 million) for DSC. The capital increase was subscribed by a consortium of institutional investors composed of NorAH, AABAR Investments PJSC, IDRAJ Capital development fund, RMA Watanya and WAFA Assurances.
Emad Anwar Al Saleh, Chief Executive Officer of NorAH said: "NorAH's investment team has identified the social and intermediate housing segment as fast growth segment with huge potential. We believe the current shortage of affordable housing in Morocco and new government incentives to answer this deficit mean that this sector will experience major growth in the next few years."
Commenting on the partnership with DSC, Mr Al Saleh added: "We believe we have chosen the right partner to enter this segment. DSC and its holding company have a long and successful track record in real estate development in Morocco and a very capable management team. This combination provides outstanding potential and we are delighted with the deal we have made with them."
Hisham Berrada, DSC spokesperson said:"We will work to further the development of DSC and its contribution to close the housing deficit in Morocco. We are excited to be partnering with NorAH, an international investor with extensive management experience and long term perspective".
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About North Africa Holding:
North Africa Holding Co. (NorAH), a Kuwait based Investment Company, was established in September 2006 with the aim of capitalizing on significant investment opportunities arising in North African economies. With a capital base of KWD 50 million, NorAH is one of the largest pan-regional investment companies and is driven by a clearly defined vision and investment strategy. NorAH aims to contribute to the sustainable development of North African economies by partnering with local companies. Moreover, it seeks to acquire significant stakes in companies with superior management teams, and firmly believes in partnering with its investee companies in driving their transformation into premier regional and global players.
About Palmeraie Holding:
Palmeraie Holding is a Moroccan business group that was founded about 40 years ago. The group initially started in the textile business and by the early 1980s, it began diversifying its activities and quickly became a national icon in building and managing major tourism and hospitality properties. It also emerged as a market leader of the luxury property development in Morocco.
About Dar Saada Company:
In early 2000s, Palmeraie Holding recognized the market potential of the social and intermediate housing segment in Morocco and decided to set up Dar Saada Company as a dedicated entity for that emerging segment. Today, with 14 projects under development throughout the major cities of Morocco, the company enjoys strong brand recognition and emerged as a major market player.
For Media Information, please contact:
Dina Sabry
Account Manager
Hill & Knowlton Middle East
Tel: 00 965 22331 770
Email: Dina.Sabry@hillandknowlton.com
© Press Release 2011
