Feb 15 2008 |
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Tunisia: SNI Buys One-Third of SOMED
Societe Nationale d'Investissement, (SNI) , Morocco's national holding company, has bought one third of Societé Maroc-Emirats Arabes Unis de développement ( SOMED ), an investment group with interests in tourism, metals, real estate and food production.Controlled by the Moroccan royal family, SNI has bought out institutional investors and acquired shares owned by the Abu Dhabi Fund for Development for a total of $161.9m, according to a statement issued last week.
Created in 1982, SOMED was initially a joint venture between Morocco and the United Arab Emirates designed to bring foreign expertise and capital to large-scale projects.
Prior to the new deal, the Abu Dhabi Fund for Development was the largest stakeholder in the organisation, according to SOMED . However, its share has dropped from 50% to 33.9% while SNI now holds a 32.9% stake and the Moroccan Treasury's participation remains unchanged at 33.25%.
SNI 's buyout signals a change in the fund's dynamic, shifting greater control to the Moroccan side, which is expected to be a major boost to SOMED and will allow SNI to tap into the most profitable sectors of the Moroccan economy.
It is "an opportunity to put our financial resources to work in a sector that is vital to the Moroccan economy - tourism", reported SNI .
SOMED 's drive to develop the hospitality industry coincides with King Mohammed VI's Vision 2010 plan for the Moroccan tourism sector, designed to raise visitor numbers to the North African country to 10m per year, from 7.4m in 2007, and to increase the number of hotel beds from 133,320 in 2006 to 160,000 by the end of this decade.
SOMED has historically had a strong interest in the hotel sector. Property development forms a key part of its investment strategy. One of the company's flagship hospitality projects is the Raffles resort currently under development in Marrakech. The hotel is reported to contain 150 rooms, 36 luxury villas and a spa, though Raffles has yet to release the project's details.
SOMED also owns properties in Casablanca, Tangiers and Agadir, with a total of 3000 hotel beds. Its portfolio includes international brands such as Sheraton and Palmyra in Marrakech.
The company is also working with Moroccan property developer Addoha to develop apartments at several sites across the country, covering a total area of 250 ha.
Additionally, the group is closely involved in the Mazagan project, a new beach resort being developed as part of the Plan Azur, Morocco's blueprint for "intelligent seaside tourism", which aims to build up six new beach resorts. SOMED will partner with Caisse de Dépôt et de Gestion du Maroc ( CDG ) in the construction of the resort, which is expected to offer 3700 hotel beds.
SOMED had a consolidated turnover of Dh1.4bn in 2006 and a net income of Dh200m, while its equity stood at Dh1.6m.
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