Beirut (APD) - Casablanca-based Ynna Holding, which manages the companies of privately-held Moroccan conglomerate, Groupe Chaabi, stated that it will invest $550 million in industrial, real estate and tourism sectors in northern Morocco, the London-based al Hayat daily reported Tuesday.
The first project entails the establishment of a supermarket, related to 'Aswak Assalam' chain in Tangier. Construction works are expected to be completed at the end of 2006.
Moreover, the company intends to build a marina on the Mediterranean Sea, four and five star hotels with a capacity of 900 rooms, two 25-floors commercial towers along with a residential village that will include villas, residential apartments and all recreational facilities.
The group's expansion plan was motivated by recent growth in the North African country's real estate industry through regional investments, sources in Ynna Holding told al Hayat.
"The venture of Emaar Properties and Dubai Holding into Morocco led to an increase in demand on the real estate sector and resulted in an upside move of 50% in the prices of properties in the past two years," the sources said.
Out of the company's $550 million investment budget, $120 million will be allocated to establish a sugar plant and refinery in the five-year-old Tangier Free Zone. The newspaper did not provide details about the plant's intended production capacity.
The same sources stated that the company might collaborate with European or Arab partners in order to establish more projects especially in the development of residential properties for middle class people.
Ynna Holding is planning to be listed in the Casablanca Stock Exchange in the second quarter of 2006.
Established in 1986, Ynna Holding manages the domestic operations of leading Moroccan private sector conglomerate, Groupe Chaabi. The group grew from a first construction and real estate company founded in 1948 into a leading employer in industry, real estate, trade and services. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
