Tuesday January 22nd, 2013 at the headquarters of the Caisse de Dépôts et de Gestion (CDG) Group, Mr. Najeeb Al Saleh, Vice Chairman of the real estate investment company Al Taameer and Mr Anass Alami, General Manager of the CDG Group signed a Memorandum of Understanding between the two groups.
This Memorandum of Understanding (MOU) is a result of the willingness of both parties to establish a long-lasting relationship, and to create a favorable collaboration framework, particularly in the real estate and tourism sectors.
The two parties wish to define the possible ways in which they may cooperate so as to identify investment opportunities in different areas of the kingdom, and to favor their execution.
Armed with its expertise and know-how, Al Taameer Company wishes to invest in the conception, management, and sale of real estate projects, including housing projects, tourism projects, or the development of retail centers.
The cooperation between the two groups will include partnerships through Special Purpose Vehicles (SPV), where Al Taameer would hold a majority stake.
Al Taameer is already present in the hospitality sector in Morocco, through the Ramada brand. It currently owns 3 assets, namely Ramada Fes (operational from June 2008), Ramada Encore in Tangier (expected opening by first quarter of 2013), as well as a plot of land in Agadir where another Ramada Encore will be developed and expected to be operational by 2015.
Brief Presentation about Al Taameer Group:
Al Taameer Real Estate Investment Company KSC was established in 1978 as a closed Kuwaiti shareholding company with the primary objective of investing in the Kuwait real estate market.
The company's current activities include real estate acquisitions, development, ownership and management of hospitality assets (hotels, resorts, spas and leisure projects) and food and beverage operations in the MENA region. Secondary activities include ownership and operation of shopping malls, real estate brokerage and consultancy services, organization of specialized real estate fairs and auctions. Taameer also provides services which are broadly classified as management services, franchise services and technical assistance.
The current portfolio of the company includes a mix of Hotel/Serviced Apartment/Residential/Resorts &Clubs of 5 operational projects and 6 which are under development.
Brief Presentation about CDG Group:
The Caisse de Dépôt et de Gestion (CDG) is a financial institution and the first (1st) institutional investor in Morocco, set up as a government-owned corporation by the Royal Decree dated 10/02/1959. It plays a key role in national economy and supporting public development policies.
The Group's main mission is to centralize and manage long term savings and ensure that these funds are invested in assets, profitable to the country's economic development.
Today, the CDG has become a key institution in the pension's management sector, a major player in the consolidation of the financial and banking sectors as well as a leading operator in territorial and sustainable development of the country.
© Press Release 2013
