RealCAPITA , the global real estate development company, announced that Sorouh Real Estate, the leading property developer in Abu Dhabi, has become a significant investor in the RealMAROC project – a major development that will be implemented by the company in Morocco to provide economical accommodation for people with limited income in the Moroccan Kingdom.
"We are proud to have Sorouh Real Estate among our strategic partners in RealMAROC, a property development fund in Morocco. This confirms the success of the investment policies of RealCAPITA and the strength of our investment products which together allow us to attract leading organizations in the real estate and investment sectors as our projects are successfully introduced and implemented,” said Mr. Hassan Mansoor, Vice President, Finance at RealCAPITA. Highlighting the latest developments in the RealMAROC project, Al Mansoor added: “A joint venture between ‘House Invest’, owner of the development in Morocco, and the lead developer ‘Jet Sakane’ has been established, and acquisition of land has already started. First in Al Qunaitera, near Rabat, and will comprise 2,300 housing units. Units are expected to be handed over starting early 2009.”
Mr. Ala Khannak, Chief Financial Officer at Sorouh Real Estate stated: “Sorouh will continue to seek out successful investment opportunities that provide sustainable growth to the company. Our partnership with RealCAPITA supports Sorouh’s commitment to establishing successful alliances that add value to both partners.”
Khannak added: “North African markets are of great interest to Sorouh, and the company has already invested in Morocco through Al Ma’abar International Company, which was founded by a group of reputable Abu Dhabi-based real estate companies, including Sorouh, to offer and manage real estate investment abroad. We are delighted with this partnership and look forward to developing it further in the future.”
RealCAPITA is the founder of ‘House Invest’ in Morocco and in cooperation with its partners in JET Group, are developing over 22,400 housing units, worth US$ 450 million. In cooperation with the Moroccan government, RealCAPITA will develop these housing units in major Moroccan cities over the next four years.
Sorouh Real Estate, the leading real estate company in Abu Dhabi, is one of the largest real estate developers listed on the Abu Dhabi securities market, with a market cap of more than AED 9.7 billion. Sorouh is committed to best practices and adding value to investors through highly professional and environmentally friendly development techniques.
Bahrain-based RealCAPITA is a major property developer who has managed in a short time to establish a strong presence in the investment world, through a number of successful landmark projects throughout the world. The company was established with a capital of US$ 56 million, and started its operations in February 2006. Today it has more than ten projects in Bahrain, the GCC countries, Middle East, Far East, North Africa and Europe.