Kuwait based investment company, North Africa Holding Company (NorAH), announced 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”.