Senior sources reported that the South Korean Daewoo Group is encountering serious financial difficulties in Morocco and has decided to sell its Hilton Hotel in Rabat, reported Al-Hayat . The group purchased the hotel in 1997 for $35 million through a Moroccan privatization scheme. The Group also announced that it has decided to freeze all its previously planned projects in Morocco. These projects include automobile assembly projects and television manufacturing projects. Daewoo also intends to sell another one of its hotels located in Algeria. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
