Moroccan housing developer Dar Saada has raised MAD1.1bn ($137m) from a consortium of investors including Kuwaiti private equity firm North Africa Holding Company (NorAH) and Abu Dhabi investment fund Aabar Investments.
The two firms each reportedly account for about a third of the billion dirham capital increase. The remainder comes from Idraj Investment Fund, RMA Watanya and WAFA Insurance.
Dar Saada is a subsidiary of Moroccan real estate business Palmeraie Holdings, and focuses specifically on low and medium income housing.
“NorAH’s investment team has identified the social and intermediate housing segment as fast growth segment with huge potential,” said Emad Anwar Al Saleh, CEO of NorAH.
“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.”
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