Kuwait Working with Morocco
North Africa Holding Company (NorAH), a Kuwaiti investment firm has just “acquired a minority stake in a Morocco real estate developer,” with its investment and place on the board in Dar Saada Company (DSC). It looks like there will be significant opportunities for NorAh in the North African housing market that is currently on an up.
NorAH’s Investment Goals
Given NorAH’s strong, solid, stable base, it is the perfect company to make an investment. It works well with various economies in the North African region, having the capacity (with its KD 50 million capital base) to “contribute to the sustainable development” there. It is also “one of the largest pan-regional investment companies.” When it joins up with other companies, it can help them become “premier regional and global players.” Since it recognized that the housing market had huge potential, it made sense for it to move in that direction. Since there hasn’t been such a commitment by the government to respond to the lack of Moroccan affordable housing, the company’s CEO, Emad Anwar Al-Saleh said the sector is likely to undergo “major growth in the next few years.”
NorAH Gets Assistance
NorAH has been receiving significant assistance in raising the necessary $137m for the stake. Companies providing capital include: Wafa Assurances; Aabar Investments (Abu Dhabi), RMA Wataniya and Idraj Capital Development Fund. In addition, NorAH plans to “target investment opportunities arising in North African economies.”