A Kuwait-based investment firm said on Sunday it has acquired a minority stake in a Morocco real estate developer.
The North Africa Holding Company (NorAH) said it had invested in Dar Saada Company (DSC) as it sees opportunities in the fast growing North African housing market.
“Our investment team had identified the social and intermediate housing segment as fast growing with huge potential,” Emad Anwar Al-Saleh, CEO of NorAH, said in a statement.
NorAH said a consortium of investors, including Abu Dhabi fund Aabar Investments, Idraj Capital development fund, RMA Wataniya and Wafa Assurances were instrumental in helping the company raise $137m for the stake.
“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,” Al-Saleh added.
NorAH said it had secured a place on the board of DSC, which specialises in social and intermediate housing developments.
NorAH, which has a capital base of $180.5m, aims to target investment opportunities arising in North African economies, it said.
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