By Elsa Baxter
Al Futtaim Capital's plan aims to address housing shortage, set for 2010 launch.
Dubai-based Al-Futtaim Capital is in the final stages of negotiation to acquire a huge plot of land in Bouznika, Morocco, on which to develop a major housing project.
The development, located half way between the capital city of Rabat and Casablanca, will go some way to addressing the country’s housing shortage, the firm said in a statement on Sunday.
Based on a seven million metre square plot of land, the development is currently in the planning stages and due to be officially launched next year, the company said.
Omar A Al-Futtaim, chief executive officer, said the land acquisition “gives us a foothold in Morocco that we intend to build on.”
“By expanding into Morocco, we have a great opportunity to grow despite the slowdown in the global economy,” he said.
“There is strength, diversity and depth to the Moroccan economy and we see many good reasons to be confident about our investment.”
Government figures estimate that currently Morocco has an undersupply of more than one million homes. Several government initiatives have been launched to provide affordable housing for low-to middle-income families.
Marwan Shehadeh, managing director, Al-Futtaim Capital said: “Al-Futtaim's vision for this project is in line with the government's focus on meeting the demand of the middle income population of the country.”
The development is the Al-Futtaim’s third large-scale development in the region. It features a mix of residential, retails and leisure facilities.