Kuwaiti Developer Alargan Invests $31 Million in Major Casablanca Real Estate Project

The Kuwaiti real estate developer has just completed the financing of the first stage of its planned investments in the kingdom. Its Moroccan subsidiary Socrates Development Company, which it controls with other Kuwaiti investors, has also just completed a 314 million dirham fundraising. It will therefore begin the construction phase of its first major project in the Maarif district of Casablanca in residential and commercial real estate.

The operation was materialized by a capital increase reserved for a new investor, which is the Arab Fund for Economic and Social Development (FADES). It has just signed its first equity transaction in Morocco. Created since 1975, this group is based in Kuwait, and only intervenes in the form of loans. It has also granted 73 loans worth nearly $4.6 billion (over 40 billion dirhams) as of the end of June 2020 to support the Moroccan economy.

The Alargan group wants to invest more than two billion dirhams in addition to the initial investment of Socrates Development Company and the new fundraising for its first real estate development operations in the economic capital of the country. This financing will be supplemented by bank debt and customer advances.

In addition to high-end and commercial real estate, the group created in 1994 also targets the social housing and tourism segments. However, it will take more time, for a more favorable economic climate, reports Challenge.