Al-Futtaim Capital, an investment company based in Dubai, is to finance and develop a 40,000-home affordable housing project in Morocco.
The development, which will cover 700 hectares, is in Bouznika, about halfway between Morocco's capital, Rabat, and its business hub, Casablanca, where hundreds of thousands of people commute daily.
"We had been looking for Morocco for over five years now," said Marwan Shehadeh, the managing director of Al-Futtaim Capital. "The market to target in Morocco is the mid to low-income market."
Morocco is one of the few markets where the property industry has remained robust, largely because of steady demand for affordable housing. The Moroccan housing ministry says the country needs an extra one million homes, and each year more than 100,000 new families enter the market.
"We will do around 40,000 units over 10 to 15 years," Mr Shehadeh said. "The project is totally in line with the government policy of supporting the middle to low-income class and to eliminate the shanty towns, with all the benefits and tax breaks and the mortgage support they give to this segment of the market."
Five years ago, the Moroccan government launched a programme to provide at least 100,000 housing units each year to help eradicate shanty towns. Developers willing to build and sell homes costing less than 200,000 Moroccan dirhams (Dh91,771) are allocated land and exempted from taxes. Properties costing up to 800,000 dirhams are covered by a government fund that guarantees bank loans at low interest rates.
Mr Shehadeh said his company would sell properties at much less than 800,000 dirhams. "The primary focus is the mid-income market, but 30 per cent will be social housing," he said.
The total cost of the project, including land, infrastructure and construction will be more than US$2 billion (Dh7.3bn), Mr Shehadeh said. The development will also include shops. "This is our first investment in Morocco and we are keen to grow there towards other areas of our business, namely retail, automotive, insurance," he said.
Al-Futtaim Capital, part of the Al Futtaim group, will be the developer, but it is speaking with several Moroccan co-developers to bring in partners with local knowledge. The investment will be done through the Al-Futtaim MENA Real Estate Development Fund, which raised about $500 million in May last year.
This is Al-Futtaim's third large-scale mixed-use project in the region, after Dubai Festival City and Cairo Festival City. The two Festival City developments focus on the high-end housing market and retail.
Mr Shehadeh said the company was also eyeing other markets for possible investments, including those in Abu Dhabi, Doha and cities in India. "This is a great time to be looking to invest in real estate because prices are extremely depressed compared to last year," he said. "And we are very fortunate to still have two thirds of our fund uncommitted."
The Moroccan project is expected to start next year. "We are in the process of finalising the masterplan. Then we will wait for the governmental approval to start [building]," Mr Shehadeh said.
Other UAE investors have entered the Moroccan low-income market, including Al Qudra Holding, which joined Addoha Group in building 359 villas in Tamesna. In April, the Abu Dhabi Fund for Development began building 17,000 units in Kenitra, made up of low and mid-income flats, plus villas and a golf course.
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The%20specs
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
SQUADS
South Africa:
JP Duminy (capt), Hashim Amla, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, Robbie Frylinck, Beuran Hendricks, David Miller, Mangaliso Mosehle (wkt), Dane Paterson, Aaron Phangiso, Andile Phehlukwayo, Dwaine Pretorius, Tabraiz Shamsi
Bangladesh
Shakib Al Hasan (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shafiul Islam, Soumya Sarkar, Taskin Ahmed
Fixtures
Oct 26: Bloemfontein
Oct 29: Potchefstroom
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Common%20symptoms%20of%20MS
%3Cul%3E%0A%3Cli%3EFatigue%3C%2Fli%3E%0A%3Cli%3Enumbness%20and%20tingling%3C%2Fli%3E%0A%3Cli%3ELoss%20of%20balance%20and%20dizziness%3C%2Fli%3E%0A%3Cli%3EStiffness%20or%20spasms%3C%2Fli%3E%0A%3Cli%3ETremor%3C%2Fli%3E%0A%3Cli%3EPain%3C%2Fli%3E%0A%3Cli%3EBladder%20problems%3C%2Fli%3E%0A%3Cli%3EBowel%20trouble%3C%2Fli%3E%0A%3Cli%3EVision%20problems%3C%2Fli%3E%0A%3Cli%3EProblems%20with%20memory%20and%20thinking%3C%2Fli%3E%0A%3C%2Ful%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
LA LIGA FIXTURES
Friday (UAE kick-off times)
Real Sociedad v Leganes (midnight)
Saturday
Alaves v Real Valladolid (4pm)
Valencia v Granada (7pm)
Eibar v Real Madrid (9.30pm)
Barcelona v Celta Vigo (midnight)
Sunday
Real Mallorca v Villarreal (3pm)
Athletic Bilbao v Levante (5pm)
Atletico Madrid v Espanyol (7pm)
Getafe v Osasuna (9.30pm)
Real Betis v Sevilla (midnight)
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills