House Invest structured and got the Islamic financing worth Euro 35 million for development projects in Morocco

The Board of Directors of House Invest held its meeting chaired by Mr. Mohammed Al Tawash and the membership of Mr. Karim Amor from Jet Group,Mr. Abdulla Janahi from Seera Investment house, Mr. Fahad Subah from Qatar Islamic Bank, in addition to Mr. Qais al Maskati and Mr. Hassan Al Mansoor from RealCAPITA.

House Invest is a Company that was founded by RealCAPITA, Bahrain and a number of the largest financial institutions focusing on investment in the economic housing sector of the Kingdom of Morocco. The Board of Directors met last week in the company's headquarters in Bahrain and to discuss the progress of the development projects in the Kingdom of Morocco and also discussed the strategies of the company.

On this occasion, Mr. Mohammed Al Tawash, Chairman of the board stated “Thanks to the efforts of the partners who were committed to the business plan and key strategies of the company; the company was able to develop housing units for middle-income residents in the Kingdom of Morocco in spite of the difficult economic conditions prevailing in the global real estate market.

House Investment is currently developing residential units in the areas of Kenitra close to the capital Rabat, Berrchid (Suburbs of Casa Blanca) and Safi a western city on the Atlantic Ocean. The total anticipated number of housing units are approximately 12,000 and are expected to be completed second half of 2011.

Recently, the company has managed to obtain Islamic financing of 36 million Euros from Banque Populaire in Morocco to finance the project in Kenitra. 

Mr. Al Tawash also stated “We are proud of the sharia compliant loan we abtained  not only because it comes at a time when the mortgage market has severe shortages of liquidity, but because it is a precedent and a pioneering step taken by the company in cooperation with Banque Populaire to structure of an Islamic transaction of this nature; in a manner that is consistent with the Shariah laws which was virtually unknown previously in the banking sector of Morocco. Therefore, it reflects our commitment to providing meaningful financial solutions and innovative company to our shareholders. "

House Invest was established in 2007 by a group led by RealCAPITA. House Invest combines some of the largest financial institutions and investment in the region Such as Seera Investment Bank, Qatar Islamic bank, Surooh Real Estate from Abu Dhabi which has a Paid-up capital of 50 million Euros to invest exclusively in the housing sector economic in Kingdom of Morocco to invest up to 350 million Euros.

RealCAPITA,  is one of the companies specialized in real estate investment, and is aspirant to expand regionally at the level of the Middle East and North Africa since its establishment in February 2006 with a paid up capital US$ 64.5 million.