RealCAPITA teams up with Moroccan Jet Sakane to develop affordable housing units worth US$400 million

Manama: RealCAPITA the global real estate development company announced in a press conference held today that the first steps have been taken to develop the latest housing development in Morocco "Real MAROC". This strategic alliance with highly acclaimed Moroccan developer Jet Group targets to develop 22,400 affordable housing units worth €311 million (US$400 million).

The Project involves the development and sale of these units in 4 major Moroccan cities Casablanca, Tangier, Agadir, and Marrakech over the span of four years.

Mr. Mohammed Al-Tawash, Vice Chairman and President of RealCAPITA stated in his speech "This Strategic alliance with Jet Sakane guarantees we´re with one of the strongest players in the affordable housing field in Morocco. Our list of strategic alliance partners include Saudi based Dammam Development, Saudi based Al-Khuzama Investments, Abu Dhabi based Injaz MENA, Kuwait Commercial Markets Complex Company and Saudi based Al Rajhi Investment Group. All with the strong faith to make a difference to the high housing demand all over the region"

Mr Karim Amor Chairman of Jet Group said "Real Maroc is a project with both financial and social goals and objectives that will tap into the under-served sector and letting that sector intervene within the economy. I am sure that this new venture will prove very successful due to the dual advantages and Arab-Arab collaboration."

RealCAPITA also stated today that it is eager to introduce similar projects in Bahrain, being a strong base for new investments and a company with huge potential and demand for social housing development projects. Tawash also declared that RealCAPITA is ready to be one of the biggest and highest supporters to develop affordable housing units in Bahrain if the Government issued laws to encourage the private sector participation in this under served sector.