RealCAPITA announces groundbreaking of its new €370 Million project in the city of Berrechid, Kingdom of Morocco

With the vision of establishing and developing middle class housing units, RealCAPITA, a real estate investment firm, established in the Kingdom of Bahrain has announced the groundbreaking of its project in Berrechid on the Suburbs of Casa Blanca near the King Mohammed V International ??Air port.. The project is one of RealMAROC numerous projects which has been established in 2006, with a total cost of € 370mn, to develop middle class housing units in major Moroccan cities. This opening coincides with the last board meeting which was held on the 15th of April 2008 in Casablanca, Morocco with the presence of RealCAPITA and major shareholders Jet Group/ Morocco, United International Bank/ Kingdom of Bahrain, Qatar Islamic Bank and Sorouh Real Estate/ Abu Dhabi and with the attendance of the management members of House Invest (The Project Company).

The Berrechid project groundbreaking is the second planned after the city of Kenitra., and the aspire to spread the project to a number of major cities in Morocco. the project is to be divided amongst the following major cities in Morocco Kenitra, Berrechid, Oujda, and Safi for a period of 4 years.

Despite the Rapid change in the Moroccan Economic indicators, the board as praised RealCAPITA for its management to stay on track, according to the original timeframe set in the initial plan. On the other hand, the board has also discussed the company´s strategy, aims and the future development stages of the project.

and Praised that RealCAPITA has managed to stay on track with the original time frame Although the changes in the Moroccan Economic situation.

With this occasion said: the Board Member Mr. Mohammed Al-Dossari ´Berrechid town project is a chain of several projects spread cross Morocco, Progress an unique and exceptional Residential environment´.

Also he confirmed: ´the current indication of the Moroccan market confirms the strategic vision of RealCAPITA to invest in other real-estate projects in Moroccan soil, which gives the motive for the development of other real estate projects and the stabilization of their presence in Morocco´.

The President of RealCAPITA, Mr. Mohammed Al-Tawash, added: ´Despite House Invest Company being a new player in a middle-income housing development market in Morocco, it was able to adapt to the changes in the economical, political and taxation position in Morocco, and Committed with launching projects within the anticipated time. The Company had completed new studies and is using renovated techniques employing a different mix of construction materials and quality Standards aimed to attract the targeted clientele.´

Since the inception of the Project, House Invest Company had deployed a flexible strategy malleable enough to handle the constantly changing economic and demographic environment in the Kingdom of Morocco. The city of Berrechid resembles a natural extension of Casablanca city - the biggest and the most industrially and economically advanced Moroccan city. Another key characteristic of its location is that it is in close proximity to the main international airport and from the major tranporation and logistical lines to Marrakesh and other Northern cities.

The residential project at Berrechid is around 13 Hectares from the overall 85 Hectare of the RealMAROC project, The number of units for the Berrechid project is around 6,700 units, which will be accomplished through phases until 2010.

RealCAPITA, Bahraini real estate investment firm, established in February 2006, with an authorized paid-up capital of US$65 million, is developing many projects across the Region, Europe and Southeast Asia.