ECONOMY

Saudi-backed firm plans to pump $230m into Morocco

Asma Invest will take up projects worth $230m, to be executed in Morocco by 2015. (Photo courtesy: Asma Invest)

Asma Invest plans to finance projects worth $230 million in Morocco, across several sectors, according to its managing director.

The company, also known as the Saudi-Moroccan Investment Company for Development, says it is looking at “large projects” to be executed by 2015.

Investments will run across several sectors including real estate, tourism and agriculture, the company’s managing director, Mohammed Yasin, told Al Arabiya today.

“We already started working on two big projects in Casablanca and Ifrane, with a total worth of $90m, as the company’s focus will be directed towards large-scale projects,” he said.

Yasin stated that the company decided to take the leap following 20 years of experience in numerous projects and ventures.

The investment company was created in 1992 with a registered capital of 400m Moroccan dirhams, which was increased to 800m Moroccan dirhams in 2010.

The corporation’s capital is shared equally between the Public Investment Fund of Saudi Arabia and the Treasury of the Kingdom of Morocco.

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Last Update: Wednesday, 22 May 2013 KSA 17:43 - GMT 14:43
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