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MOROCCAN DEVELOPER ADDOHA UPBEAT ABOUT CONTINUING GROWTH

Wednesday, 07 Jan 2009

Anas Sefrioui, the chairman of Addoha, the foremost developer of property in Morocco, says that the company’s sales are as expected and that the kingdom in North Africa will be able to handle the current global financial crisis being experienced by major international economies. Mr Sefrioui says, “Sales are progressing in an entirely satisfying manner.”

Mr Sefrioui points out that Addoha has committed to sales of 24,000 low-budget housing projects that will be constructed on Morocco property over the next year and a half, and these housing units represent $1.02 billion of revenue that has been secured. Morocco’s economy is in a good position to ride out the storm of the current global downturn due to its decreasing income taxes, large infrastructure ventures, increasing public sector salaries and a good beginning to the latest farming season.

Addoha is reaping the benefit of a growing consumer bond market and the latest drive by the government to build additional low-cost housing developments aimed at replacing the slums on property in Morocco with cheap apartments for low-income citizens. The recession that is currently affecting the economies of a number of European countries, however, is causing concern about the viability of tourism and leisure projects currently being built by Addoha for sale to overseas buyers.

Mr Sefriou maintains that Addoha is turning its focus on mostly low-cost Morocco accommodation that will be sold to poor Moroccans for 200,000 dirhams per unit. He also says that the firm was not obliged to lower the price of its upmarket Ryad Andalous development project in Rabat, and that the development was now in its second stage and on schedule. Mr Sefriou adds that sales of housing for tourists on Morocco property was definitely going to slow down, but that this only represented 7% of the company’s sales, plus the developments were also geared towards Moroccan buyers.