Kuwait's Alargan Real Estate to invest $199mln in Morocco

Kuwait - Alargan International Real Estate Company plans to invest KWD 60 million ($199 million) in the Moroccan market, a top official has said.

The projects, which will take place in Casablanca, will be established on an area of 10,000 square metres, Al-Qabas newspaper reported, citing Alargan's vice chairman and CEO Khaled Al Mashaan as saying.

The real estate company will provide commercial and residential services, in addition to long-stay hotel rooms and offices, Al Mashaan added, noting that Alargan's stake in the aforementioned projects will reach 35%.

Moreover, the company also plans to develop residential projects for the low-income segment, as the unit’s total cost will not exceed KWD 8,000.

It is worth noting that Alargan company intends to invest in both the Indian and Egyptian real estate markets.