RealCAPITA to develop Morocco housing project 

Bahrain-based RealCAPITA has sealed an agreement with Morocco-based Jet Group, a real estate developer, to undertake the development of a 350 million euros affordable housing project in several Moroccan cities. RealCAPITA is promoting a 50 million euros fund to undertake such development.

The agreement was signed by Mohammed Al Tawash, Vice-Chairman and President of RealCAPITA) and Karim Amour President of Jet Group. The new partnership is believed to be ideally positioned to capture investment opportunities both in the current housing market upturn and the anticipated growth in future years to come. RealCAPITA's mandate is to invest in the GCC and well as other emerging markets (Far East, Eastern Europe and North Africa). "This venture is a manifestation of RealCAPITA's core values," said Al Tawash.

"Affordable housing creates real wealth in society by offering the lower end of market access to significant real estate wealth. We will develop over 16,000 affordable housing units within secured gated communities, spread across Morocco (Casablanca, Agadir Marrakech, Tangier, Nador, and Tetouan).
Today, Jet Group is among the most specialised affordable housing developers and property management companies in Morocco with several similar projects in its track record.
Al Tawash said: "Bahrain too needs to encourage the participation of the private sector in the affordable housing sector in Bahrain, as the need for the ever growing population increases."