Adenia Partners, AFD Group set to acquire Overseas Catering Services

MOROCCO – Private equity firm Adenia Partners has partnered with Proparco, the private sector financing arm of Agence Française de Développement Group (AFD Group), to buy Overseas Catering Services (OCS). The investment, which is Adenia’s first in Morocco, will support OCS’s organic and external growth and deliver on the management team’s objective to develop a leading platform in the catering and facilities management market. Adenia and Proparco will work closely with the company to apply best-in-class business and ESG practices. “We are thrilled to open our Morocco office and establish…

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Radisson Hotel Group acquires Lincoln Casablanca, debuts its third brand in Morocco

MOROCCO – Radisson Hotel Group and REALITES Groupe have announced the signing of Lincoln Casablanca, a Radisson Collection Hotel, debuting Radisson Hotel Group’s third brand in Morocco. Radisson Collection also marks the Group’s ninth hotel signing in Morocco this year, bringing its portfolio in the country to 11 hotels in operation and under development, and setting the Group firmly on track to exceed its ambition of reaching 15 hotels by 2025. The Lincoln Hotel, which is the oldest hotel in Casablanca and a prime example of the city’s Art Deco…

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B2B marketplace Sle3ti secures US$3.2m from investment fund of the Richbond Group

MOROCCO – Sle3ti, a Casablanca-based B2B marketplace that allows retailers to order directly from suppliers and distributors of consumer goods (FMCG), has raised 12 million DH (US$3.2m) from the investment fund of the Richbond Group. Sle3ti will be able to expedite its rollout across Morocco’s regions and provide high added value services to merchants and its FMCG partners as a result of this investment. “I am excited and honored to announce that Sle3ti has just completed the largest seed round fundraising for a Moroccan business with Moroccan investors,” Sle3ti’s CEO…

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AfricInvest, Tunisian businessman acquire majority stake in ISGA

MOROCCO – Private Equity firm AfricInvest has announced that it has made a new investment in Morocco’s education sector. The investor has acquired jointly with the Tunisian businessman Tawhid Chtioui, 80% of the Moroccan Higher Institute of Applied Engineering (ISGA). Shares were acquired from the Diouri family which was until now the majority shareholder of the ISGA group. The operation was announced by several local media in September, but no details were given about the buyer. With this participation, AfricInvest commits to support the development plan of the private education…

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Morocco secures US$131m loan from AfDB for sustainable agriculture

MOROCCO – The Board of Directors of the African Development Bank (AfDB) has approved a new €114 million (US$131.89m) loan to Morocco to enable the implementation of the Support Program for the Inclusive and Sustainable Development of Agricultural and Rural Areas (Padidzar). According to the Moroccan High Commission for Planning (HCP), agriculture, which accounts for 15% of the national wealth produced each year before tourism and industry, is threatened by water stress. The phenomenon caused by drought is a consequence of climate change. In this context, the Padidzar aims to…

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Fintech startup Chari.ma raises US$5m for its expansion plan

MOROCCO – Chari.ma, a fintech and e-commerce startup, has raised US$5 million in the largest venture funding round in the country this year and among the biggest-ever seed funding rounds in the North African nation. The funding round was jointly led by Rocket Internet, Global Founders Capital and P1 Ventures with participations from Plug and Play, Y Combinator, Village Capital, MetLife Foundation, Orange Digital Ventures, Air Angels, SPE Capital, Pincus Private Equity and Reflect Ventures. The Chandaria family, Propertyfinder CEO and founder Michael Lahyani, and the management company of an…

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Electric car manufacturer Tesla launches its Supercharger stations in Africa

MOROCCO – Tesla, an electric car manufacturer, has installed its first two Supercharger stations in Morocco, marking its first entry in the African market first. These first supercharger station has been installed in Tangier, near the main highway that connects Morocco’s major cities on the Atlantic coast. The company installed four supercharger stations capable of delivering 150kW near the Tangier Al Houara Hilton Resort. The second set of superchargers was installed at the Onomo Hotel in Casablanca, with a similar set of four 150kW charging stations. The two stations will…

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GE Renewable Energy set to expand Aftissat wind farm by 200 MW

MOROCCO – GE Renewable Energy, has been selected by Énergie éolienne du Maroc (EEM), a subsidiary of Nareva Holding, to expand the Aftissat wind farm by 200 MW. GE Renewable Energy is a Paris (France) based company and a subsidiary of the American conglomerate General Electric (GE). GE will deploy its Cypress technology including the installation of 40 onshore wind turbines with a nominal capacity of 5 MW, with a rotor diameter of 158 m. The contract is awarded to GE Renewable Energy by Énergie éolienne du Maroc (EEM), the…

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Holmarcom group set to acquire Credit Agricole’s stakes in Credit du Maroc

MOROCCO – Holmarcom group, an insurance and real-estate company, has announced that it seeks to buy stakes held by Paris-based Credit Agricole in its Moroccan branch Credit du Maroc, a move that will significantly change the landscape of Morocco’s banking and insurance industries. “These discussions are at a preliminary stage without any certainty on their outcome. Holmarcom will communicate more in due course if this project comes to fruition and in the meantime, does not intend to comment further on this project,” said a statement from the Holmarcom group. The…

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Real estate company Sotheby International Realty launches in Morocco

MOROCCO – Sotheby’s International Realty, a luxury real estate brand, has announced the opening of Morocco Sotheby’s International Realty, signifying the brand’s first office in Northern Africa. The addition brings the brand’s total number of affiliated offices in the EMEIA region to nearly 200. Morocco Sotheby’s International Realty is owned and operated by David Chicard who brings 15 years of experience to the company. “Morocco offers a stable and inviting environment for global investors,” said Philip White, president and CEO, Sotheby’s International Realty. “The country attracts interest from Americans, Middle…

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