Nearly $ 150 million will be injected in supermarkets in Morocco
Morocco, Business, 8/2/2001

The Moroccan government and two groups operating in supermarkets signed in Tangiers Wednesday an investment agreement worth 1.7 billion Dirhams (about $ 147.82 million).

The two groups, namely Moroccan ONA and French Auchan, will construct eight malls and 25 trade shops in various regions of Morocco. The investment will generate 3,500 direct jobs and 2,000 indirect jobs.

The agreement was signed in the presence of Moroccan Premier, Abderrahmane Youssoufi, and ONA chief executive officer, Mourad Cherif.

It was initialed by Moroccan ministers of economy, finance, privatization and tourism, Fathallah Oualalou, and of industry, trade, energy and mining, Mustapha Mansouri and by delegates of Cofarma and Amica companies, stemming from ONA and Auchan, respectively.

The Prime minister also laid the foundation stone for the building of a Marjane hypermarket in the northern city of Tangiers.

The hypermarket to be built over 2,500 square meters will require an investment worth 200 million DH (about $17.39 million). The project, to be completed by April 2002, will generate 250 direct and 250 indirect jobs.

Previous Stories:
  Spanish bank increases share in Morocco's Wafabank capital   (7/13/2001)
  French group takes control of Moroccan insurance company   (7/6/2001)
  Morocco to launch bid for three fixed phone licenses   (7/5/2001)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search