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Saudi ÔCoolineÕGroup Sign Joint Venture Agreement with Moroccan Company
Morocco-Saudi Arabia, Business, 3/29/2004
The Saudi group ÔCoolineÕ that is specialized in air-conditioning manufacturing signed Friday a joint venture agreement with the Moroccan company ÒFrigmar.Ó
ÒCoolineÓ has been operating in Morocco since 1990, the groupÕs general director Shaker Al Moussa said, qualifying the kingdom as the ÒheartÓ of North Africa and a market with a great growth potential especially in the construction sector.
Morocco is also a market of full expansion that is why weÕve dedicated US $700,000 for the joint venture with ÒFrigmar,Ó he added.
According to Al Moussa, the company aims to secure from 15 to 20 percent of the needs of the market by 2007.
This new partnership was celebrated Friday by the leaders of the Saudi group and several Moroccan businessmen in the Moroccan economic capital.
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