Moroccan holding announces annual investments of $ 476 mln

Moroccan holding "Omnium Nord Africain" announced projects to conduct annual investments worth five billion Dirhams ($ 476 million).

ONA general manager, Mourad Cherif, told Saudi daily "Asharq Al Awsat" ONA will invest one billion DH ($ 95.2 million) in mining, 2.3 billions ($ 219.04 million) in cement industry and 600 million DH ($57.1 million) in steel.

He stressed that ONA's recent partnership with French supermarket company "Auchan" is meant to create new middle-sized supermarkets and develop the existing ones.

Of the holding contribution in Moroccan economy, Cherif said out of a stock exchange capitalization of 110 billion DH ($ 10.47 billion), ONA's share stood at 18 billion DH ($ 1.7 billion) and the group's capital accounts for 3% of the country's GDP.

He went on the group plays a leading role in national economy by creating projects and generating jobs. It was the first to invest in key sectors like fisheries, media and supermarkets.