Morocco-UAE company appoints new chairman

The administrative board of the Morocco-United Arab Emirates Development Company (SOMED) recently appointed Abdellatif Guerraoui as new Chairman.

Gerraoui is to take over from Mostapha Sahel, Morocco's Interior minister, said a release of SOMED.

The board also adopted the company's investment budget and decided to seek the approval, of the upcoming extraordinary general assembly, of a capital increase ranging from US$ 30 to 95 million.