Morocco-UAE joint venture buys over five-star hotel in Rabat

The Morocco-UAE Development Company (SOMED), equally owned by Moroccan and UAE public investors, has bought 100% of the capital of Daweoo-Rabat, owner of a five-star hotel in Rabat.

SOMED says in a statement the operation to buy the hotel seeks to maintain the hotel as a reference tourism institution in Rabat and increase its accommodation capacity.

SOMED was set by Morocco and the United Arab Emirates as a tool of economic development. In addition to the tourism sector (two luxury hotels in Casablanca and Marrakesh), it is active in a wide array of activities, including industry, international trade, fisheries and infrastructure. It is jointly owned by the Moroccan treasury and other institutional investors and, on the UAE side, by the Abu Dhabi Fund for Development.