4 March 2014

Morocco: His Majesty the King, Accompanied By President of Guinea, Launch Construction Works of Three Real Estate Projects of 3000 Housing Units

Conakry — His Majesty King Mohammed VI, accompanied by the President of the Republic of Guinea, Alpha Condé, launched, Tuesday in the town of Matam in Conakry, the construction works several real estate projects, which provide for the construction of three residential compounds of 3000 housing units.

These three different residential compounds, to be carried out by Moroccan development Group Addoha, will cost a sum of 2 billion dirhams.

The projects reflect the determination of His Majesty the King to enable African countries to benefit from the Moroccan experience in the fight against unhealthy housing.

On this occasion, the Sovereign, accompanied by the Guinean president, visited a one-stop service provider which includes sales, notary services, land conservation, and the distribution of water and electricity.

HM the King also visited two show apartments representing two models of the "economic housing" category.

Part of the Guinean government to address the structural deficit in housing, these three operations cover a total area of 9 hectares.

The first project, "Police", provides for the construction of a compound of 1,891 housing units for a total investment of 849 million dirhams.

Covering nearly 5 acres of land, this compound also concerns the development of local facilities, including a shopping center, a kindergarten and cultural services, and is expected to generate 2,000 direct jobs.

The second project, called "Douane", involves the construction of 761 housing units for a total cost of 404 million dirhams, and will generate 1,140 jobs.

The third complex, "Kipé", provides for the construction of 388 luxury homes for a total investment of 493 million dirhams. Built on a plot of almost 2 acres, this complex will help create 580 direct jobs.

These projects are to meet the increasing demand of the Guinean population in low-cost housing.

These three real estate projects, initiated in partnership with the Banque Centrale Populaire Group fall in line with the care of HM the King toward Africa and its needs for assistance, and his determination to develop mutually-beneficial partnerships in the framework of South-South cooperation.

They also reflect the deep ties between the two countries, and the unwavering commitment of Morocco to supporting economic and social development in Guinea.

On his arrival at the site, His Majesty King Mohammed VI was greeted by the Guinean Minister of Town and Country Planning, the Governor of Conakry, the Mayor of the municipality of Matam, the President General of Addoha Group, as well as the managers of the project.

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