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MOROCCO Issue dated 27/08/2020

How Yamed got its hands on Casablanca's most sought-after building site

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“Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage”
MOROCCO

Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage

Mohammed VI's private holding company Al Mada is not the only one of its kind! Although Al Mada plays an ever more important role in the Moroccan economy, other members of the royal family are battling for leading roles in an increasing number of different economic sectors, including property, tourism, higher education and even aviation. The king's private secretary, Mounir el-Majidi, who also heads Al Mada, is notmissing out either. He has built up a little telecommunications empire, while members of his clan have gone into construction and security, often as sub-contractors to the companies of the royal family. [...]
The Les Arènes site, where Yamed and princesses Lalla Asmae and Lalla Hasna plan to build a Hilton hotel, was sold to them at an advantageous price by Crédit du Maroc, even though the bank had long planned to build a major complex there itself in Casablanca's most expensive district. [...] (610 words)
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