Done: Conclusion of a partnership between ADDOHA and ALEM.
Analysis: As part of its strategy to strengthen its social housing activities and to enjoy the incentives contained in the Finance Act 2010, ADDOHA announced the approval by the Ministry of Economy and Finance and Administration of National Defense-DNA of its partnership with the Agency for Housing and Military Equipment ALEM-to-activate the rate of home ownership housing for staff of the Royal Armed Forces. In this regard, a joint venture owned equally by ADDOHA ALEM and has been created for the construction of 37 000 dwellings (including 85% social housing and 15% intermediate) as follows:
;
Analysis: As part of its strategy to strengthen its social housing activities and to enjoy the incentives contained in the Finance Act 2010, ADDOHA announced the approval by the Ministry of Economy and Finance and Administration of National Defense-DNA of its partnership with the Agency for Housing and Military Equipment ALEM-to-activate the rate of home ownership housing for staff of the Royal Armed Forces. In this regard, a joint venture owned equally by ADDOHA ALEM and has been created for the construction of 37 000 dwellings (including 85% social housing and 15% intermediate) as follows:
;
* 18 500 units in Casablanca;
* 10 600 units in Oujda;
* And 8200 homes in Kenitra.
Conclusion: The signing of this partnership should ADDOHA enable the Group to achieve its ambitious goal of producing 35,000 units per year, thus consolidating its leadership position in the social segment in Morocco. Pending publication of 2010 earnings, we reiterate our recommendation to buy this stock exchange.
Conclusion: The signing of this partnership should ADDOHA enable the Group to achieve its ambitious goal of producing 35,000 units per year, thus consolidating its leadership position in the social segment in Morocco. Pending publication of 2010 earnings, we reiterate our recommendation to buy this stock exchange.
BMCE Capital Bourse
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