Head of Government Chairs Al Omrane Group Supervisory Board Meeting

29 avril 2021 Printable Version

Rabat - Head of Government Saad Dine El Otmani chaired Wednesday in Rabat the meeting of the Supervisory Board of Al Omrane Group devoted to the balance of the Group's activities, achievements and future prospects.

Speaking on this occasion, El Otmani welcomed the measures taken by the Ministry of National Territory Planning, Land Planning, Housing and City Policy, as well as the efforts made by the Holding company and all stakeholders to cope with the exceptional situation imposed by the Covid-19 pandemic, said a press release from the Department of the Head of Government.

The Head of Government stressed that the Group has been able to maintain the same pace of investment despite the exceptional circumstances, adding that the total investment budget is estimated at 4.3 billion dirhams with a projected turnover of 4.1 billion dirhams by the end of the current year.

El Otmani also highlighted the proposal to merge the subsidiaries of the new cities within the regional companies of the Al Omrane Group located in their geographical perimeter, in accordance with the High Royal Guidelines related to the reform of the sector of Public Establishments and Enterprises (EEP) to increase their profitability.

The Head of Government called on the relevant stakeholders to support the Group's projects within a comprehensive approach ensuring the highest levels of coordination so as to improve the implementation of all planned projects, including those presented before HM King Mohammed VI.

He also recalled the need to accelerate the completion of the clauses of a new agreement of mobilization of public property to revive social housing and housing intended for the middle class, the release added.

El Otmani reiterated the need to manage the process of eliminating the housing backlog whose gross value is estimated at 18 billion dirhams. It constitutes a heavy burden for the Group as it affects its financial balance, and prevents many categories from benefiting from projects carried out under targeted programs.

The Head of Government also called on all the members of the Supervisory Board to support the Group in the cession of a portion of the housing inventory that falls under the responsibility of the institutional partners and which represents 28% of the global inventory, i.e. a gross value of about 6 billion dirhams.