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8 October 2007 - Gide Loyrette Nouel Casablanca advised the Emirati consortium Al Maabar in the context of the Bouregreg Valley (Morocco) development plan (USD 750 million):
Gide Loyrette Nouel Casablanca has advised Al Maabar, the Emirati consortium, on the creation of a joint venture to manage the first development phase of the Bouregreg Valley in Morocco. The US$ 750 million development is an innovative project to enable the Moroccan capital city to concentrate on its maritime and shipping assets.
The new joint venture will be governed under equal shares by both the Bouregreg Agency (Agency for the Development of the Bouregreg Valley) and Al Maabar, itself consisting of four Emirate companies: Sorouh, Al Dar, Reem and Al Qodra. Due to start in January 2008, the first phase of works involves the development and the long-lasting positioning of a series of tourism, leisure and building projects on almost 500,000 sq. m. of land and is expected to last three to four years.
The joint venture Shareholders’ Agreement took place on Thursday, 6 September 2007 in Rabat.
The Gide Loyrette Nouel legal team advising Al Maabar on this transaction comprised Hicham Naciri, partner, and Thomas Urlacher, senior associate.
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