Finance

French Bouygues Immobilier to end operations in Morocco

Wednesday, 03 July 2019 15:27
French Bouygues Immobilier to end operations in Morocco

(Ecofin Agency) - The French group Bouygues Immobilier will shut down activities in Morocco, L'Economiste reported on July 2.

The group, which is expected to announce its final decision by the end of this year, has already dismissed many of its employees. But, it will complete its latest project before leaving the country. This includes the construction of Les Faubourgs d'Anfa residences, in Casablanca district.

Ali Bencheqroun, Managing Director of Bymaro, the Moroccan subsidiary of Bouygues Bâtiment International, which specializes in construction and civil engineering projects, said the decision is due to a “lack of visibility” and tensions on the Moroccan property market.

The real estate market has become restricted in Morocco. As there is no visibility, and the market remains tense, hence Bouygues Immobilier decided to leave Morocco,” he said.

According to the L’Economiste, this departure is also explained by the failure of Bouygues to win the contract to build Crédit du Maroc's new headquarters. This contract was awarded to Yamed Capital, a Netherlands-based independent and multidisciplinary real estate and investment services group.



 
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