(Ecofin Agency) - Asma Invest jointly owned by Morocco and Saudi Arabia plans to increase its capital from MAD800 million to MAD2 billion.

Hicham Safir, Asma’s director told Moroccan media  Leboursier that the operation, approved by the administrative board, should be conducted before the end of H1, 2019.

In the framework of that capital increase, the capital will be opened to foreign investors.

The resources raised will be used to finance Asma’s new strategy that consists of investing in education, health and renewable energies projects.

Since it was created in 1992, Asma Invest has invested MAD5 billion in about thirty companies operating in the real estate, tourism and agriculture sectors.

Chamberline Moko