Real estate development company NOREBA, Morocco and Naif Alrajhi Investment have signed a partnership agreement that aims to develop projects worth over a billion Moroccan dirhams ($106.1 million).
The contract was signed by Sulaiman bin Saleh bin Sulaiman Alrajhi, NOREBA’s managing director in Morocco, and Naif bin Saleh Alabdulaziz Alrajhi, CEO of Naif Alrajhi Investment.
Sulaiman Alrajhi said that the strategic partnership aims at developing and enriching the company’s business, and that it is the result of extended studies and experience within the real estate market in Morocco. “The agreement aims to develop more premium residential and commercial projects to be sold in the future, turning NOREBA into one of the most influential real estate companies in Morocco and North Africa,” he added.
Naif Alrajhi said: “Our partnership with the leading real estate development company in Morocco, NOREBA, has a great added value for our company and will be a gateway for us to enter the Moroccan markets that will be a starting point for more investments in North Africa, as it all falls within the framework of our strategic plan to diversify our investment range and to strengthen our presence in several markets and fields.”
Both parties have stated that the partnership will strengthen Saudi-Moroccan relations through business initiatives that serve the best interest of both the countries.