Al Taamer Kuwait signs MOU with Caisse de Depots et de Gestion Group

This Memorandum of Understanding (MOU) is a result of the willingness of both parties to establish a long-lasting relationship, and to create a favorable collaboration framework, particularly in the real estate and tourism sectors.

The two parties wish to define the possible ways in which they may cooperate so as to identify investment opportunities in different areas of the kingdom, and to favor their execution.

Armed with its expertise and know-how, Al Taameer Company wishes to invest in the conception, management, and sale of real estate projects, including housing projects, tourism projects, or the development of retail centers.

The cooperation between the two groups will include partnerships through Special Purpose Vehicles (SPV), where Al Taameer would hold a majority stake.

Al Taameer is already present in the hospitality sector in Morocco, through the Ramada brand. It currently owns 3 assets, namely Ramada Fes (operational from June 2008), Ramada Encore in Tangier (expected opening by first quarter of 2013), as well as a plot of land in Agadir where another Ramada Encore will be developed and expected to be operational by 2015.