Al-Futtaim's housing project in Morocco stalls
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Al-Futtaim's housing project in Morocco stalls

Al-Futtaim's housing project in Morocco stalls

Al-Futtaim Capital has said its plans to finance and build a $2bn affordable housing project in Morocco have stalled while the company awaits Moroccan government approval, The National has reported. The company announced in June last year plans to build 40,000 homes in Bouznika, halfway between the capital Rabat and the business centre, Casablanca. "We need a lot of government approvals to proceed, which are proving difficult to obtain," Marwan Shehadeh, managing director of Al-Futtaim Capital said. "We never actually entered into the project, it was an option. So we're basically evaluating whether to move ahead with the option or not."

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