In 2007, we entered into a development agreement with the Government of Morocco to develop Chbika, an integrated self-sufficient tourist destination in the south of Morocco. Located approximately 400 km south of Agadir on the Atlantic Ocean, the project's total land bank amounts to 15.0 million m².
We currently hold a majority stake of 55% in Oued Chbika Development SA while ta 35% stake is held by Caisse de Dépôt et de Gestion (CDG), with the remaining 10% held by Rolaco.
The project is intended to be developed in collaboration with the Caisse de Depot et de Gestion (CDG), where the Group has signed a shareholder's agreement with CDG. Resort amenities upon completion is to host a mix of 5 and 4 star hotels and mix of villas, apartments and customizable mansions in the Kosour neighborhood. Chbika like all other Orascom Development signature towns will feature state-of-art facilities including an 18-hole championship golf course, a world class marina with a capacity of 100 berths, shops, dining outlets, as well as a medina-style handcraft center and a medical facility.