French real-estate company Bouygues Immobilier has announced its plan to leave Morocco by the end of the year.
Rabat – Bouygues Immobilier Maroc announced that its departure is due to the lack of “visibility” on the real-estate market, reports Moroccan news source TelQuel.
“Morocco’s real-estate market has become restricted. Because there is no market visibility, and because of the fact that the market is tight, Bouygues Immobilier has decided to leave Morocco,” said Ali Bencheqroun, the director of Bouygues Batiment International for Africa and the Middle East, Bouygues Immobilier’s parent company.
Bouygues Immobilier will leave Morocco once it has completed its residential development project “Les Faubourgs D’Anfa,” in one of the wealthier suburbs of Casablanca.
In March, Bouygues Immobilier lost its bid for the construction of the headquarters of the bank Credit Agricole Maroc. The 13,000 square meters, eight story building on the Anfa boulevard in Casablanca will, instead, be built by Moroccan construction company Yamed Construction.
According to Bencheqroun, “there are no other real-estate market opportunities right now.”
Bouygues Batiment International has two other subsidiaries in Morocco, Bymaro and Colas. According to Bencheqroun, these subsidiaries will continue to operate unaffected by the withdrawal of the parent company.
Bouygues Immobilier Maroc was founded in 2014 and came to Morocco to fulfill the contract on the construction of the Faubourg D’Anfa project in Casablanca, a 400 residential apartment and commercial building development.
In a press release at the time, Bouygues stated that “the implantation [of Bouygues Immobilier Maroc] is the foundation stone of a long-lasting presence in Morocco.”
Bouygues Immobilier Morocco was unavailable for further comment on the reasons for its withdrawal from the country.