Rabat – The Al Omrane Group, Morocco’s largest construction business, achieved a turnover of MAD 4.57 billion ($488 million) and created 29,334 land titles in 2019, despite the difficult economic situation that the sector has faced for several years.
The housing operator’s investments exceeded MAD 4.5 billion ($462 million) in 2019, creating 17,492 new construction projects, including 2,036 in partnership with private real estate businesses. Al Omrane’s project portfolio also included 115,128 projects for urban renovation, including 2,760 in partnership with private developers.
Meanwhile, the number of completed construction projects in 2019 stood at 22,449 and the number of finished renovation projects at 91,178.
Al Omrane’s supervisory board announced the results on Monday, June 29, during a meeting chaired by Morocco’s Head of Government, Saad Eddine El Othmani.
The meeting was dedicated to a review of the public-private venture’s 2019 balance sheet and its 2020 action plan.
In 2019, the group consolidated its presence across Moroccan regions through the merger of its Fez and Meknes subsidiaries and the creation of a new subsidiary operating in the Draa-Tafilalet region, in eastern Morocco.
Since the start of 2020, Al Omrane, which oversees a series of housing and urban development projects across the country, has faced several challenges, most notably the COVID-19 pandemic.
To overcome the crisis, the group focused its action around five major axes, in concertation with the Ministry of Housing and Urban Planning. The axes include “the preservation … of everyone’s health and safety, the promotion of social distancing and civic engagement, the contribution to the national COVID-19 solidarity fund, the maintenance of suppliers and service providers, and instilling a social dynamic with its ecosystem.”
The company also focused its action on implementing an unprecedented plan to continue “vital and optimal” construction activities in full compliance with health regulations, accelerating digitalization, and applying a “progressive and secure” business recovery plan.
During the meeting, the supervisory board, which includes Minister of Housing and Urban Planning Nezha Bouchareb and Minister of Energy Aziz Rebbah, approved Al Omrane’s 2020 action plan.
The plan includes 15,945 new construction projects and 76,561 urban renovation projects, as well as the completion of 19,335 constructions and 95,774 renovations, and the creation of 32,781 land titles.
The projects will require an investment of MAD 3.78 billion ($388 million). Meanwhile, the group’s turnover is expected to reach MAD 3 billion ($308 million) in 2020, despite the economic crisis.
