Rabat – Casablanca-based construction group TGCC has announced the creation of two wholly-owned subsidiaries, TGCC Guinea and TGCC Development, to foster the company’s presence globally.
The first subsidiary aims to boost TGCC’s footprint in Guinea while the second one based in France focuses on advancing international project developments.
In November 2021, the group launched an Initial Public Offering (IPO) at the Casablanca Stock Exchange to raise MAD 600 million ($56 million) to finance growth opportunities in Morocco and Africa.
TGCC is a regional player in industrial, public and building works with over 30 years of experience and more than 8,000 employees in Morocco and sub-Saharan Africa.
The group has completed over 1,000 projects and large-scale construction work including Rabat Agdal train station, Bouskoura Golf City, La Mamounia hotel in Marrakech, Terminal 1 of Mohammed V international airport, and OCP’s desalination station in Jorf Lasfar.
TGCC is currently operating a portfolio of 49 construction works including Rabat square, Tangier stadium, and Kitea Agadir, in addition to industrial units across the country and construction works at Mohammed VI Polytechnic University (UM6P). However, the group’s most notable project is the Mohammed VI tower, the tallest building in Africa.
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The project was financed by one of Morocco’s largest financial institutions and dubbed “Bank of Africa Tower.” It is set to feature 55 floors including residential areas, offices, and a luxury hotel with an observatory crowning the structure.
The construction work started in Rabat in 2018 under a partnership between TGCC, SIXCO (Six Construct), and the Gulf subsidiary of the Belgian BESIX Group. The China Railway Construction Corporation International (CRCC) is also part of the project.
While the COVID-19 pandemic has severely impacted the construction sector in Morocco due to supply bottlenecks, Morocco’s High Commission for Planning (HCP) expected in March an increase in construction industry activity. HCP’s expectations were mainly attributed to a predicted rise in activity within the “building construction” sector which came amid an expected decrease in the activity of the “civil engineering” sector.
The recovery of Morocco’s construction sector is reflected in the signing of new agreements regarding infrastructure projects as well as hospitality institutions.
