Côte d’Ivoire: Moroccan billionaire invests $300m

Côte d’Ivoire is set to host a $300 million mixed-use real estate project in Abidjan led by Morocco’s Addoha Group, as reported by Business Insider Africa on February 18th. 

The development will be built in Zone 4, one of Abidjan’s main commercial and residential districts. The land acquisition agreement was signed last week, officially commencing the project.

The project will cover more than 150,000 square metres of built space. It will combine housing, shops and office buildings in one large complex.

The centrepiece will be four 20-storey residential towers known as “Les Tours Éléphants”. The project will also include a large shopping centre and modern office space.

The investment in Abidjan reflects a shift in Addoha’s business strategy to position itself as a leading urban developer across francophone Africa.

The Addoha Group was founded in 1988 by Anas Sefrioui and made its name in Morocco by building large numbers of affordable homes. For years, it focused on high-volume housing for middle- and lower-income buyers.

In recent years, however, the group has been moving toward higher-value developments. It expanded into upscale housing under its Prestigia brand and into mid-range projects under its Coralia brand.

The Abidjan project shows a stronger focus on premium, mixed-use developments aimed at corporate clients and wealthier residents. 

At the same time, it increased its presence in sub-Saharan Africa, where demand for housing has grown as cities expand. Addoha says it is active in Côte d’Ivoire, Senegal, Guinea, Gabon and Cameroon. 

Across Morocco and its African markets, the company currently has more than 23,000 housing units in progress. These projects represent over 10 billion dirhams in secured revenue.

The real estate group is also strengthening its position in Morocco. It recently approved the Blanca City Park housing project in Dar Bouazza near Casablanca, which is expected to generate around 12 billion dirhams in revenue.

In addition, Addoha has secured contracts for more than 5,000 rehousing units in Casablanca, Rabat and Marrakech.

 

Business Insider Africa, Maghrebi