Press Release of the Competition Council Regarding the Economic Concentration Project Concerning the Exclusive Acquisition of Control by “Arena Property Development SA” over “Espace Développement SA” through the Acquisition of 100% of Its Share Capital and Voting Rights

In accordance with Article 13 of Law No. 104-12 on Freedom of Pricing and Competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “summary of the transaction” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, which are solely responsible for it. Any inaccurate or misleading information contained therein shall in no way prejudice the position of the Competition Council regarding the proposed transaction.

The publication of this press release does not certify the completeness of the file as provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on Freedom of Pricing and Competition, as amended and supplemented.

Names of the Companies and Groups Concerned:

• The Acquirer: “Arena Property Development SA”;
• The Target: “Espace Développement SA”.

Nature of the Transaction

• Exclusive acquisition of control.

Economic Sectors Concerned

• Real estate development market.

Deadline for Interested Third Parties to Submit Their Observations

• 10 days from the date of publication of this press release, i.e., December 22, 2025.

NON-CONFIDENTIAL SUMMARY OF THE TRANSACTION

The Competition Council has received a notification of a proposed economic concentration transaction concerning the exclusive acquisition of control by “Arena Property Development SA” over “Espace Développement SA” through the acquisition of 100% of its share capital and related voting rights.

“Arena Property Development SA” is a public limited company incorporated under Moroccan law, with a share capital of MAD 84,790,400, registered with the Casablanca Trade Register under number 318947, and located at 131 Boulevard d’Anfa, Résidence Azur, Office No. 11B, Casablanca. It is a major player in affordable housing in Morocco, having completed numerous real estate projects through its subsidiaries.

“Espace Développement SA” is a public limited company incorporated under Moroccan law, with a share capital of MAD 272,405,000, registered with the Casablanca Trade Register under number 176237, with its registered office located at 216 Boulevard Zerktouni, Casablanca, Morocco. It owns a high-end real estate and hotel development consisting of five phases in Dar Bouazza, Casablanca, known as the Peninsula Project.

Done at Rabat, on December 11, 2025.