Press release from the Competition Council regarding the economic concentration project concerning the indirect exclusive takeover by Mr. Jawad YOUSSEFI through his company ‘City Dev SARLAU’ of the ‘Société d’Extension et Promotion du Golf de Benslimane SA’ by acquiring the remaining 49.54% of the share capital and related voting rights

In accordance with Article 13 of Law No. 104-12 on freedom of prices 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 below ‘operation summary’ containing information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups involved:

• The direct acquirer: ‘City Dev SARLAU’;
• The indirect acquirer: ‘Jawad YOUSSEFI’;
• The target: ‘Société d’Extension et Promotion du Golf de Benslimane SA’ (SEPGB).

Nature of the operation

• Exclusive control acquisition.

Economic sectors concerned

• Golf course development and operation;
• Real estate promotion.

Deadline for interested third parties to submit their observations

• 10 days from the date of publication of this press release, i.e., October 27, 2025.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration project concerning the exclusive takeover of the company ‘Société d’Extension et Promotion du Golf de Benslimane SA’ (SEPGB) by Mr. Jawad YOUSSEFI, following the acquisition by his company ‘City Dev SARLAU’ of the remaining 49.54% of the share capital and voting rights held by ‘Compagnie Générale Immobilière’ (CGI).

‘SEPGB SA’ is a Moroccan joint-stock company, headquartered at Royal Golf El Menzeh, Benslimane – Morocco, registered with the Benslimane Trade Register under number 173. ‘SEPGB SA’ is active in golf activity development in the Benslimane region and all related operations directly or indirectly, including, as a secondary activity, residential real estate promotion adjacent to the golf project.

‘City Dev SARLAU’ is a Moroccan single-member limited liability company, 100% owned by Mr. Jawad YOUSSEFI, headquartered at 265, Boulevard Zerktouni, No. 92, Casablanca – Morocco, registered with the Casablanca Trade Register under number 399059. ‘City Dev SARLAU’ is active in real estate promotion in all its forms, as well as in the development of tourist and hotel projects.

 

Done in Rabat on October 16, 2025.