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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 following “operation summary” containing the 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 in any way 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 concerned:
- Indirect acquirers:
- Mr. Samih Onsi Naguib SAWIRIS;
- Company “Al Nowais Real Estate LLC”;
- Company “Eastern Investment LTD”;
- Direct acquirer: “Orascom Investments LLC”;
- The target: Société d’Aménagement d’Essaouira Mogador SA “SAEMOG”;
Nature of the operation
- Indirect joint takeover.
Economic sectors concerned
- Real estate services market;
- Golf course operation market;
- Hotel services supply market.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e. December 19, 2024.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION
The Competition Council received notification of an economic concentration operation concerning the indirect joint takeover of Société d’Aménagement d’Essaouira Mogador SA (SAEMOG) by Mr. Samih Onsi Naguib SAWIRIS and the companies “Al Nowais Investments LLC” and “Eastern Investment LTD”, through the acquisition of 100% of the share capital and associated voting rights, through the company “Orascom Investments LLC”.
“Orascom Investments LLC” is a single-member limited liability company under the laws of the United Arab Emirates, registered under registration number 2227424 and headquartered at Office No. 264, Dubai Financial Support Fund (Department of Finance), third division. This company was established for the purpose of carrying out this operation.
“Mr. Samih Onsi Naguib Sawiris” is a natural person residing in Dubai, United Arab Emirates. He is the reference shareholder and ultimate beneficiary of Orascom Development & Management, a Swiss company active in the real estate sector.
“Al Nowais Real Estate LLC” is a limited liability company established under the laws of the Emirate of Abu Dhabi, United Arab Emirates, registered under registration number 248499 and headquartered in the Tourist Club area, Abu Dhabi;
“Eastern Investment Ltd” is incorporated in the Fujairah Free Zone as an Offshore company, registered under registration number 14-OFFFSH-0006, active in the offshoring services sector. The company is wholly owned by Mr. Hossam Salam Gouda El Shaer, who is also the reference shareholder of the Sunrise Resorts and Cruises group.
“SAEMOG” is a Moroccan joint stock company headquartered at 97 Boulevard Massira Al Khadra, Casablanca, registered with the Casablanca Trade Register under number 133983, with its registered office at 97, Bd. Al Massira Al Khadra, Casablanca. The company is responsible for the development and development of the “Mogador-Essaouira seaside resort” located south of the city of Essaouira.
Done in Rabat on December 5, 2024.
