Statement from the Competition Council regarding the economic concentration project concerning the acquisition of exclusive control of the company ‘EHC. Maroc SA’ by the company ‘Golden Dunes LLC’

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 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘summary of the operation’ below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. 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 statement does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted 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 acquirer: The company ‘Golden Dunes LLC’;
• The target: The company ‘EHC. Maroc SA’.

Nature of the operation

• Acquisition of exclusive control.

Economic sectors concerned:

• Luxury hotel market.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this statement, i.e. January 29

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration project concerning the exclusive control acquisition by the company ‘Golden Dunes LLC’ of the company ‘EHC. Maroc SA’ through the acquisition of all its share capital and related voting rights.

‘Golden Dunes LLC’ is a single-member limited liability company under Emirati law, registered under number CN-5698518, with its registered office at Capital Plaza Office Tower, Sheikh Zayed Bin Sultan Street, Abu Dhabi, United Arab Emirates. It is 100% owned by the company ‘Joana Investment LLC’, which focuses on investment in the industrial, agricultural, and commercial sectors.

‘EHC. Maroc SA’ is a Moroccan joint stock company, registered with the Marrakech Trade Register under number 25983, with its registered office on Route de la piscine, near the gardens of the Menara, Morocco. It specializes in luxury hospitality.

Done in Rabat, January 19, 2026