Residences Dar Saada History

The success story of the company “Residences Dar Saada” is intimately linked to B Group and its founder Mr. Abdelali Berrada Sounni

The origin of B Group dates back to 1960 with the launch of the first industrial activities.

In the 1980, the Group diversifies its industrial activities by initiating the development and the management of major tourism and residential projects, first in the segment of luxury then in “social housing”, including the Saada Residences projects in Casablanca and Mohammedia.

Inearly 2000, the Group's commitment to supporting the social housing sector has been strengthen by the creation of the company Tafkine Ltd., which became in 2004 Residences Dar Saada.

Since 2000, Résidences Dar Saada expands to achieve its primary mission which is to offer quality housing. This requires constant adaptation to the new requirements of the Moroccan customer and continuous process improvement.

In 2011, the company Résidences Dar Saada initiated a new development phase by the entry to its capital of Moroccan and foreign institutional investors through a capital increase of 900 million dirhams. This was accompanied by the establishment of an independent and autonomous management structure and high governance standard allowing acceleratingcompany development program.

In December 2014, Residences Dar Saada, on the strength its success and growth, began a new stage in its development by listing its stocks in the Casablanca stock exchange. Company IPO was through a capital increaseof 1.13 billion dirhams, which represent 20% of its capital. The funds financed through IPO are dedicated to acquiringlands in Morocco, accelerating the pace of production and finally for future developments in Africa.

Shareholding

Following the IPO in December 2014, the company’sfree-float represents 20% of the capital and the historical and institutional investors as well as theBerrada Family hold respectively 25% and 55% of capital.

As of end 2014,the distribution of ResidencesDar Saada capital is as follows:

The BerradaSounnifamily is the historic and majority shareholder of Residences Dar Saada. It holds 55% of its capital, 41.2% are held through the “PalmeraieDeveloppement” Group.

Le Groupe Palmeraie Développement est la structure de B group regroupant les activités d’immobilier de luxe, d’immobilier social & moyen standing et de l’hôtellerie.

PalmeraieDeveloppement Group is a B Group company which holdsactivities such as luxury real estate, middle standing and social housing in addition to hotelsactivity.

North Africa Holding is an investment fund based in Kuwait. Established in 2006 with the objective to participate in investment opportunities offered by the countries of North Africa, North Africa Holding has stakes in companies in Morocco, Algeria, Tunisia and Egypt. These investments are dedicated to real estate, industry, logistics, health, education and agroindustry sectors. The investment fund holds 8.3% of the capital Dar Saada Residences.

Aabar Investment PJS is a state investment fund based in Abu Dhabi. Created in 2005, Aabar Investment PJS aims to invest in all industry sectors offering attractive opportunities with significant growth potential in alliance with the investment strategy of Abu Dhabi’s government. Aabar Investment PJS invests in various sectors, including real estate, financial services, energy, raw materials and aerospace. The investment fund holds 8.3% of the capital Dar Saada Residences.

Idraj SCA is a Moroccan private equity fund managed by CFG Group and 100% owned by Mutandis, a Moroccan institutional investment fund. Idraj SCA owns 2.8% of Dar Saada residences’ capital.

RMA is a Moroccan Capital asset management company founded in 2007 and is 100% owned by RMA Watanya, a Moroccan insurance company. RMA Capital holds 2.8% of capital Residences Dar Saada through “RMA Cap Dynamique”.

Wafa Assurance is a Moroccan insurance company founded in 1972 and mainly owned by AttijariwafaBank group. Wafa Assurance holds 2.8% of Dar Saada