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As the bearer of an "AMANA" of trust conferred by the State and the citizens, the Caisse de Dépôt et de Gestion contributes responsibly and sustainably to the economic and social development of the Kingdom while creating a positive impact on the Nation. 

Assignment & Major Business Lines

A double assignment structured along history

Founded in 1959 following the independence,Caisse de Dépôt et de Gestion (CDG) through drastic deposits management, has represented, regarding public authorities, an entity to secure national savings. The significant increase of the resources of the CDG, since its creation, has been followed by the extension of its missions as well with a constant modernization of its operating modes and of its organization itself. Along the years, CDG has set itself up as a true long-term investment catalyst while developing a unique know-how in large structural project implementation. Its Public status and the private nature of the funds it is entrusted with are the purpose of great rigor regarding the rules of management and investments selection. CDG has been able to perform both the assignments to secure collected savings and to develop the economy of the Kingdom. This double task is the CDG identity’s cornerstone.

The motto of the CDG contains the essence of the initial purpose of the CDG « For Future Morocco ». It is to say the Group’s commitment for the dynamic of progress of the country to prevail through mobilizing the entire leverage resources with the aim of collecting and securing savings, expanding social welfare, financing economy, conducting large infrastructure projects, and providing support to sectorial policies.

Diversified activity portfolio

To support national development, step by step, the CDG has diversified and enriched its activity portfolio, it is now built around 5 strategic domains : Savings and provident funds / Territorial development /Tourism / Investment / Banking & Finance. 
The actions of the CDG in these domains are a real boost for their own development offering as well the possibility of multiple synergies within the Group.


 Economic Model

A proven economic model

CDG economic model has specific features to secure private savings while supporting public policies of Morocco contributing to the economic development.This model stands on three pillars complementary to each other : Financial resources mobilization; the ability to manage complex projects and Capital strength.

Mobilizing financial resources : CDG benefits of a tremendous capability to channelling savings, starting with deposits mobilization and then developing through different channels (co-investors,debt raising,wealth creation and auto-financing its activities, assets turnover).This ability to achieve deposits from different sources of funding is a mean to increase significantly the amount of funds available for investment and socio-economic development of Morocco

Mobilizing expertise : CDG has managed to acquire a unique knowledge to drive complex projects, it has given the CDG the proper ability to mobilize competencies and to unite partners. Through its activity portfolio, the Group has access to a wide range of know-how (Engineering, project management…) as well with strong sectorial expertise (real estate, specialized areas development, banking and insurance…). Synergy development within the Group is part of its economic model. CDG ability to manage complex projects allows the Group to drag financing. It is a mean to perform investments while securing risk and profitability

Capital strength : The institution has capitalized funds to secure the risk linked to investment diversification, securing the capital of the deposits it is entrusted with. Strengthening the capital is mandatory to make CDG economic model sustainable

Economic Model

Etablissement financier CDG Maroc Epargne Maroc Retraite Maroc


CDG Group has always been driven by noble values which constitute the foundation on which all its achievements have been built throughout its history. Values that guide all interactions within the Group, promote individual and collective commitment and align the Group's actions with its commitments.

These values are based on three cultural and moral principles directly linked to the “Amana”, the original trust which we bear. This original debt of trust assigned to CDG Group in the aftermath of the Kingdom’s Independence, imposes on us a double imperative of accountability and performance in the service of the public interest.



This is our shared philosophy. It means to strive relentlessly and steadfastly for the attainment of knowledge, development and satisfaction of a job well done.


It is the aspiration to serve the collective interests of our teams and our Group, for the benefit of our ecosystems and our country.


It aims at establishing a benchmark of exemplarity and role model for our Group, with the purpose of promoting insight and discernment among our teams and instilling the motivation to embrace the future with confidence.

Main Key Dates

This year CDG is celebrating its 62nd anniversary. 62 years of perseverance, commitment and hard work for the economic and social development of Morocco.

Created on February 10, 1959, CDG has supported thereafter all major projects to modernize the country. Today it is the leading institutional investor in the Kingdom and a major player in the national economy.

Implementation phase

Morocco, independent since 1956, is acquiring the economic and financial instruments necessary for the expansion and consolidation of its sovereignty.

It is with this in view that CDG (Deposit and Management Fund) was created in 1959. The main objective of the state until the mid-60s has been to turn savings into investment.

In fact, the State during this period started to create institutions with the mission to receive, centralize and manage the resource of savings, to allocate funds and boost the financial market.

Main achievements :

  • Creation in 1960 of the General Real Estate Company (CGI)
  • Incorporation of Morocco Equipment (MAREQ), a survey and development company formed in conjunction with the BNDE and SCET the French research company, subsidiary of the French CDC, created for reconstruction work in the city of Agadir
  • Stake in Moroccan Tourist Development Corporation
  • Creation of the company Maroc-Tourist, in collaboration with the Moroccan Office of Tourism and with the contribution of private capital
  • Acquisition of a majority stake in the public bus company Les Lignes Nationales
  • Creation, in collaboration with the BNDE, of the shipping line Tangier/Malaga served by the ferry Ibn Battuta
  • Stake in the Société Africaine de Transport in order to contribute to the development of tourism in Morocco
  • Subscription to the equity of Banque Centrale Populaire and Caisse Marocaine des Marchés
  • Shareholding in the equity of Spa Moulay Yacoub company (Cothermy)
  • Holdings in the Société du Financement d’Achat à Crédit (Credit purchase financing company) (SOFAC)

Diversification of activities

Through its subsidiaries Maroc-Tourist, Société Africaine de Tourisme, Ramada-Maroc, Société Hôtelière de Nador, Société Hôtelière de Sidi Harazem, Société Hôtelière de Riad, Société Chellah Immobilière and the company Société Maroco-allemande de tourisme, CDG contributed to the achievement of the three-year plan’s objectives that made tourism one of Morocco’s top priorities.

CDG is also important in the fields of banking, finance and insurance through the CIH, SOFAC, SCR, the North Africa and Intercontinental Insurance company (CNIA) and SNI, established by the Dahir of October 12, 1966 with the goal of boosting the main property securities market of Casablanca.

Finally, it actively engaged in real estate via CGI, public transportation through Les Lignes Nationales and Straits Shipping Lines (Limadet) and equipment-financing for local communities through the Community Equipment Fund (ECF) whose business now includes autonomous centres.

Main achievements 

  • Stake in Étapes Touristiques Africaines a holding company for a group of companies with plans for a chain of 4 hotels in Agadir, Tangier, Fez and Marrakech with a capacity of 100 rooms each, and an extension of the program to Casablanca
  • Formation of three companies on land in TAIFOR:
    • ALTAIR built a hotel that started operating in April 1967
    • AGENA launched a program including a hotel, a restaurant, apartments and sports facilities
    • The company Yasmine started building a 208 room hotel
  • A 20% stake in the Tangier Bay Company aiming to develop a quality site in Tangier to attract tourist investment
  • Creation of real estate companies ETAPEX Fez and ETAPEX Marrakech intended to own hotels in these two cities
  • Regarding real estate, development of a 50 hectare test site through the Tangier Bay Development Company (SNABT)

Expansion and consolidation

As part of the Moroccanization policy of major economic interests, CDG for the first time invested in the industrial sector through subscribing to increases in the equity of certain industrial corporations (Lafarge-Maroc, J.J. Carnaud Morocco and the Forges de Basse-Indre, Cellulose du Maroc).

Main achievements

  • Investment by CDG (15 %), SNI (20 %) and BNDE (15 %) in the equity of Lafarge-Maroc
  • Purchase of the American partners’ participation in RAMADA Maroc and its 8 real estate companies intended for the construction and operating of motels. The group has been renamed Maroc Motels
  • Extension of the hotel Mohammed V from 408 to 540 beds
  • Partnership with Club Med which then assumes management of the hotel units of the companies ALTAIR and YASMINE
  • Extension of the business of Maroc-Tourist to managing motels already completed or under construction and now the sole property of CDG
  • Partnership with Moroccan National Railways (ONCF) which assumed management of the hotel built by the Société Hôtelière Sidi Harazem
  • Opening at Agadir and Tangier of 2 hotels belonging to Étapes Touristiques Africaines
  • Management takeover by Maroc-Tourist of 2 tourist complexes belonging to the Maroc Motels group, located at Beni Mellal and Ksar Essouk (Errachidia)
  • Providing CGI with an independent management team
  • Merger of CTM and Lignes Nationales
  • Establishment of the company Lignes Maritimes de ferry (MAFER), for the purchase of a ferry-boat with 1200 places to link Tangier and Algeciras, in which CDG has a 12.49% stake
  • Share in the creation of Royal Air Inter. Setting up the management company for Loterie Nationale

Continuation of nationalization and diversification of Group operations

During this period, CDG acted to create subsidiaries and equity investments. The financing of investment in the form of equity and investments is an important part of the contribution of CDG to the development of the sector of production. Indeed, the formation of the equity portfolio of CDG is the result of a policy of diversification of assets and a desire to help support productive investment.

Real estate and tourism are two areas where the Fund (CDG) has played a leading role. Substantial programs of investment have been carried out either directly by the CDG or through its subsidiaries.

Regarding real estate, the programs of CDG Group, in general, have had a double effect on living conditions and the real estate industry : architectural and urban improvements in the cities where the Group intervened and the stabilization of prices in the housing market in large cities. These were in reaction to the supply of large numbers of housing units that the Group put on the market with a selling price below market yet of the same quality. In the tourism sector, in addition to the growth and diversification of tourist facilities and accommodation, the projects initiated had the effect of stabilizing tourist flows and developing the potential of regions where these projects are located.

Expertise and know-how led CDG to be designated by the government in the early 80s as the sole developer of the industrial areas program set up to boost the industrial sector and aimed at facilitating access to land by small/medium enterprises and contribute to the decentralization of industry in the country.

During this period, the CDG also supported the maturing of financial markets through the creation of 2 SICAV in 1994 : the first, diversified in Moroccan law in partnership with BCM called Tijari Growth, the second Atlas Maroc under in French law, partnered up at two-thirds with European institutional investors and the remaining third with Moroccan institutions (CDG, BCP, CNIA, CIMR, etc.).

Concerning the financing of local authorities, CDG managed the Communities’ Equipment Fund (FEC) until 1992, when its autonomy became effective. The FEC's role is to provide necessary funding for local authorities, associations of local authorities and public utilities by providing appropriate equipment for drinking water, sanitation, electricity, urban transport, road works, commercial facilities, etc.

In terms of pensions and provident funds, CDG has worked for the generalization and development of social security by managing two public bodies: the collective allocation plan (RCAR) and the national pension and provident fund (CNRA).

Finally, CDG has begun to privatize some of its assets : companies where CDG is a shareholder and which are affected by privatization are 14 in number, plus 9 hotel units. These include the Lignes Nationales-CTM, SOFAC, SNI, BMCE and hotels Volubilis in Fes, Basma in Casablanca, Marrakech Motel at Toubkal and Ksar Es Souk Motel.

Main achievements

  • Creation in 1983 of the Hay Riad Development Corporation to complete the development begun in 1976 on land acquired by the State from the residents of Guich Oudaya and interrupted in 1979 for lack of finance
  • Creation of the Domestic and Household Appliances company (EQDOM) in collaboration with the SNI and appliances professionals for credit financing of the purchase of household appliances and furnishings by individuals
  • Creation of SOGATOUR called to play a role of developer and promoter of areas for tourism (Marsa Restinga, Smir and the Saidia resort)
  • Creation, with others, of the Thermal-Medical Society of Moulay Yacoub and management takeover by COTHERMY of existing spa facilities
  • Implementation, in collaboration with the Omnium Nord-Africain (ONA), and the Hospitality Holding Company (H.Co) of drawing up various tourist projects in Marrakech and Bouznika
  • Completion by CDG, over the period 1976-1985, of real estate programs, either for its own account or as delegated contractor on behalf of the State or other public entities. Thus, 21,528 housing units were built and 1,801 plots of land equipped for a total investment of 2.454 MDH. Programs in progress are for 15,307 homes and 1,300 plots for a total investment of about 1.973 MDH
  • Completion by the end of 1979 by CGI of some 4694 housing units in different cities of the kingdom, 80% of which are intended for both government employees and the semi-public sector, and between 1980 and 1990 more than 21,000 housing units were placed on the market for about 100,000 inhabitants, more than 70% of which were in low-income housing
  • At the end of 1988 the tourist sector had available a hotel capacity of 7,300 beds, nearly 10% of the country’s whole hotel capacity
  • Completion of the Jnan Palace Hotel (5 star) with a capacity of 500 beds and a convention hall for 1,600 people (1992)
  • Hotel n'Fis with a capacity of 576 beds
  • Completion of a golf complex on 120 ha. in El Jadida
  • Participation by FEC to improve low-income families’ access to drinking water under the program ‘people’s connections’, with 156,330 connections
  • FEC participation in the completion of slum clearance projects and the fight against under-equipped living conditions at Ders Samsa in Tetouan, Ben M'sik in Casablanca, Ouled Moussa Kariat in Sale, Hay Hassani in Berrechid, etc
  • FEC participation in the rehabilitation and extension of drinking water distribution networks in 19 urban centres.
  • Launch of the CNRA Complementary Pension Plan RECORE in July 1988
  • Launched in collaboration with the CNIA and BCP, an insurance and pension plan for traders, artisans and their staff, called " El Hirafi Addamane "
  • Implementation of the "Addamane Al Bahri" social security plan for fishermen and seamen
  • In 1994 management of the Pension Plan for members of the House of Representative was taken over by the CNRA

New strategic development plan

The changes that occurred in the international financial landscape in the early 1990s obliged CDG to make major internal and external adaptations so it could intervene in this new environment where competitiveness and performance are the key factors of success, while at the same time balancing its interventions into financial institutions and its support role of the policies of the State.

Its objectives are threefold :

  • Ensure a regular flow of resources to meet the needs for diversification of investment and equity placement activities
  • Play a leading role in boosting and developing financial markets
  • Be actively involved in new financial dynamics through access to new professions

From 1995 to 2001, CDG created many subsidiaries and bought and sold many investments.

It also continued its move into the real estate sector by completing many projects, particularly through CGI, the Royal Golf of Fez Company, the METC and its low-cost housing programs Moulay Rachid, Hazem and Guise in Casablanca, and SOPHAL in the cities of Benslimane, Fez, Oujda and Al Hoceima.

In the tourism sector, CDG began to disengage from hotel management in accordance with its strategic plan by transferring the management of its hotel units to internationally renowned managers, and then by selling off certain of its assets belonging to its subsidiaries. Moreover, a restructuring plan has been implemented to create integrated and uniform management of CDG’s hotel assets.

CDG remains very active in the development of industrial zones, and supports the maturing of financial markets and the pension and provident sectors.

Finally, CDG is positioned as a corporate citizen, attentive to its social and cultural environment. It was with this intention that it opened an art gallery to house exhibitions of works of art and artistic creations.

Main achievements

  • Inception in 1997 of CD2G. Wishing to reposition CDG in the world of finance, this subsidiary now has the task of providing financial, accounting and administrative management of UCITS that the Fund has created for its large depositors, to manage mandated portfolios for third parties, to take into account the varied needs of its customers and translate them into appropriate financial products
  • Creating Accès Capital Atlantique SA (ACASA), management company of the Atlantic Capital Access Fund and creating Access Capital Atlantic Morocco Fund SA (ACAMSA), an investment fund to promote investment through taking interests in sectors of growing companies with high growth potential
  • Creating Maroclear, management company of the Bouskoura industrial park (SOGEPIB) Maghreb Titrisation, Médiafinance
  • Taking an 8% stake in the capital of Méditel
  • Disposal of interests in the context of privatization :
    • BMCE : Sale of 1,207,014 shares equivalent to 8.36% to Commerzbank, and of 436,655 shares to NOMURA
    • CNIA
  • Construction of a housing complex at Hay Ryad, including housing, shops and offices based in Riyadh Mahaj and two wings dedicated to Business Centres
  • Financial contribution to the National Housing Program of 200,000 units to the tune of 1.3 billion Dirhams.
  • Real estate projects by the CGI, such as Al Bustan and Mimosa in Rabat (714 units), Arsat Sala Salé (Lots 770 + 700 units), Al Hadika Casablanca (1,000 units), ...
  • Conclusion of management contracts for tourist facilities with Accor (hotel complex + Golf El Jadida), Meridian (n'Fis hotel in Marrakech) and Look Voyages (Issil hotel in Marrakech)
  • Implementation of a renovation program for some hotel units: Jnan Palace in Fes, Marrakech N'fis Moulay Yacoub, Restinga Smir Complex managed by Club Med, etc 
  • Recapitalization of SOGATOUR through reinvestment of the proceeds of the sale of Volubilis, Toubkal and Rissani hotels
  • Disposal of certain hotel units : Dunes d’Or at Agadir, Resort Al Hoceima, Chefchaouen Parador ...
  • Gzenaya industrial zone of 130 ha. in Tangier; marketing of Bouznika industrial area to non-polluting industries and construction of 7 industrial premises for rent
  • Implementation of resources to assist in starting and stimulating the secondary market of instrument-rating
  • Creation of dedicated funds for major depositors : SECUR-CDG, CDG-IZDIHAR, CDG-Barid, SCR-Bonds...
  • Implementation, in partnership with the Caisse de Dépôt et de Placement du Québec (CDPQ), of a venture capital fund that contributed a start of 300 million DH. This project reflects the commitment of the Fund to contribute to the promotion of investment in Morocco by supporting SMEs with high growth potential and meeting their financial needs by providing equity or quasi-equity
  • RCAR solicitation to support the ONCF internal Pension Fund
  • Takeover by CNRA of the management of the Pension Fund for Members of the House of Councillors

Business development and strategic partnerships

By the early 2000s, and to provide a strong contribution to the objectives of economic and social development, CDG set the directions for its strategy:

  • Development and penetration of its financial market activities.
  • Promoting savings and improving social security coverage through its repositioning in the field of retirement pension management.
  • Diversification of vehicles for capital investment.
  • Rooting its operations in social housing.
  • Initiation or managing of major development projects and infrastructure.
  • Development of the strategic partnership for CDG.

Clarifying intervention and participation policies and the adoption of a new organization of professions and trades.

Today, CDG Group aims to become a leading player nationally, and throughout the whole range of its business (Savings, Provident Insurance, Real Estate, Tourism, Banking, Finance, etc.). It intends to become the catalyst for long-term investment through developing expertise and know-how, thus enabling it to contribute to the realization of major territorial infrastructure projects and to the arrival at maturity of the financial markets.

Main achievements

  • Mobilizing long-term savings and channelling them towards jobs that are important for the country’s economic and social development
  • Takeover of CIH by CDG with an increased stake in the bank of 75%
  • Creation of the company Novec specializing in engineering and designed to provide high-level services in fields related to sustainable territorial development, both in Morocco and internationally
  • Initiation in 2005 of the development of the Bouregreg Valley project
  • Launch of development of the new city of Zenata, located at the town of Ain Harrouda in the Prefecture of Mohammedia. This new city is a strategic buffer of land reserved for the integrated urban development of the two cities of Casablanca and Mohammedia and aims to reduce demographic pressure on these two cities
  • Start of projects in the tourist development area of Ghandouri in Tangier
  • Launch of work on the Casablanca Marina project
  • Launch of work on the innovative project of student accommodation Bayt Attalib as part of the support given to the government policy of building student residences. The first residence will be built at Madinat Al Irfane, in partnership with the Mohamed V University Agdal of Rabat
  • Launch of Oued Fez tourist development project for the creation of new versions of tourist areas that meet international standards and can accommodate 10 million tourists by 2010
  • Launch of rehabilitation of Gzenaya in Tangier
  • Launch of work on Fez Shore, a park dedicated to IT service activities, data processing and business activities.
  • Inauguration of the first sections of the Casanearshore sourcing areas in Casablanca and at Technopolis in Rabat, and continuation of the remaining work.
  • Completion of the Atlantic Free Zone, one of the first integrated new generation industrial platforms, located in Casablanca and Tangier and targeting areas of industry, including automotive equipment, related activities and export, industrial logistics and the services support (maintenance, research bureaux, business centres, etc..)
  • Launch of the project of a new city dedicated to agro-industry in the Meknes-Tafilalet region
  • Creation in 2006 of the JAIDA Fund, dedicated to financing Moroccan microfinance organizations
  • Launch in 2008 of the first Moroccan Carbon Fund
  • Launch of the slum-dweller rehousing program in Zenata in 2010
  • Signature of the contract to operate the Hyatt Hotel by the Taghazout Resort corporation
  • Signature of a memorandum of intent between CDG and KfW as part of the policy of tourist development
  • Signature of a major partnership agreement between the Crédit Agricole Group of Morocco and the CDG Group on the exchange of experience and know-how in commercial and investment banking
  • Signature of a strategic partnership agreement between CDG and the Moroccan Treasury (TGR) defining the contractual framework of a strategic partnership between the two institutions. It covers all services provided by the TGR network on behalf of CDG, namely the management of deposit accounts of CDG and its customers (notaries, legal secretaries, clerks of the court, subsidiaries and other depositors), management of administrative and judicial deposits, processing transactions for CDG’s ‘managed organizations - CNRA and RCAR’, (payment of CNRA/RCAR pensions and annuities, collection of employees’ salaries and contributions)
  • Launched by the Caisse des Dépôts (CDC), the Cassa Depositi e Prestiti (CDP), the European Investment Bank (EIB), the Caisse de Dépôt et de Gestion (CDG) and EFG Hermès InfraMed Infrastructure, the first financing instrument of the Mediterranean Union, dedicated to investments in infrastructure in the southern and eastern Mediterranean
  • Signature of a strategic partnership between the CDG Group and the Pierre & Vacances Centre Parcs Group, a leading European group in local tourism and leisure, with the aim of supporting the development of large tourist resorts in Morocco (Saidia, Taghazout, etc.) planned in Vision 2020
  • Signature of a partnership agreement between CDG and AL BARID BANK for banking services for pensioners and the CNRA/RCAR
  • Signature of a partnership agreement between CDG and the National Council of the Order of Notaries Morocco
  • Signature of framework agreements between CDG Group and OCP Group and the ONE on the transfer of the entire internal pension schemes of the OCP Group and the ONE
  • Signature of the agreement formalizing the transfer of the pension scheme of Jorf Lasfar Energy Company (JLEC) to the CDG Group

Strategic plan 2022

Since 2017, the Group has adopted a new strategy providing for positioning in line with Morocco's economic challenges as well as a new management architecture based on an organization by business line, managing subsidiaries operating in the same business sector

Key achievements

  • Strengthening the governance of the Group and optimizing the organization through the creation of Branches (Territorial Development, Tourism, and Investment)
  • Simplification of the Group's structure by consolidating and reducing the number of subsidiaries and holdings
  • Establishment of a new prudential framework strengthening the Group's steering system
  • Creation of an investment fund dedicated to Morocco's global businesses and a fund dedicated to financing SMEs
  • Establishment of a multi-activity offer for the regions in the deployment of their PDR
  • Launch of the "212 Founders" program to support and accelerate the development of national startups
  • Ongoing support for SMEs through the short-term financing guarantee activity
  • Launch of numerous Sustainable Development initiatives by the main activities of the Group
  • Launch of the One CDG initiative to consolidate the Group's culture and strengthen internal synergies