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