Morocco > Tourism and real estate
Tourism and real estate
Tourism is a central plank of CMS Bureau Francis Lefebvre’s Morocco practice, which is resourced from both Casablanca and Paris. A key client is Accor, one of the most active international hotel groups in Morocco. In 2007 the firm continued to advise on the development of six projects of approximately 300 hectares each; as well as a €400m tourism project in the Mogador/Essaouira area.
Gide Loyrette Nouel - Naciri & Associés has a good reputation with banks, as well as major hotel brands, due in part to the fact that ‘ the Naciri name is highly esteemed in Morocco’. Amendis has been a notable client over the years, and headline deals in 2007 have included the sale of Hilton Hotel to Accor; and acting for Four Seasons as borrower on a €100m deal.
August & Debouzy debuts in the tourism and real estate table following its opening in Casablanca in mid-2007. Partner Kamal Nasrollah is an experienced corporate practitioner, and has a track record advising French businesses on inward investment, as well as Moroccan companies on leisure developments. In 2007 the firm represented SOMED as owner and developer on the management, advisory and licence agreements of a luxury five-star Raffles hotel and residential villa project in Marrakech.
Bennani & Associés LLP has in Mohamed Khairy a dedicated real estate partner with extensive experience in the tourism sector. In 2007 he advised a number of developers on a range of projects. Highlight examples include acting for the seller Emirotel on the sale of shares in the Hilton Hotel to Accor; and also for SOMED on the sale of its stake in Amendis.
One partner and two assistants handle tourism-related transactions for Spanish giant Garrigues Maroc Sarl, which is one of the core sectors for the firm’s Casablanca office. All aspects of tourism projects and commercial agreements are handled, and the lion’s share of the team’s instructions come from Spanish companies investing into Morocco.
Kettani Law Firm’s full-service capabilities cover all types of tourism-related transactions; including in 2007 advising the banks on the €100m financing of the Four Seasons hotel development in Morocco.
UGGC & Associés delivers transactional advice to clients in this sector from both its Casablanca and Paris offices. The firm continues to advise the Ministry of Tourism and Transports on the ‘Maroc 2010’ programme, involving negotiations with low-cost airlines. Other new instructions in 2007 include acting for ONA (Morocco’s largest private company, which manages the Royal family’s assets) on the sale of shares in Amendis.
Law developments worldwide
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New amounts of remuneration for white-collar workers
As every year, the Federal Public Service Employment has adapted the amounts of remuneration to be taken into consideration for the application of certain provisions of the employment contract for white-collar workers. -
Update of the Dutch Corporate Governance Code
The Dutch Corporate Governance Code Monitoring Committee has published a report with proposals to update the Dutch Corporate Governance Code. In this article you will find a summary of the proposals. -
D&I Quarterly March 2008
First Statement by the Takeover Panel Regarding a Specific Case. Court of Appeal Convicts Jouhki of Insider Trading. Market Court Confirms Existence of Asphalt Cartel. Deadline for Pre-registration of Chemicals. -
D&I Quarterly June 2008
New FSA Standard on Regular Reporting for Finnish Issuers. FSA Statement on Minimum Price in Voluntary Offer. Finnish Government Proposes Limited Right for Employers to Collect Credit Information on Employees. Reform of Consumer Marketing Rules -
D&I Quarterly September 2008
New Insider Guidelines. Supreme Court Outlines Forum Rules in Company Law Matters. Requirement of Local Company Representative Abolished. Witness Testimonies in Competition Law Cases – Some Recent Developments -
CATALIST, A SPONSOR-SUPERVISED LISTING PLATFORM ON SGX
In 2006, the Monetary Authority of Singapore (“MAS”) and the Ministry of Law launched a joint public consultation on the proposed changes to the unsecured credit rules and the proposed application of these rules to moneylenders with appropriate modifications. -
LEGISLATIVE AMENDMENTS TO UNSECURED CREDIT RULES BY MAS AND MINISTRY OF LAW
In 2006, the Monetary Authority of Singapore (“MAS”) and the Ministry of Law launched a joint public consultation on the proposed changes to the unsecured credit rules and the proposed application of these rules to moneylenders with appropriate modifications. -
ESTABLISHMENT OF AUDIT COMMITTEE GUIDANCE COMMITTEE (“ACGC”)
The Monetary Authority of Singapore (“MAS”) and Singapore Exchange Ltd (“SGX”) had on 27 June 2007 released the findings from a study they had commissioned on the then state of corporate governance of SGX-listed companies in Singapore. -
Responsibilities of Board and Financial Advisers in Assessing Acquisitions involving Profit Guarante
On 24 March 2008, the Singapore Exchange Limited (“SGX”) issued a News Release in the Regulator’s Column (please refer to www.sgx.com for the full details) setting out the responsibilities of boards of directors and their financial advisers in assessing acquisitions involving profit guarantees. -
Singapore Exchange opens Beijing representative office
Singapore Exchange Limited (SGX) on April 18 announced the official of its Beijing representative office, which helps to attract more China listing and increase the profile of SGX.