(Ecofin Agency) - Alargan, a company active in the real estate development sector in Kuwait, is interested in the commercial and residential real estate sector in Morocco, Challenges reports.

Socrates Development Company, the local subsidiary of this Kuwaiti company, has mobilized the equivalent of $33.9 million from the Arab Fund for Economic and Social Development (Fades) in that regard. The resources will be used to finance an initial project to develop and manage residential and commercial space in Casablanca.

Following this operation, Alargan plans to pursue its achievements by borrowing from banks and wants to mobilize nearly 2 billion dirhams for new projects. The firm, which is also involved in the management and rental of tourist facilities, wishes to enter the social housing sector in Morocco.