The Ajial fund increases its capital to 5 billion DH

From 1.7 billion dirhams, the capital of the Kuwaiti investment fund Ajial is now increasing to 5 billion dirhams. Almost a year after its creation, the Ajial investment fund is carrying out a capital increase of 3.3 billion dirhams. From 1.7 billion dirhams, the capital of this 100% Kuwaiti fund is thus rising to 5 billion dirhams. “The directors have just decided on this capital increase in order to be able to carry out other projects for the Ajial fund, which is interested in all sectors of the Moroccan economy,” announces Waleed Al-Fehaid, Chairman and CEO of the Ajial Fund and also Director General of the Moroccan-Kuwaiti Development Consortium (CMKD). This capital increase was on the agenda of the extraordinary shareholders’ meeting held on Tuesday, September 9, 2008, according to Mr. Al-Fehaid, who presented this Fund during a press conference on Monday, September 22, in Casablanca. “The extraordinary meeting approved a capital increase of 5 billion dirhams for the Ajial investment fund in order to support the rapid progress that Morocco is recording in the business sector and to seize the investment opportunities offered by the Moroccan market,” adds Mr. Al-Fehaid. This investment fund is held entirely by the Kuwait Investment Authority (KIA), which owns 77% of the capital of the CMKD. To carry out Ajial’s projects, three subsidiaries have been created (see box). In one year of existence, this investment fund has managed to take stakes in major projects. Ajial is allied with the tourism asset investment fund of Attijariwafa bank and the Banques Populaires group, H Partners. It is also present in the capital structure of the Moroccan Infrastructure Fund (MIF), a fund dedicated to the infrastructure sector launched by Attijariwafa bank and EMP Afric. This fund, dedicated entirely to the infrastructure sector, has an envelope of one billion dirhams. Ajial is also a shareholder in the SGAM Al-Kantara fund of the company Alternative Investment General Asset Management. SGAM aims to invest in various fields including services, product distribution, consumption, as well as agriculture. Indeed, the Ajial investment fund is closely interested in this field since it has taken part in the Olea Capital fund created by Crédit Agricole and Société Générale. Olea Capital is dedicated to olive growing and aims to reach an annual production of 30,000 tons of olive oil, intended mainly for export. Ajial is also present in the production of high-quality fabric through its participation in the capital of the company Legler Maroc. A fund and three subsidiaries The Ajial fund has three subsidiaries. These are: Al Ajial Real Estate Company: Investment in real estate through the purchase of land intended for development into residences or lots. Al Ajial Capital Company: Acquisition of capital yielding financial income and investment of this income-generating capital in projects such as hotels and contributions to industrial, service, and communication companies. Al Ajial Fund Company: Investment in funds entrusted by leading banks and creation of stock market portfolios. This company is managed by companies specialized in this field.