CDG subsidiary holds 47.6% of Renault Tangier-Mediterranean project

Rabat - Fipar Holding, a subsidiary of Morocco's Caisse de Depot et de Gestion (CDG) acquired a 47.6% stake in the Renault Tangier

   This partnership reflects the commitment of the holding to support Renault in its project to build the 600 million euro industrial complex in Tangier (northern Morocco), which is a major step for the emergence of car industry in Morocco, Fipar said in a statement.

    This agreement will wipe out any doubts about the future of the project after Nissan suspended its joint participation with Renault earlier this year.

    The new facility is built on a 300 ha site in the Tangiers Mediterranean Special Economic Zone. It will comprise an assembly plant with access to the Tangier-Med port platform. The new site will expand Renault''s production base for low-cost vehicles based on the Logan platform.

    The Renault-Nissan industrial park is expected to produce around 400,000 vehicles per year and will generate 6,000 direct jobs and 300,000 other indirect job opportunities.

    The factory will be operational in early 2012 with a capacity of 30 cars/hour, that is 170,000 cars per year.

    Renault already has a production unit in Casablanca (SOMACA). The French group is No. 1 on the Moroccan car market, with more than 30,000 vehicles sold in 2007. The Renault and Dacia brands rank first and second, with market share of 16.9% and 12.2% respectively.

    In 2007, vehicle sales in Morocco topped the 100,000 mark for the first time. The number of cars on the road is estimated at 1.5 million, with an average age of 9 and 10 years. Although limited, the Moroccan automotive market is growing strongly.

Source: MAP