Latest news with #TGCC
Morocco World
11-06-2025
- Business
- Morocco World
TGCC, SGTM Win $320 Million Deal for Casablanca's Grand Stadium
Rabat – Moroccan construction giants TGCC and SGTM were awarded the second lot of the Grand Stade Hassan II project in Casablanca, a major infrastructure undertaking planned for Benslimane. The deal, reportedly valued at MAD 3.2 billion ($320 million), comes after the tender process closed on June 10. The two companies, which submitted the only bid, met all the technical and financial conditions required for this stage of the project. The scope of work includes heavy construction, waterproofing, steel framework, interior finishes, and carpentry. The stadium, described as a strategic national investment, shows Morocco's broader ambitions in sports infrastructure as the country prepares to co-host the 2030 FIFA World Cup. The Royal Moroccan Football Federation (FRMF) laid out a timeline that targets December 2027 for completion. Morocco is pulling out all the stops as it prepares to co-host the 2030 FIFA World Cup alongside Spain and Portugal. From massive stadium construction to sweeping infrastructure revamps, the North African country is racing ahead to match international standards and deliver a smooth experience to teams and fans. Yet, this ambitious push comes at a time of looming economic worries, which does not fail to raise questions about how much more the country can stretch. While the effort signals determination and national pride, it also reveals the high stakes Morocco faces in balancing aspirations and domestic realities.
Zawya
28-05-2025
- Business
- Zawya
Naif Alrajhi Investment, Aljazira Capital launch $453mln real estate investment fund
Saudi investment firms Naif Alrajhi Investment and Aljazira Capital have partnered to launch a 1.7 Saudi billion riyal ($453 million) closed private real estate investment fund for the development of two high-impact real estate projects in Riyadh and Jeddah. In Riyadh, the fund will support the development of a luxury residential project in Al Khuzama district, and in Jeddah, it will support a mixed-use development along King Abdulaziz Road, a joint press statement said. The North Jeddah project will feature residential and commercial towers, a luxury hotel, office spaces, retail outlets, and dining destinations. Last week, Naif Alrajhi Investment had announced a partnership deal with the Saudi subsidiary of Morocco-based contractor TGCC (Travaux Généraux de Construction de Casablanca) to collaborate on the construction of projects developed by the Saudi company within the Kingdom. (Writing by SA Kader; Editing by Anoop Menon) (
Morocco World
22-05-2025
- Business
- Morocco World
Morocco, Saudi Arabia Advance Judicial Cooperation With New Bilateral Agreements
Rabat – The Moroccan Government Council reviewed, on Thursday, two significant cooperation agreements signed with Saudi Arabia , marking a new chapter in judicial collaboration between the two countries. Signed on November 13, 2024, in Riyadh, the agreements were presented by Morocco's Minister of Justice, Abdellatif Ouahbi, on behalf of the Minister of Foreign Affairs, African Cooperation, and Moroccans Residing Abroad, Nasser Bourita. The first agreement focuses on the transfer of convicted individuals, allowing nationals sentenced in either country to serve their sentences in their home nation. The accompanying Draft Law No. 10.25 was also introduced to formalize Morocco's approval of the agreement. The second agreement addresses mutual legal assistance in criminal matters, enabling the two nations to collaborate more effectively in criminal investigations and prosecutions. This is supported by Draft Law No. 13.25, also reviewed by the Council. Government spokesperson and Minister Delegate in charge of relations with Parliament, Mustapha Baitas, emphasized that these agreements are part of Morocco's ongoing efforts to strengthen its international legal cooperation, particularly with strategic partners like Saudi Arabia. These accords are expected to improve the handling of cross-border legal issues, enhance the rights of Moroccan and Saudi nationals abroad, and further solidify judicial collaboration in line with both countries' broader diplomatic agenda. The legal cooperation agreements between Morocco and Saudi Arabia come amid a broader context of deepening bilateral ties across various sectors. A notable example is the recent entry of Morocco's leading construction company, TGCC, into the Saudi market through a strategic partnership with Naif Alrajhi Investment. Announced earlier this week, the agreement will see TGCC's Middle East subsidiary collaborate on major construction projects developed by the Saudi investment group. This marks TGCC's debut in one of the world's largest and most dynamic construction markets and reflects the growing economic synergy between the two kingdoms. Tags: cooperationjudical lawmorocco saudi arabiaSaudi Arabia
Arab News
20-05-2025
- Business
- Arab News
Naif Alrajhi, TGCC partner to execute landmark projects in KSA
In a strategic move aimed at contributing to the continued growth and diversification of Saudi Arabia's real estate sector, Naif Alrajhi Investment, a Saudi investment group and a leader in real estate development, financial markets, and mergers and acquisitions, has entered into a partnership with Travaux Généraux de Construction de Casablanca — a leader in the construction industry — through its Saudi subsidiary TGCC Middle East. The partnership will collaborate on the construction of projects developed by Naif Alrajhi Investment within the Kingdom, underscoring the strong confidence and significant potential both parties see in the Saudi real estate market. This collaboration builds on the complementary strengths of both organizations and reinforces their shared commitment to contributing to the Kingdom's dynamic growth. Naif Alrajhi Investment is one of the prominent groups in the Kingdom, managing a diversified investment portfolio with a particular focus on the real estate sector. With a strong track record of successful projects both within Saudi Arabia and internationally, the company continues to demonstrate its extensive expertise and strategic vision in real estate development, further solidifying its position as a key player in the industry. TGCC stands among the top-tier construction firms operating across Africa and the Middle East. With a proven track record of over 1,000 successfully delivered projects and a workforce exceeding 14,000 employees globally, TGCC generates consolidated revenues of more than 8 billion Moroccan dirhams ($867 million). The company maintains a robust presence in six African countries in addition to the Middle East and is distinguished by its international certifications in quality, safety, and environmental standards. In 2021, TGCC was successfully listed on the Casablanca Stock Exchange, marking a major milestone in its growth journey. Naif Saleh Alrajhi, chairman and CEO of Naif Alrajhi Investment, said: 'This alliance with TGCC Middle East aligns perfectly with our vision to contribute to the development of vibrant, forward-looking urban environments in Saudi Arabia and beyond. We are pleased to collaborate with a partner known for its technical excellence and reliability. This partnership supports our commitment to Saudi Vision 2030 by enabling the development of high-quality, sustainable projects that serve the needs of tomorrow.' Mohammed Bouzoubaa, chairman and CEO of TGCC, added: 'This strategic partnership represents a significant step in TGCC's international expansion and demonstrates our strong commitment to supporting Saudi Arabia's ongoing transformation. Through our collaboration with Naif Alrajhi Investment, and by leveraging their deep understanding of the regional market, we aim to deliver projects that set new standards in innovation, sustainability, and execution.' The agreement reinforces Naif Alrajhi Investment's strategic focus on impactful, high-quality developments that align with national development goals. 'With a shared vision of excellence, the two companies aim to contribute meaningfully to Saudi Arabia's urban and economic evolution,' a statement said.
Morocco World
20-05-2025
- Business
- Morocco World
Morocco's Construction Giant TGCC Expands to Saudi Market
Doha – Morocco's leading construction company TGCC has entered the Saudi Arabian market through a strategic partnership with Naif Alrajhi Investment. The agreement, announced on Monday, will see TGCC's Middle East subsidiary collaborate on construction projects developed by the Saudi investment group within the Gulf country. The partnership marks TGCC's entry into one of the world's largest construction markets. Saudi Arabia is projected to become the global leader in the construction sector by 2028, with project values across all sectors expected to reach $181.5 billion, according to a previous report by real estate consultancy Knight Frank. Naif Alrajhi Investment, a prominent Saudi group, manages a diversified investment portfolio with particular focus on real estate development. The company operates across 14 different sectors both within Saudi Arabia and internationally. 'This alliance with TGCC Middle East aligns perfectly with our vision to contribute to the development of vibrant, forward-looking urban environments in Saudi Arabia and beyond,' said Naif Saleh Alrajhi, Chairman and CEO of Naif Alrajhi Investment. 'We are pleased to collaborate with a partner known for its technical excellence and reliability.' Founded in 1991, TGCC has been listed on the Casablanca Stock Exchange since December 2021, and has established itself as one of the top construction firms in Africa and the Middle East. The company has delivered over 1,000 successful projects with a workforce exceeding 14,000 employees globally, generating consolidated revenues of more than MAD 8 billion ($800 million). The company has become a reference in technically demanding constructions, particularly in the health sector, where it has built projects including Mohammed VI University Hospital, Hassan II University Hospital in Fez, and the Mohammed VI Oncology Center. TGCC's entry follows its recent focus on Gulf markets after expanding into Libya in recent years. 'This strategic partnership represents a significant step in TGCC's international expansion,' stated Mohammed Bouzoubaa, Chairman and CEO of TGCC. 'We will support the transformation journey that the Kingdom of Saudi Arabia is witnessing within Vision 2030,' Bouzoubaa added. The Saudi market has attracted numerous foreign companies in real estate development. Egyptian firms like Talaat Moustafa are developing major projects such as 'Banan' city on 10 million square meters in Riyadh at a cost of approximately 31.4 billion Saudi riyals. Chinese development companies have also shown interest, with a Chinese consortium planning to develop a project comprising 100,000 housing units at a cost of $2.8 billion. The construction giant also recently made headlines with its acquisition of a 60% controlling stake in STAM (Société de Travaux Agricoles Marocains) in February. The transaction, valued at MAD 4.3 billion ($430 million), is expected to be completed in the second quarter of 2025, pending approval from the Competition Council. This strategic move combines TGCC's expertise in building construction with STAM's capabilities in public works, transport infrastructure, and urban development. STAM reported revenue of approximately MAD 3.7 billion ($370 million) in 2024 and has evolved from its initial focus on agricultural development to become a major player in public works and road construction. Read also: TGCC Launches Subsidaires to Boost International Construction Footprint Tags: construction industryMorocco Saudi RelationsTGCC
