Government of Morocco to privatise La Mamounia hotel, Energie Electrique de Tahaddart for EUR 553m (translated)
09 NOV 2018
The Government of Morocco announced officially on Thursday (8 November) the privatisation of hotel La Mamounia in Marrakech together with the electricity company Energie Electrique de Tahaddart (EET) for EUR 553m, Cinco Dias reported.
The government seeks to raise funds for healthcare, education and social expenses. Government spokesperson Mustafa Jalfi said at a press conference that with the proceeds from the privatisation the government hopes to cover a quarter of the additional social expenses expected in 2019.
Founded in 1923, La Mamounia is a luxurious establishment in which celebrities from the political, artistic and cinematographic world have stayed from Winston Churchill and Charlie Chaplin to Ronald Reagan and Zinedine Zidane, the Spanish-language paper said.
Energie Electrique de Tahaddart (EET) operates the Tahaddart thermal power plant, located 10 kilometers north of the city of Asilah, in the northwest of Morocco.
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