EU Grants Morocco "Advanced Status"

Recognising Morocco's "raft of reforms", the European Union agreed Monday (October 13th) in Luxembourg to grant Morocco advanced status relations with the 27-member bloc. The unprecedented measure by the EU-Morocco Association Council is expected to gradually integrate Morocco into EU policies and deepen free trade agreements.

"Morocco is the first country in the southern Mediterranean region to benefit from the advanced status in its relations with the EU," Benita Ferrero-Waldner, the European Commissioner for External Relations and European Neighbourhood Policy, told the council.

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Martensa Fadesa Administration

The recent difficulties being experienced by Martensa Fadesa in Spain, which culminated in the appointment of administrators earlier this year, are well documented. Less clear however has been the impact on their Moroccan projects.

All the Moroccan projects which have been marketed by Fadesa since 2005, have been successfully ring fenced in Morocco, ensuring the safety of projects, and of the investment made by our clients.The 3 projects are each owned and developed by individual companies (SAS for Saidia, Residences du Soleil for Alkudia Smir, Terraces du Soleil for Atlas Golf) These companies are in turn owned by Fadesa Maroc, a joint venture between Martensa Fadesa and Addoha, the largest Moroccan developer quoted on the Casablanca stock exchange.

All management control passed to Addoha in February 2008, leaving Martensa Fadesa as a sleeping partner. Should the need arise Addoha have already indicated their desire to acquire the Martensa Fadesa shares in Fadesa Maroc, thereby securing the Moroccan projects.

Mediterrania Saidia - Magnum

Following preasure from Saffron Villas, r ecent concerns raised by clients on Magnum are being addressed by Addoha. Options will shortly be available for high quality wrought iron garden furniture to replace the plastic furniture originally supplied.

The concerns over the kitchen units are also being addressed, with 3 new designs being built into shpw apartments at present. Once complated Addoha will select one to use throughout the development. !st impresions are that the new kitchens are a significant improvement over the kitchens originally supplied.

Saffron Villas Relocation

On 1st September Saffron Villas sucessfully relocated their UK operation from shared offices in central Newbury to a purpose built unit just outside the town. The new facilities have already started to generate an improved atmosphere within the office, and will ensure that the company, in conjunction with its sister company Quest 2 Invest (www.quest2invest.com), is well place to take advantage of the opportunities that present themselves in these difficult times.