Dubai, United Arab Emirates (July, 2003) - SOMED is a strategic investment group established on the guidelines set by His Majesty King Mohammed VI, King of Morocco and His Highness Sheikh Zayed Bin Sultan Al Nahayan, President and Ruler of the United Arab Emirates to increase business relations between their two countries and promote investments in Morocco. SOMED is 50% owned by Abu Dhabi Fund for Development.

Hilton Rabat Hotel Morocco Soussi Rabat Morocco

“The Rabat Hilton Hotel is a landmark property and an important investment for SOMED in meeting its corporate objectives” said Abellatif Guerraoui, Chairman of SOMED. “This acquisition is consistent with the mandate established by the governments of both Morocco and the United Arab Emirates.”

H.E. Saeed Khalfan Matar Al Romaithi, Director General of Abu Dhabi Fund for Development and Vice-Chairman of SOMED Board of Directors confirms the importance of the acquisition of this property for the expansion of SOMED business and furthering and cementing co-operation between the UAE and Moroccan Investors.

The Hilton Rabat is considered one of the top hotels in North Africa and a landmark in Rabat, Morocco’s capital city. The hotel is located adjacent to the Royal Palace in the prestigious Souissi district and was extensively renovated between 1998 and 2000. The hotel is a 10 story building with 269 guestrooms and poolside bungalows, surrounded by nearly 9 hectares of Andalusian-style gardens.

The entire transaction was managed by RSP Group of Dubai, U.A.E. RSP is a Middle East based hospitality and real estate investment group specialized in Hotel transactions who acted on behalf of Daewoo in facilitating the sale.