Moroccan national holding company Société Nationale d’Investissement (SNI) has purchased one-third of the investment group Societé Maroc-Emirats Arabes Unis de Développement (SOMED), it confirmed on February 1. SNI spent $161.9 million on shares owned by institutional investors and the Abu Dhabi Fund for Development (ADFD) in SOMED, which has interests in tourism, real estate, metals and food. In 2006, the firm reported a net income of $26 million on a consolidate turnover of $181 million. It is controlled by Morocco’s royal family and was founded in 1982 as a joint venture between Morocco and the United Arab Emirates with the aim of luring foreign capital and expertise to major projects in the kingdom. After SNI’s investment, ADFD’s share in SOMED has dropped from 50% to 33.9% and the Moroccan treasury retains its 33.25% stake. The deal represents a new era for SNI, which has traditionally had a portfolio of significant
