The Palace of La Mamounia changes hands

Global phosphate giant OCP has become the majority shareholder of La Mamounia Hotel following the sale by the State of its stake in the establishment. This transaction is part of the policy of divestment of assets deemed non-essential, aimed at financing national development initiatives.

The Cherifian Phosphate Office (OCP) has acquired the State’s share in the La Mamounia hotel for 1.7 billion dirhams. An acquisition that allows it to now become the majority shareholder of the prestigious hotel establishment, of which it previously held 40% of its capital, reports Al-Sharq Business, adding that the National Railways Office (ONCF) now owns less than 10% of the capital.