CDG subsidiary holds 47.6% of Renault Tangier-Mediterranean project.Summary: Fipar Holding, a subsidiary of Morocco's Caisse Caisse, a French word, may refer to:
French jurist who represented France at The Hague Conference of 1907. He shared the 1907 Nobel Peace Prize. Tangier-Mediterranean project upon a partnership agreement signed with French carmaker Renault.
Fipar Holding, a subsidiary of Morocco's Caisse de Depot et de Gestion (CDG) acquired a 47.6% stake in the Renault Tangier-Mediterranean project upon a partnership agreement signed with French carmaker Renault. <p>AaAa This partnership reflects the commitment of the holding to support Renault in its project to build the 600 million euro industrial complex in Tangier Tangier, city, Morocco
Tangier (tănjēr`), ancient Tingis, city (1994 pop. 497,147), N Morocco, on the Strait of Gibraltar. The city has a busy port and building, fishing, and textiles industries. Tourism is also important. (northern Morocco Morocco, country, Africa
Morocco (mərŏk`ō), officially Kingdom of Morocco, kingdom (2005 est. pop. 32,726,000), 171,834 sq mi (445,050 sq km), NW Africa. ), which is a major step for the emergence of car industry in Morocco, Fipar said in a statement.
AaAaAa This agreement will wipe out wipe
tr.v. wiped, wip·ing, wipes
a. To subject to light rubbing or friction, as with a cloth or paper, in order to clean or dry.
b. any doubts about the future of the project after Nissan suspended sus·pend
v. sus·pend·ed, sus·pend·ing, sus·pends
1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. its joint participation with Renault earlier this year.
AaAaAa The new facility is built on a 300 ha site in the Tangiers Mediterranean Special Economic Zone. It will comprise an assembly plant with access to the Tangier-Med port platform. The new site will expand Renault's production base for low-cost vehicles based on the Logan platform.
AaAaAa The Renault-Nissan industrial park is expected to produce around 400,000 vehicles per year and will generate 6,000 direct jobs and 300,000 other indirect job opportunities.
AaAaAa The factory will be operational in early 2012 with a capacity of 30 cars/hour, that is 170,000 cars per year.
AaAaAa Renault already has a production unit in Casablanca (SOMACA). The French group is No. 1 on the Moroccan car market, with more than 30,000 vehicles sold in 2007. The Renault and Dacia brands rank first and second, with market share of 16.9% and 12.2% respectively.
AaAaAa In 2007, vehicle sales in Morocco topped the 100,000 mark for the first time. The number of cars on the road is estimated at 1.5 million, with an average age of 9 and 10 years. Although limited, the Moroccan automotive market is growing strongly.
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