RE/MAX announces plans to expand in Morocco

RE/MAX Holdings (RMAX) announced on Wednesday plans to expand in Morocco.

The company announced the sale of REMAX Morocco, marking the official sale of master franchise rights in the country.

Shares were -0.59% pre-market to $8.36.

The real estate company said it plans to build a robust network across the country, with expectations to sell more than 100 franchises and recruit over 1,000 real estate sales associates.

The REMAX brand has had a presence in Morocco through REMAX City, a brokerage based in Tangier. REMAX City will now be part of the REMAX Morocco network.

REMAX Morocco network will be headquartered in Casablanca, and led by regional owners Rachida Khalil and Bilal Dabri. 

"We saw exceptional growth potential in the Moroccan real estate market," said Khalil and Dabri.

"The sector is expanding rapidly, and we chose to bring the REMAX brand to Morocco to offer clients world-class service and access to a global network of opportunities," said the duo.

"Thanks to the global REMAX network, buyers and sellers in Morocco will enjoy broader visibility and access to international investors," said Shawna Gilbert, senior vice president of REMAX Global and commercial.