title: Caisse de dépôt et de gestion
text: # Caisse de dépôt et de gestion
  
  The Caisse de dépot et de gestion (French for Deposit and Management Fund, shortened as CDG) is a state-owned financial institution which manages long-term savings in Morocco. Given its substantial assets it also acts as a large investor in the country, especially in the tourism sector. It possesses many subsidiaries operating in various sectors of the Economy.
  
  The CDG handles in particular the savings of the RCAR (Régime Collectif d'Allocations de Retraite) and the CNRA (Caisse Nationale de Retraites et d'Assurances) pension funds which groups the retirement contributions of the employees of state-owned companies and agencies. Between 2005 and 2008, CDG gained substantial funding when it acquired the management of the retirement savings of the OCP, the world's leading phosphate producer and exporter. CDG is modeled after the French fund Caisse des dépôts et consignations.
  
  ## History
  
  The fund was created in 1959 by Mamoun Tahiri, it holds about 35% of public savings in Morocco.
  
  ### Past CEOs
  
  * Mamoun Tahiri (October 1959–June 1965)
  * Ahmed Bennani (June 1965–September 1966)
  * Ahmed Benkirane (September 1966–January 1968)
  * Hassan Ababou (January 1968–May 1970)
  * Abdelkamel Reghaye (May 1970–July 1974)
  * M'fadel Lahlou (July 1974–April 1995)
  * Khalid el–Kadiri (April 1995–August 2001)
  * Mustapha Bakkoury (August 2001–June 2009)
  * Anas Houir Alami (June 2009–August 2015)
  * Abdelatif Zaghnoun (2015–2022)
  * Khalid Safir ( July 2022- present)
  
  ## Investments
  
  * Renault-Tanger-Maroc
  
  ### ClubMed & TUI
  
  Starting in June 2006 CDG acquired its subsidiary Fipar International, 10% of Club Med and 5% of TUI for an estimated MAD3.7 billion. It additionally spent some MAD2 billion as part of development and renovation projects for Club Med's portfolio. In 2010, 2012 and 2013 saw the CDG gradually cede its stocks in Cub Med which have been dwindling since 2006 and finally sold at €17.5 in 2013, they have initially acquired for €44.9/share.
  
  ## Subsidiaries
  
  As of November 2013 the subsidiaries of CDG were:
  
  * Pension funds
     * Régime Collectif d'Allocation de Retraite (RCAR)
     * Caisse Nationale de Retraites et d'Assurances (CNRA)
  * Strategic Investments/Private Equity
     * Fipar-Holding
  * Banking
     * CDG Capital
     * CDG Capital Bourse
     * CDG Capital Gestion
     * CDG Capital Private Equity
     * CDG Capital Real Estate
     * CDG Capital Infrastructures
     * Maghreb Titrisation
     * CIH (Crédit Immobilier et Hotêlier)
  * Insurance
     * Atlanta
     * Société Centrale de Réassurance
  * Loans
     * SOFAC
  * Real-estate/Tourism
     * New Marina Casablanca (NMC)
     * Foncière Chellah
     * FINEA
     * Fonds Jaïda
     * Société de Développement Saïdia (SDS)
     * Société d'Aménagement et de Promotion de la Station de Taghazout (SAPST)
     * Agence d'Urbanisation & de Développement d'Anfa
     * Société d'Aménagement Zenata
     * Jnane Saïss Développement
     * Sonadac
     * Parc Haliopolis
     * MEDZ
     * Casanearshore / Technopolis
     * Nemotek Technologies
     * MEDZ Industrial Parks
     * MEDZ Sourcing
     * Oued Fès
     * CGI Management
     * Golf Management Maroc (GMM)
     * Al Manar Development Company
     * CGI
     * Dyar Al Mansour
     * Avilmar
     * Rabat Parking
     * Casa Développement
     * Témara Développement
     * CG Park
     * Noréa
     * Novec
     * Patrilog
     * Dyar Al Madina
     * Exprom Facilities
     * Hotels & Resorts of Morocco (HRM)
     * Sothermy
     * Royal Golf de Fès
     * SFCDG
     * Creative Technologies
  * Wood
     * Med Paper
     * Fonds Eucaforest
     * Cellulose du Maroc
  * Other
     * HP-CDG IT services Maroc
     * Loterie Nationale
  