An investment holding company controlled by Morocco's royal family has announced a sharp surge in net profit and assets in 2010 amid street demands for King Mohammed to reduce his business and political clout.
National Investment Co., or SNI, made a consolidated net profit of 8.28 billion dirhams in 2010, up from 2.38 billion in 2009, according to financial statements published over the weekend in Le Matin, one of Morocco's most pro-establishment newspapers.
Siger, the firm that groups the main business interests of the Moroccan royal family, holds a stake of around 60 percent in SNI, market sources said. Officials at SNI could not immediately be reached to confirm the figure.
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