Caisse de Dépôt et de Gestion

Investment and strategic decisions are directed by the CEO, Khalid Safir, under the supervision of a board chaired by the head of government or a ministerial appointee. CDG operates through subsidiary portfolios — banking, insurance, territorial development, and asset management — each with its own executive management. The institution does not publicly identify an independent CIO, and its governance reflects state-appointed leadership rather than a delegated investment committee model.

CDG sources deal flow through its statutory role as the state's preferred development co-financier and through subsidiaries — MedZ for industrial parks and special economic zones, Dyar Al Mansour for affordable housing, and Madaëf for tourism assets. The institution partners with state enterprises such as OCP Group for industrial co-financing and with multilateral lenders including the European Investment Bank. Its venture-capital arm operates the 212 Founders accelerator, which identifies early-stage Moroccan and regional startups.

CDG is a state-owned financial institution, not a sovereign wealth fund in the commodity-savings or future-generation-fund sense. The firm itself uses 'financial institution' and 'public development investor.' It is a member of the International Forum of Sovereign Wealth Funds, reflecting its state ownership and long-term investment horizon, but its dual mandate — returning value to depositors alongside national development — gives it a hybrid identity closer to France's Caisse des Dépôts.

CDG and the European Investment Bank have a longstanding strategic co-financing partnership focused on sustainable infrastructure, renewable energy, and territorial development in Morocco. In December 2024, the two institutions formalized an agreement to deepen collaboration on global development challenges and sustainability. Past co-financed programs have included urban infrastructure, water management, and support for small and medium enterprises.

CDG's real-asset portfolio includes the Zenata New City mixed-use development, Casanearshore Park in Casablanca, the Atlantic Free Zone in Kénitra, Technopolis in Rabat-Salé, and the Madaëf hotel portfolio with properties in Marrakech, Rabat, Saïdia, Taghazout Bay, and Al Hoceima. It also co-finances national infrastructure such as the Agadir desalination plant and the Oued Sebou inter-basin water-transfer project.

CDG participates in both direct co-investments and fund commitments. Its venture exposure includes direct early-stage positions through the 212 Founders accelerator. For industrial and real-estate projects, it typically co-invests directly alongside state entities and corporate partners such as Safran and Gotion High-Tech. Its insurance and pension subsidiaries manage diversified portfolios that include external fund commitments across listed and private markets.

CDG operates the Fondation CDG, which maintains an art collection exhibited at Espace Expressions CDG in Rabat and runs cultural and social programming. The foundation is a distinct legal entity but sits under the group umbrella. CDG also participates in national social-support infrastructure, including the state's direct housing-aid platform and programs linked to the wider territorial-development mandate.