Top Property Developers in Morocco: 2026 Ranked Field Guide

Morocco's property-developer landscape changed materially between 2024 and 2026. The three publicly-listed developers — Addoha, Alliances and Résidences Dar Saada — collectively returned to profitability; Addoha and Alliances alone delivered 5.1 billion dirhams of 2025 revenue with net income up 64 and 32 percent respectively. The institutional foreign-buyer entry point sharpened: Eagle Hills Morocco broke ground on The Bristol Tangier in July 2025 and markets St Regis-anchored villas at La Bahia Blanca on Tamuda Bay. Yamed rebranded as Ynexis Group and closed a 50/50 partnership with Crédit du Maroc in Nema Capital, its real-estate fund manager, in December 2025 (announced June 2025) — institutional capital signaling commitment. And in December 2025, SGTM, one of Morocco's largest construction groups, completed a 5 billion dirham IPO for 20 percent of the company — the biggest Casablanca listing since 2004, marketed on the strength of the 2030 FIFA World Cup infrastructure pipeline.

This is the 2026 ranked guide to Morocco's top property developers, written for foreign buyers (US, UK, Gulf, Moroccan diaspora) trying to navigate a market where the corporate landscape just shifted. Ranking is by a composite of scale, financial discipline, foreign-buyer accessibility, and the credibility of 2025-2026 delivery — not by raw revenue alone. None of the below is a recommendation to buy a specific unit; it is a survey of who is actually building, listing, and selling in 2026.

How We Ranked These Developers

Six factors weighted into the ranking:

• Scale — cumulative units delivered, current pipeline, 2025 revenue
• Financial discipline — listed status (and disclosure), 2025 margins, debt profile
• Foreign-buyer accessibility — English/French sales support, international hotel-brand partnerships, presence at SMAP IMMO Paris or North American roadshows
• Geographic reach — single-city specialist versus national developer
• 2025-2026 news flow — capital raises, JV announcements, project deliveries, legal exposures
• VEFA-era credibility — track record of off-plan delivery without litigation, judicial liquidation, or site abandonment

Listed developers and state-adjacent entities (CDG-owned CGI) score higher on disclosure but not always on delivery quality. Privately-held foreign-buyer specialists like Eagle Hills score higher on accessibility but require independent due diligence given the absence of public financials.

1. Douja Promotion Groupe Addoha

Founded 1988 · HQ Casablanca · Listed Casablanca Stock Exchange (ticker ADH, market cap roughly 12.5 billion MAD as of May 2026; check the live quote) · Ownership Sefrioui family, roughly 64 percent

Morocco's largest property developer by cumulative delivery, with well over 200,000 homes delivered over its history. 2025 revenue 2.7 billion MAD (under the new real-estate accounting plan) with net income above 500 million MAD (+64 percent, per the company). Founder Anas Sefrioui returned to the Forbes billionaires list in 2025; daughter Kenza Sefrioui serves as deputy chair.

Where they build: national footprint across Morocco, plus a sub-Saharan Africa expansion centered on a Côte d'Ivoire affordable-housing program. Mix is heavily weighted toward social and mid-market housing (the segment that drove the 2010s growth) with selective higher-end developments.

2025-2026 news: balance-sheet recovery from a multi-year slump; expansion of African operations; the Sefrioui family remains the controlling shareholder with minimal float dilution.

Foreign-buyer accessibility: present at SMAP IMMO Paris annually but oriented toward the Moroccan-diaspora (MRE — Marocains Résidant à l'Étranger) channel rather than Western retail. Sales materials primarily French and Arabic. For a UK/US buyer with no Moroccan connection, Addoha is the scale-and-stability anchor but not the easiest entry point.

2. Alliances Développement Immobilier (ADI)

Founded 1994 · HQ Casablanca · Listed Casablanca Stock Exchange (ticker ADI) · 30th anniversary in 2024

Morocco's sector-margin leader among the listed developers — 2025 revenue 2.4 billion MAD, net income 402 million MAD on a markedly leaner cost base than Addoha (P/E approximately 25x). 11,413 units delivered by end-2025; encashments of 1.927 billion MAD; holder of three "Service Client de l'Année Maroc 2026" distinctions.

Where they build: the luxury flagships, sold under the Alliances Créations brand, are Akenza Golf Resort in Marrakech (a gated golf resort; the group issued a 449 million MAD bond in December 2025), the Al Maaden Collection villas inside the delivered Al Maaden Golf Resort, and Lixus Beach Resort at Larache. Rixos is the hotel partner.

2025-2026 news: continued margin discipline relative to listed peers; "Service Client de l'Année" award is a sector-relevant signal because the historical complaint against Moroccan developers is post-delivery service quality, not pre-sale execution.

Foreign-buyer accessibility: strong MRE channel via SMAP IMMO Paris; English/French sales materials available for Akenza and Al Maaden; oriented toward higher-net-worth diaspora buyers rather than first-time foreigners.

3. Eagle Hills Morocco

Founded in Morocco 2014 (parent Eagle Hills founded by Mohamed Alabbar, the founder of Emaar Properties Dubai) · HQ Abu Dhabi parent with Rabat operating office · Ownership UAE-controlled

The most foreign-buyer-oriented developer operating in Morocco. Four master-planned destinations under management as of 2025: La Marina Morocco (Bouregreg waterfront, Rabat-Salé), Rabat Square, Tanja Waterfront (Tangier), and La Bahia Blanca. Built around the Eagle Hills DNA of integrating international hotel brands into branded-residence developments — the Fairmont La Marina Rabat-Salé hotel (open since November 2022) anchors the Bouregreg masterplan, La Bahia Blanca pairs a small number of beachfront villas with the St. Regis La Bahia Blanca resort, and in July 2025 Eagle Hills broke ground on The Bristol Tangier at Tanja Waterfront, with delivery targeted for 2027.

Where they build: Rabat, Tangier and Tamuda Bay, deliberately not Casablanca (a positioning choice — leave the saturated Casablanca market to local players, build the under-supplied capital and second-city luxury market).

2025-2026 news: The Bristol Tangier groundbreaking July 2025; Tanja UNO apartments delivering since end-2023.

Foreign-buyer accessibility: strongest in Morocco. Gulf-grade marketing, English/French/Arabic sales teams, international hotel-brand partnerships (Fairmont, The Bristol, St Regis), and sales outreach to buyers in London, Paris, Riyadh and the GCC. For a US/UK/Gulf buyer who wants institutional-quality cross-border execution, Eagle Hills is the default starting point.

4. CGI — Compagnie Générale Immobilière

Founded 1960 (65 years in 2025) · HQ Rabat · Not listed — delisted in September 2015 when CDG Développement bought out the minority shareholders · Parent Caisse de Dépôt et de Gestion (CDG) Group — state-linked

Morocco's longest-tenured public-sector-adjacent developer. Historical pipeline of approximately 32,000 units; 10 active showrooms across Morocco. ISO 9001 certified since 2006 — a procedural-discipline signal that matters in a market where many private developers operate without formal quality-management systems.

Where they build: national footprint with heavier concentration in Rabat, Casablanca, Marrakech, El Jadida, Fnideq, and Al Hoceima. Recent expansion into mid-market housing and the southern provinces.

Flagship: Casa Green Town Bouskoura Resort, tourism complexes, and collective-facility subdivisions.

2025-2026 news: continued state-aligned project delivery; CGI is the developer most likely to win government-aligned housing tenders, including any 2030 World Cup-adjacent inventory. The CDG parent's institutional backing reduces the risk of judicial liquidation that has affected smaller private developers.

Foreign-buyer accessibility: multiple physical showrooms; structured for both institutional and individual buyers including MRE; less foreign-marketing-spend than Eagle Hills but materially more secure than smaller private players.

5. Palmeraie Développement (Bgroup)

Founded approximately 1980 (45+ years in 2025) · HQ 277-279 Boulevard Zerktouni, Casablanca · Ownership Bgroup (privately held by the Berrada Sounni family)

Morocco's flagship luxury-residential developer with deep hospitality integration. Approximately 6,500 staff across the broader Bgroup. Marrakech is the brand home — Jardins de la Palmeraie is the signature large-scale luxury masterplan there. The group also operates Jardins de l'Océan (Casablanca) and the California Golf Resort (Bouskoura).

Where they build: Marrakech is the flagship, with Casablanca as secondary footprint; expansion into Côte d'Ivoire via Palmeraie Hospitality Africa.

Ownership: the Berrada Sounni family, whose group was founded by Abdelali Berrada Sounni. Palmeraie Développement (real estate and hospitality) was chaired by Hicham Berrada Sounni as of the last public restructuring; the industrial holding led by his brother Saad, formerly Palmeraie Holding, was renamed Africorp Consortium in 2022. Résidences Dar Saada, the listed mid-market developer, is an affiliate.

2025-2026 news: continued luxury-segment delivery; the developer has cited resale gains on earlier Jardins Urbains units (past resale performance is no guide to future returns). Strong partnership pipeline with international hotel operators.

Foreign-buyer accessibility: established luxury brand recognition; French/English sales channels; international hotel-operator partnerships give buyers a familiar branded-residence model. For Marrakech specifically, Palmeraie is the institutional choice over smaller boutique developers.

6. Anfa Realties

Founded 2006 · HQ Casablanca · Ownership private · CEO Younes Essassi

A high-end Casablanca developer (Les Villas d'Anfa in Dar Bouazza, Anfa Heaven near Ain Diab) with a commercial presence in the Casa Anfa district — the roughly 350-hectare master-planned regeneration of the former Casablanca airport site, the largest urban redevelopment in Morocco and one of the largest in North Africa. The AUDA (Agence d'Urbanisation et de Développement d'Anfa, a CDG Group entity) is the masterplanner; Anfa Realties' Aeria Mall sits in the Casa Anfa financial zone.

Where they build: Casablanca-Anfa as the flagship; in April 2026 presented Les Villas d'Anfa Marrakech, a 14.5-hectare gated estate of about 80 villas — the group's first project outside Casablanca.

2025-2026 news: the Marrakech expansion (Apr 2026) is the meaningful corporate development; signals appetite to compete with Palmeraie in luxury Marrakech.

Foreign-buyer accessibility: luxury Casablanca-focused; English-capable sales for its Casablanca residences; the Marrakech project will accept foreign-buyer inquiries in English and French.

7. Ynexis Group (formerly Yamed)

Founded 2013 · HQ Casablanca · Ownership backed by Yam Invest; 50/50 partnership with Crédit du Maroc in Nema Capital, its OPCI (real-estate fund) manager, closed December 2025

Major 2025 corporate event: Yamed rebranded as Ynexis Group and, in June 2025, announced a 50/50 partnership with Crédit du Maroc — one of Morocco's top banks — in Nema Capital, its OPCI fund-management company; the deal closed in December 2025. This is the most consequential institutionalization signal of any Moroccan developer in 2025: a publicly-rated bank taking 50 percent of a real-estate fund manager is precisely the kind of capital-market discipline that Moroccan real estate has historically lacked.

The rebrand also introduced a three-pillar group model: development, asset management, and hospitality.

Flagships: Terre Océane (Anfa, Boulevard de Biarritz), Yamelki (social), and Amlak Bernoussi — a 5,000+ residential and 200 commercial-unit central Casablanca development.

Foreign-buyer accessibility: European-investor heritage via the Yam Invest parent gives the group sales infrastructure oriented toward cross-border buyers; the Crédit du Maroc JV adds local banking-grade compliance for any foreign-currency inflow.

8. Résidences Dar Saada (RDS)

Founded 2005 · HQ Casablanca · Listed Casablanca Stock Exchange (ticker RDS, ISIN MA0000012379)

The third Casablanca-listed pure-play developer, an affiliate of Palmeraie Développement focused on economic and mid-range housing. 2025 revenue about 469 million MAD (roughly double 2024, partly due to a change in revenue-recognition method and a land sale); 1,683 pre-sales in 2025; net profit approximately 4 million MAD (the thinnest margin of the listed trio — a recovery-stage company, not yet a return-of-capital story).

Where they build: primarily Casablanca, Rabat, Marrakech. Heavy concentration on social and mid-range housing under the "Espaces Saada" brand.

2026 watershed: signed a Marrakech rehousing convention covering more than 15,400 units — 7,650 for RDS and 7,773 for its affiliate Résidences Dar Saada X — for about 3.8 billion MAD in secured revenue. This is a large slum-rehousing allocation and gives RDS substantial revenue visibility, subject to delivery.

Foreign-buyer accessibility: limited. The social/mid-range focus is structurally not a foreign-buyer target market. Included in this ranking for completeness — RDS is large, listed, and credible, but not the developer a UK or Gulf retail buyer engages.

9. Chaabi Lil Iskane (Ynna Holding)

Founded 1948 · HQ Marrakech · Ownership Ynna Holding, privately held by the Chaabi family (one of Morocco's oldest industrial dynasties)

77 years of operating history with 15+ active projects per the Chri Dari listing platform. Mix spans social housing, high-end residential, commercial, hotels, retail, and industrial sites — a true diversified property arm of a major industrial group.

Where they build: national Morocco plus Africa and Middle East operations.

2025 corporate event: in April 2025, Chaabi Lil Iskane ran the Morocco Real Estate Roadshow in New York, Boston, and Montreal . The group joined the Chri Dari platform in July 2025, formalizing online inventory presence for diaspora buyers.

Foreign-buyer accessibility: strongest North American outreach of any Moroccan developer in 2025. The NYC-Boston-Montreal roadshow specifically targets the Moroccan-Canadian and Moroccan-American diaspora — the secondary diaspora market after Western Europe.

10. TGCC — Travaux Généraux de Construction de Casablanca

Founded 1991 · HQ Casablanca · Listed Casablanca Stock Exchange (ticker TGC, IPO December 2021)

Not a property developer in the conventional sense — TGCC is Morocco's largest construction contractor with 9,000+ employees across Morocco and sub-Saharan Africa and more than 1,000 major projects completed. Included in this listicle because (a) its IPO and disclosure regime are a credible counterparty signal across Morocco's development pipeline, and (b) it is a contractor on stadium and infrastructure projects associated with the 2030 World Cup.

Where they build: nationally, plus sub-Saharan Africa expansion.

2025-2026 news: in July 2025 TGCC completed a 2.2 billion MAD capital increase at 725 MAD per share (shareholders had authorised up to 2.5 billion MAD at 625-725 MAD), partly to fund an acquisition and its growth pipeline.

Foreign-buyer accessibility: B2B contractor — TGCC does not sell residential units to foreign buyers directly. Mentioned here because its presence as a contractor on a private developer's project is itself a credibility signal for the foreign buyer.

Honorable Mentions

Three companies worth naming even though they fall outside the top 10:

SGTM (Société Générale de Travaux du Maroc) — family-owned construction group; completed Morocco's largest IPO since 2004 in December 2025, raising about 5 billion MAD for 20 percent of the company at a valuation of roughly 25 billion MAD (about $2.5 billion). First trading day December 16, 2025. The offer was a sale of existing family shares, marketed on the 2030 World Cup infrastructure pipeline.

Akwa Group Real Estate (Akhannouch/Wakrim families) — diversified conglomerate; real estate division created 2007; holds a stake in the Fairmont Taghazout Bay hotel. Not a pure-play developer but a credible counterparty for hospitality-linked real estate.

AUDA (Agence d'Urbanisation et de Développement d'Anfa) — not a developer but the CDG-Group masterplanner of the 351-hectare Casa Anfa redevelopment. 4.3 million m² of buildable area, future population approximately 100,000. Casa Anfa projects are built under AUDA's masterplan; check the individual title (titre foncier) for any unit.

The 2030 FIFA World Cup Catalyst

The 2030 World Cup co-hosting — Morocco with Spain and Portugal — is a major public-investment programme. Headline commitments as of October 2026 (figures change; check current official numbers):

• About 190 billion MAD (roughly 20 billion USD) of public infrastructure spending (rail, roads, airports, stadiums, urban works) cited by the government ahead of 2030
• Grand Stade Hassan II — planned 115,000 seats, at El Mansouria (Benslimane province) north of Casablanca; contracts awarded reportedly about 13.6 billion MAD against an original budget of about 5 billion MAD; planned to be among the world's largest stadiums
• 38 billion MAD government–ONDA protocol signed July 2025 covering airport investment for 2025-2030
• 15 billion MAD new terminal at Casablanca Mohammed V — adding about 20 million passengers a year of capacity, targeted for end-2029
• National airport capacity expansion from about 30 million to 80 million passengers by 2030
• Royal Air Maroc fleet expansion from about 50 to 200 aircraft by 2037 under its 2023-2037 strategy (orders with Boeing, Airbus and others reported; confirm which are firm)
• About 60,000 additional hotel beds targeted before the tournament
• Kenitra–Marrakech high-speed line (430 km, about 53 billion MAD excluding rolling stock, delivery targeted for 2029)

For a foreign buyer, this spending may support demand in Casablanca, Tangier and Marrakech in 2026-2029, but infrastructure investment does not guarantee price growth: Bank Al-Maghrib's index showed residential prices up less than 1 percent in 2025. Treat timing claims tied to the tournament with caution.

Foreign Buyer Legal Framework: What Applies to Everyone

Morocco's regulatory posture is materially friendlier to foreign property buyers than Egypt or Tunisia. Key items (general information, not legal advice; confirm with a Moroccan notary or licensed lawyer before you buy):

• 100 percent foreign ownership of titled urban residential property is permitted under standard ANCFCC (Agence Nationale de la Conservation Foncière) registration, with no two-unit cap of the type Egypt enforces
• Financing in foreign currency is the critical compliance step — if the purchase is paid with foreign currency transferred through a Moroccan bank and you keep the bank's documentation proving it, the Office des Changes allows the sale proceeds (after tax) to be transferred abroad. A purchase financed from local dirham funds does not carry that convertibility right. Ask your bank and notary to confirm the paperwork before you pay
• The IGOC 2026 (Instruction Générale des Opérations de Change) — effective 1 January 2026 — updated the Office des Changes framework; check current rules with your bank
• VEFA (Vente en l'État Futur d'Achèvement) — the off-plan-sale law (Law 44-00 as amended by Law 107-12) — protects off-plan buyers when the sale is structured under it: no reservation contracts before the building permit is issued, a completion or refund guarantee, a two-year equipment warranty, and a ten-year structural guarantee. Many developers use other contract forms, so have a notary confirm what your contract actually provides
• Agricultural land outside urban perimeters cannot be bought by foreigners unless it is first certified for non-agricultural use (VNA); Casablanca Finance City (CFC) status offers tax incentives to qualifying companies, not to individual property buyers, and the regime has changed several times since 2020 — check current terms with a Moroccan tax adviser

The Bottom Line

Morocco's developer landscape is more legible and more institutional in 2026 than at any point in the prior decade. Three categories serve different buyer profiles cleanly:

• Foreign-buyer entry: Eagle Hills Morocco (institutional Gulf-grade execution), Palmeraie/Bgroup (luxury Marrakech), Anfa Realties (Casablanca-Anfa luxury)
• Listed-and-credible local options: Addoha (scale anchor), Alliances (margin discipline); CDG-owned CGI (stability, though no longer listed)
• Institutionalization signals worth following: Ynexis Group + Crédit du Maroc JV (Dec 2025), SGTM IPO (Dec 2025), TGCC capital raise (2025)

The 2030 World Cup spending programme is real, though its effect on property prices is uncertain. Documented foreign-currency financing gives foreign buyers a clear route to repatriate sale proceeds, and VEFA-form contracts give off-plan buyers legal recourse. Together these make Morocco one of the more accessible markets in the region for foreign buyers in 2026 — but check title, contract form and developer track record with a licensed Moroccan lawyer or notary for any specific unit.

Who are the largest property developers in Morocco in 2026?

By scale and cumulative delivery, the top tier is Douja Promotion Groupe Addoha (well over 200,000 homes delivered, listed as ADH on the Casablanca Stock Exchange), Alliances Développement Immobilier (ADI), CGI (unlisted, owned by CDG Group), and Résidences Dar Saada (RDS). The three listed developers (Addoha, Alliances, RDS) together booked roughly 5.6 billion MAD in 2025 revenue (+8 percent YoY) and about +63 percent profit growth. Eagle Hills Morocco (UAE-backed; its parent was founded by Emaar founder Mohamed Alabbar) is the largest foreign-buyer-oriented developer.

Which Moroccan property developers are listed on the Casablanca Stock Exchange?

Three pure-play developers: Douja Promotion Groupe Addoha (ADH), Alliances Développement Immobilier (ADI) and Résidences Dar Saada (RDS). CGI (Compagnie Générale Immobilière, a CDG Group subsidiary) was delisted in September 2015. Construction-and-development contractor TGCC (TGC) is also listed since its December 2021 IPO. SGTM completed Morocco's largest IPO since 2004 in December 2025 at a roughly 25 billion MAD valuation, with first trading day 16 December 2025.

Which Moroccan developer is best for foreign buyers?

In our ranking, Eagle Hills Morocco is the strongest foreign-buyer entry point. Parent Eagle Hills was founded by Mohamed Alabbar (founder of Emaar Properties Dubai); the Morocco operation runs four master-planned destinations — La Marina Morocco (Bouregreg, Rabat-Salé), Rabat Square, Tanja Waterfront (Tangier), and La Bahia Blanca — with international hotel-brand partnerships including Fairmont and The Bristol Hotels and Resorts (announced July 2025). Gulf-grade marketing, English/French/Arabic sales teams, and Abu Dhabi-funded cross-border execution. For luxury Marrakech specifically, Palmeraie Développement (Bgroup) is the established institutional alternative.

Is Eagle Hills Morocco a credible developer?

Yes. The parent company is Eagle Hills, founded by Mohamed Alabbar — the same individual who founded Emaar Properties Dubai (the Burj Khalifa developer). Eagle Hills Morocco entered the market in 2014 and now operates four master-planned developments across Rabat-Salé, Tangier and Tamuda Bay with international hotel-brand partnerships (Fairmont, The Bristol). The Tanja Waterfront announcement of The Bristol Hotels and Resorts Tangier in July 2025 and the Fairmont La Marina Rabat-Salé, open since November 2022, are the main track-record signals. As a privately-held UAE-owned subsidiary, public financials are not disclosed; for any specific unit, independent legal due diligence on the title and VEFA contract is still required.

How does the 2030 FIFA World Cup affect Morocco property investment?

It drives a large public-investment programme: the government cites about 190 billion MAD (roughly 20 billion USD) of infrastructure spending, including the planned 115,000-seat Grand Stade Hassan II north of Casablanca, a 38 billion MAD government–ONDA airport protocol signed July 2025, a 15 billion MAD new terminal at Casablanca Mohammed V, airport capacity rising from about 30 million to 80 million passengers by 2030, about 60,000 additional hotel beds, and a Royal Air Maroc plan to grow from about 50 to 200 aircraft by 2037. This may support demand in host cities, but it does not guarantee price growth; figures are as of October 2026.

Can foreigners buy property in Morocco freely?

Yes, for titled urban residential and commercial property. Foreigners can own 100 percent of qualifying property in their own name via ANCFCC registration with no two-unit cap. The critical compliance step is paying in foreign currency transferred through a Moroccan bank and keeping the bank's documentation: that lets the Office des Changes treat the investment as convertible, so sale proceeds (after tax) can be transferred abroad. A purchase funded from local dirhams does not carry that right. Agricultural land outside urban perimeters is off-limits to foreigners unless certified for non-agricultural use. The IGOC 2026 (Instruction Générale des Opérations de Change, effective 1 January 2026) updated the framework. This is general information; confirm with a Moroccan notary or licensed lawyer.

What is VEFA in Moroccan property law?

VEFA — Vente en l'État Futur d'Achèvement — is the off-plan-sale regime established by Law 44-00 and amended by Law 107-12. When a sale is structured under it, it protects off-plan buyers with: no reservation contracts permitted before the developer secures the building permit, a completion or refund guarantee, a two-year equipment warranty, and a ten-year structural guarantee on load-bearing elements. Risks that remain: site abandonment by smaller private promoters and judicial liquidation of the seller during construction. Mitigation: favor listed developers (Addoha, Alliances, RDS) or institutionally-backed entities (CDG-owned CGI, Eagle Hills, Ynexis-Crédit du Maroc) over small private developers, and have a notary check the contract and title.

What is the difference between Addoha and Alliances Développement Immobilier?

Both are Casablanca-listed pure-play developers but with very different profiles. Addoha (ADH) is the scale anchor — well over 200,000 cumulative homes delivered, 2.7 billion MAD 2025 revenue, P/E approximately 47.7x as of April 2026, controlled by the Sefrioui family (roughly 64 percent), social-housing-weighted product mix. Alliances (ADI) is the margin leader — 2.4 billion MAD revenue with 402 million MAD net income, P/E approximately 25x as of April 2026, luxury flagships Akenza Golf Resort and Al Maaden Collection in Marrakech plus Lixus Beach Resort at Larache, and a holder of Élu Service Client de l'Année Maroc distinctions. Broadly, Addoha is the scale play and Alliances the higher-margin, higher-end one; check the specific project and contract either way.