Thank you very much. I would like to start by introducing myself. I have studied abroad most of my life before coming to Morocco and being introduced to my father's business. Growing up, I was very close to my father, and it's through this experience that I haven't found any problems to integrate into the Moroccan people and culture. It's very important to be able to speak among all my engineers in the same way as I can speak to the lower class employees.
How do you assess Morocco real estate and construction sector, and what is the outlook? Speaking about Marrakech for a start; Marrakech is a very special story. The authorities have authorized a lot more projects than the city needs. The offer is more than the demand, and obviously this creates a problem in any economy, but I would like to argue that Marrakech can always be saved, it just needs time for new generations to come in – maybe for the crisis to slow down in Europe – which will help Marrakech once again become as it was.