Egyptian Billionaire Samih Sawiris Takes Over $400 Million Tourism Project in Morocco
Rabat - Egyptian billionaire Samih Sawiris is leading a group of investors in a plan to develop a large tourism project on Morocco's Atlantic coast. The investment will include hotels, resorts, and other tourist attractions, aiming to boost the country's tourism industry.
The consortium, which includes Sawiris' company Orascom Investment, the UAE-based Al Nowais, and Eastern Investment Ltd, has submitted a proposal to Morocco's Competition Council.
The plan involves acquiring full ownership of the Moroccan company SAEMOG, which oversees the Essaouira Mogador station, a key coastal tourism development project.
The Competition Council published a press release announcing the deal and the complete purchase of SAEMOG' capital and voting rights by the group of companies.
The purchase is made through Orascom Investments LLC, a UAE-based company established specifically for this transaction, the statement added.
The council invited concerned parties to submit their feedback on the deal within 10 days, by December 19, to ensure the transaction complies with Morocco's competition laws.
The project, valued at over MAD 4 billion, includes renovating an existing hotel, building three beachfront hotels, and developing a shopping and entertainment area in Mogador village. In addition, residential projects will be constructed, creating around 4,000 jobs.
The Sawiris family has shown strong interest in investing in Morocco. Earlier this year, Naguib Sawiris, Samih's brother, expressed willingness to invest up to $100 million in Morocco, mentioning potential projects like electric vehicle battery plants and charging stations, Asharq Business reported.
Tourism is a vital sector in Morocco that contributes significantly to its economy. The country is taking strategic steps to expand and modernize its tourism industry, especially as it prepares to host major international events such as the 2025 Africa Cup of Nations (AFCON) and the 2030 FIFA World Cup, which it will co-host alongside Spain and Portugal. These events are expected to attract millions of visitors.
Among Morocco's standout destinations is Essaouira, a coastal city known for its historic medina, listed as a UNESCO World Heritage Site. Essaouira is increasingly popular with international tourists.
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