Home Business Samih Sawiris Leads $385 Million Alliance to Develop Hotels in Morocco

Samih Sawiris Leads $385 Million Alliance to Develop Hotels in Morocco

The Moroccan Ministry of Tourism said it recently signed a memorandum of understanding to revive the activities of Essaouira Makador Station Development Company (SAEMOG), with an alliance of 4 foreign investors led by Egyptian businessman Recep Samih Sawiris, at a cost financial investment of more than 4 billion dirhams ($385 million).

A statement from the ministry, reported by the official Moroccan news agency, said the memorandum of understanding aims to renovate and expand the current hotel, convert the current club house in a “boutique hotel”, build another new one club housedevelop “Club Med”, and three other hotels facing the waterfront, as well as the creation and expansion of aarea commercial and recreational in the village of Mogador, as well as the development of real estate projects.

These investments focus on the revitalization of the Mogador resort, increasing its capacity and enriching its entertainment offer, thus enhancing Essaouira’s attractiveness in the list of international tourist destinations.

The project is of great importance, above all because it will lead to the creation of over 4,000 jobs, thus contributing to the social and economic development of the region.


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