Egyptian Investors to Develop Major Tourism Complex on Morocco’s Atlantic Coast
Egyptian billionaire Samih Sawiris, at the head of a group of investors, is launching a large-scale tourism project on the Moroccan Atlantic coast. Hotels, resorts and other attractions are on the program of this complex aimed at boosting the country’s tourism.
The consortium, composed among others of Orascom Investment (Sawiris’ company), Al Nowais and Eastern Investment Ltd, has submitted a proposal to the Moroccan Competition Council to acquire all the shares of SAEMOG, in charge of the development of the Essaouira Mogador station.
The Competition Council has approved the operation. The purchase will be made through Orascom Investments LLC, a company created in the United Arab Emirates specifically for this transaction. The stakeholders have until December 19 to submit their observations.
The project, estimated at more than 4 billion Moroccan dirhams, includes the renovation of a hotel, the construction of three new hotels, a commercial and leisure area, as well as residential projects. In total, 4,000 jobs should be created.
The Sawiris family is closely interested in Morocco. Naguib Sawiris, Samih’s brother, had expressed his wish to invest up to $100 million in the country.
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