Moroccan Coastal City Essaouira Poised for Tourism Boom with $230 Million Investment

Essaouira is about to undergo a transformation to attract more tourists. This is thanks to the relaunch of the Essaouira-Mogador tourist resort project, which is mobilizing foreign investors. On Thursday, the government and a consortium led by the Egyptian billionaire Samih Sawiris, alongside his compatriot Hussain Al Nowais - hotel magnate - and the Emirati businessman Hossam Al Shaer signed an initial agreement of $230 million, reports La Tribune. These three foreign investors will finance 50% of the 500 million euros needed over ten years to carry out the tourism project. Initiated since 2006 as part of the Azur plan, this tourism project had struggled to materialize due to lack of funding.

With the commitment of these three foreign investors, the Essaouira-Mogador tourist resort project now has a bright future ahead of it. "This massive investment will not fail to propel Essaouira to the forefront of the international tourism scene," estimates the Minister of Tourism, Crafts and the Social and Solidarity Economy, Fatim-Zohra Ammor. The realization of this project will further position the City of the Trade Winds on the Moroccan and even global tourism chessboard. To the point of competing with Marrakech, considered the best tourist destination in Morocco. Admittedly, these two cities have advantages for tourists, but they assert their difference. Essaouira attracts for its rich history, its culture, its landscapes and its medina. Inscribed on the UNESCO World Heritage List, Marrakech won the prize for "best tourist destination" at the Morocco Tourism Awards 2023.

Essaouira is located on the Atlantic Ocean. Many tourists and residents of Marrakech rush to the beach in the city center during the summer. The red city does not have this asset. It is an enclosed city. But the City of the Trade Winds will have a lot to do to dethrone Marrakech one day. Unlike the red city, Essaouira still has progress to make in terms of infrastructure.