Essaouira: Morocco’s Rising Tourism Star Challenges Marrakech with $230 Million Investment

Thanks to the relaunch of the Essaouira-Mogador tourist resort project, which is attracting foreign investors, Essaouira is positioning itself as a competitor to Marrakech. The government of Aziz Akhannouch and a consortium led by the Egyptian billionaire Samih Sawiris, alongside his compatriot Hussain Al Nowais - a hotel magnate - and the Emirati businessman Hossam Al Shaer have signed an initial agreement of $230 million. 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.

The commitment of these three foreign investors is a breath of fresh air for the Essaouira-Mogador tourist resort project. "This massive investment will not fail to propel Essaouira to the forefront of the international tourism scene," the Minister of Tourism, Crafts and Social and Solidarity Economy, Fatim-Zohra Ammor, said at the end of December. The realization of this project will further position the City of the Trade Winds on the Moroccan and even global tourism chessboard. "This destination can further strengthen Morocco’s tourism offering. But for that, more investment is needed," explains Abdellatif Abouricha, mission manager at the Regional Tourism Council of Marrakech, to Challenge.

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 rival Marrakech. Unlike the red city, Essaouira still has progress to make in terms of modern infrastructure. "Transport, accommodation and tourist services. These shortcomings, if not filled, could curb its ambition to compete with other major Moroccan destinations," notes Abdellatif Abouricha.

He is nevertheless optimistic:
"Today, a third of Essaouira’s visitors come from domestic tourism, which highlights its short and medium-term development potential. The full realization of the Essaouira-Mogador tourist resort could therefore mark a turning point for the city, by strengthening its competitiveness on the international tourism scene, provided that the necessary investments are mobilized to meet the persistent challenges," Abouricha is convinced.