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Head of Government Aziz Akhannouch, alongside André Azoulay, Advisor to King Mohammed VI, presided over the signing ceremony of a major investment agreement in Essaouira on Thursday. The agreement, valued at MAD 2.3 billion, aims to develop the «Mogador» tourist resort to enhance tourism as a driver of socio-economic growth.
The deal was inked with a consortium of prominent Middle Eastern investors, including Samih Sawiris, Hussain Al Nowais, and Hossam El Shaer. These investors have pledged to contribute 50% of the investment in the «Mogador» resort by 2030, as stated in a press release from the Head of Government's office.
The Mogador Resort project is poised to significantly impact both the local and national economies. It plans to expand accommodation capacity to 3,700 beds, marking a 35% increase in Essaouira's current capacity, and is expected to create 20,000 direct and indirect jobs.
The development will feature the extension of the Sofitel Mogador hotel, the construction of three beachfront hotels, a Club Med, a Beach Club, a leisure village, and a golf course. These additions aim to enhance Essaouira's reputation as a destination for boardsports and cultural tourism.
During the ceremony, Akhannouch highlighted the project's potential to fortify Morocco's standing as a premier tourist destination, emphasizing the economic and social benefits it could bring, especially to Essaouira.
Akhannouch also underscored the government's commitment to fostering investment in tourism and other sectors that contribute to value chains and job creation. He noted the availability of various tools and mechanisms provided to investors for optimal project implementation.
This ambitious initiative, situated in the heart of Essaouira—a symbol of cultural diversity and universal heritage—forms part of a broader strategy to develop tourism in Morocco, integrating strategic investment with job creation and the promotion of the Kingdom's cultural and natural assets.
The event was attended by key figures, including Minister of Economy and Finance Nadia Fettah, Minister of Tourism, Handicrafts and Social and Solidarity Economy Fatim Zahra Ammor, Minister Delegate to the Head of Government for Investment, Convergence, and Evaluation of Public Policies Karim Zidane, among others. Notable personalities from the banking sector were also present.
