A consortium of investors, including the Emirati firm Al Nowais Investments, the Egyptian group Orascom Development (led by businessman Samih Sawiris), and Moroccan partners, has committed €200 million to the Mogador-Essaouira integrated resort project in Morocco. The investment was formalized during a signing ceremony in Rabat, as reported by Moroccan state media.
The funds are allocated for the first phase of the "Mogador Essaouira" development, a large-scale tourism project located near the city of Essaouira. The initial phase aims to develop 2.5 million square meters and includes plans for 800 hotel rooms, residential units, and various leisure facilities.
The project is part of Morocco's broader strategy to boost its tourism sector and attract foreign investment. The development is expected to create significant employment opportunities during its construction and operational phases. The consortium's involvement highlights continued Gulf investment in North African real estate and tourism infrastructure.
