Egyptian billionaire Samih Sawiris is leading a group of local and UAE investors in a plan to develop a large tourism project on Morocco’s Western Atlantic coast.
The investment will include hotels, resorts, and other tourist attractions with the aim of boosting the country’s tourism industry, a key component of Morocco’s income.
The consortium, which includes Sawiris’ company Orascom Investment, the UAE-based Al Nowais Group, and Eastern Investment, has submitted a proposal to Morocco’s Competition Council, according to Sabah Akador and other Moroccan newspapers.
The plan involves acquiring full ownership of the Moroccan company SAEMOG, which oversees the Essaouira Mogador coastal project.
In a statement at the weekend, the Competition Council announced the deal and the complete purchase of SAEMOG by the Egyptian-UAE alliance.
The purchase was made through Orascom Investments, a UAE-based company established specifically for this transaction, the statement added.
The council invited concerned parties to submit their feedback on the deal by 19 December to ensure the transaction complies with Morocco’s competition laws.
The project, valued at over 4 billion Moroccan dirhams ($404 million), includes renovating an existing hotel, building three beachfront hotels, and developing a shopping and entertainment area in Mogador village. In addition, residential projects will be constructed, creating around 4,000 jobs.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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