The agreement was signed during a ceremony chaired by Head of Government Aziz Akhannouch, in the presence of HM King Mohammed VI’s Advisor and Founding President of the Essaouira-Mogador Association, André Azoulay. It was also attended by the Minister of Economy and Finance, Nadia Fettah, the Minister of Tourism, Handicrafts and Social and Solidarity Economy, Fatim Zahra Ammor, the Minister Delegate to the Head of Government, in charge of Investment, Convergence and Evaluation of Public Policies, Karim Zidane, the Minister of Energy Transition and Sustainable Development, Leila Benali, the Governor of the Province of Essaouira, Adil El Maliki, the Managing Director of SMIT, Imad Barrakad, the President of the Essaouira Local Council, Tarik Othmani, as well as a number of personalities and senior officials, notably from the banking sector.
The development project for the “Mogador” tourist resort is based on a strategic agreement between the State and a consortium of investors, including Samih Sawiris, Hussain Al Nowais (Al Nowais Investments LLC), and Hossam El Shaer (Eastern Investment LTD). The goal is to restructure the Essaouira Mogador Resort Development Company (SAEMOG) through a substantial capital injection to secure the necessary financing for the completion of this large-scale project.
In an address on the occasion, Akhannouch stated that this project will uphold Morocco’s position as a leading tourist destination, given the economic and social momentum it can have on the tourism sector, particularly in Essaouira. He recalled HM King Mohammed VI’s call to transform the Atlantic region into a space for human interaction and economic integration, and to make sure it plays a key role at continental and international levels.
Akhannouch also emphasized the government’s commitment to encouraging investment in the tourism sector and other strategic areas, contributing to value chains and job creation. He specified that the Government is providing investors with a range of tools and mechanisms tailored to ensure the optimal implementation of their projects.
For his part, Azoulay noted that the signing of this agreement marks the beginning of a new era in Essaouira’s tourism development. This project, he added, destined to become a major pillar of the region, will breathe new life into the city, giving it an outstanding dimension and enhancing its influence on a national and international scale.
Azoulay emphasized the strategic importance of this project for Essaouira, which, thanks to its rich historical and cultural heritage, enjoys exceptional potential, expressing his gratitude to investors and partners for their confidence and commitment to this ambitious initiative, which embodies a new momentum aimed at propelling the Pearl of the Atlantic to the forefront of world tourism, while preserving the values that make it unique.
For her part, Ammor stated that this ambitious project would increase accommodation capacity to 3,700 beds, representing a 35% increase in Essaouira’s current capacity. It will also create 20,000 direct and indirect jobs.
“Essaouira is captivating with its varied tourism offering, combining water sports, rich cultural heritage and natural landscapes, assets that enable the city to play a central role in the 2023-2026 tourism roadmap, aiming to attract 26 million tourists to Morocco by 2030,” she told the press.
The first phase of this ambitious three-year project involves the renovation and extension of the existing hotel, the conversion of the existing clubhouse into a boutique hotel and the construction of a new, modern clubhouse.
The tourism offering will be enhanced by the opening of a Club Med, the creation of tourist residences and guest houses, as well as a shopping and leisure zone, all helping to boost the city’s attractiveness on a national and international scale.
The second phase, which will begin seven years after completion of the first, will involve the planning and development of a 266-hectare area, marking a new stage in the transformation of the Mogador resort.
Located 3 km south of downtown Essaouira, the “Mogador” resort spans an area of 590 hectares of forested land, offering a unique natural setting. The first phase of development, already completed on 320 hectares, has seen the establishment of major infrastructure, including two golf courses, a luxury hotel with 175 rooms, and land designated for residential and commercial projects.
Through this initiative, the “Mogador” resort aims to become a key driver of economic and social development at the provincial and regional levels, generating significant employment opportunities, promoting local resources, and enhancing Essaouira’s attractiveness on the international tourism stage.
