Head of Government, Aziz Akhannouch presided over a signing ceremony on Thursday for a USD 230 million investment agreement that would revitalize and expand the Mogador tourism station in the coastal city of Essaouira. The ceremony brought together high-profile investors and officials, including André Azoulay, an Advisor to King Mohammed VI.
The agreement partners Morocco with a consortium of leading Middle Eastern tourism investors, including Naguib Sawiris, Hussain Al Nowais, and Hossam El Shaer. Together, the parties pledged to cover 50% of the investment by 2030.
The Mogador project will increase Essaouira’s hospitality capacity by 35%, adding 3,700 beds to the city’s accommodations. The expansion will also generate 20,000 direct and indirect jobs.
Planned developments include extending the Sofitel Mogador hotel, building three beachfront hotels, a Club Med, a beach club, a leisure village, and a golf course.
Akhannouch noted the project’s role in cementing Morocco’s status as a top global tourist destination.
He also reiterated King Mohammed VI’s vision of transforming Morocco’s Atlantic coast into a hub for cultural exchange, economic integration, and international collaboration.
Akhannouch pointed out the government’s ongoing efforts to attract and support investments in tourism and other value-adding sectors. The efforts include deploying financial tools and resources to streamline the implementation of large-scale projects like Mogador.