A consortium comprised of Egyptian investor Samih Sawiris, Emirati businessman Hussain Al Nowais, and Egyptian entrepreneur Hossam El Shaer has officially taken over the long-awaited and longstanding “Mogador” project in the ancient coastal city of Essaouira, Morocco. Initially launched in 2004 but hindered by various challenges, the ambitious tourism development project will now receive an infusion of capital from the consortium to the tune of approximately USD 1.5 billion.
Spanning 590 hectares, including 320 hectares that has already been developed, the project features existing infrastructure including two golf courses, a 175-room hotel, and residential and commercial areas. The next phase will involve the construction of six new hotels and a leisure tourism village, with building scheduled over a 14-year period.
The Mogador project is expected to attract approximately 100,000 visitors annually upon completion. It will increase Essaouira’s hotel capacity by 35%, adding 3,700 beds to the existing 10,000. The initiative is also projected to create over 4,000 jobs, significantly boosting the local economy.
The official handover ceremony, attended by senior Moroccan officials and prominent figures, marked a significant milestone. The consortium acquired full ownership of Essaouira Mogador, previously held by Risma and three Moroccan insurance companies.
Samih Sawiris stated that the group would initially invest USD 500 million, with plans to secure additional funding to reach the total estimated investment. He expressed confidence in the project’s potential to boost Essaouira’s global appeal and contribute to hosting major events such as the 2030 FIFA World Cup.
Hussain Al Nowais, Chairman of Al Nowais Investments, highlighted the need to improve existing infrastructure and ensure effective promotion. He confirmed that the consortium would leverage its expertise to enhance air and ground connectivity, a critical factor for attracting international tourists.