The development of the Essaouira-Mogador tourist resort is once again in the news. The head of government, Aziz Akhannouch, chaired the signing ceremony of a strategic agreement for the takeover of the Essaouira Mogador SA Development Company (Saemog) on Thursday, December 19 at the end of the day. It is an agreement which involves three major players: Samih Sawiris, Hussain Al Nowais, through Al Nowais Investments LLC, and Hossam El Shaer, through Eastern Investment LTD. ”Together, they acquire 100% of the share capital and voting rights of Saemog, while signing a debt restructuring agreement with the banking consortium,” it is indicated in a press release from the investors.
The strategic agreements thus make it possible to relaunch the project with a solid financial base after the consolidation of liabilities thanks to the injection of new funds. ”It is a project which will undoubtedly contribute to consolidating Morocco’s position as a leading tourist destination, given the economic and social dynamism that it can create in the tourism sector, in the city of Essaouira” , underlined Aziz Akhannouch from the outset.
For André Azoulay, advisor to His Majesty King Mohammed VI, this day of relaunch of the Essaouira-Mogador tourist resort project is historic for the inhabitants of Essaouira and a new beginning for the city which already has a very long history with today Today new horizons and a new destiny. The consortium of investors which is relaunching the Essaouira-Mogador project wants, in fact, to transform Mogador into an emblematic, integrated, world-class tourist destination, while promoting the authenticity and unique heritage of Essaouira.
This is a global direct and indirect investment project of 5 billion dirhams, structured in two phases. The first will allow the development of a tourist reception capacity of between 800 and 1000 keys. Components that will be operational within three years. This involves the transformation and extension of the existing hotel into a benchmark of modern hospitality.
More than 2,000 direct and 6,000 indirect jobs will be generated
The other developments, such as Club Med, tourist residences and guest houses, as well as a commercial and leisure area integrated into the Mogador village will be carried out in the second part of phase 1 of the strategy launched, is- he indicated. The second phase will involve the planning and development of an area of 266 hectares, with a start planned seven years after the completion of the first phase.
Located just 3 km south of Essaouira city center, Mogador resort extends over 590 hectares of forest land, offering an exceptional natural setting. Its first phase, developed over 320 hectares, has already given rise to emblematic infrastructures, including two Golf courses designed by the legendary Gary Player, a 175-key luxury hotel and land intended for residential and commercial projects. With a long-term vision, today Mogador aims to become a major tourist attraction with more than 2,000 direct and 6,000 indirect jobs.
To carry out this major program, the new investors in Mogador station bring both solid international expertise and significant financial capacity. Samih Sawiris, founder of Orascom Development Holding, brings recognized expertise in the development of integrated tourist resorts around the world. Orascom Development Holding, listed on the Zurich stock exchange, manages more than 1,800 hectares of tourist resorts, 33 hotels and 7,200 rooms spread across prestigious destinations, such as Egypt, Oman, Switzerland and the United Kingdom.
For his part, Hussain Al Nowais, chairman of Al Nowais Investments, a conglomerate based in Abu Dhabi, is active in strategic sectors, such as energy, real estate, health and tourism. The group owns the Rotana Hotel Management Company, which manages, among other things, 70 hotels around the world including the Palmeraie Palace and the Hôtel du Golf Rotana in Marrakech. Al Nowais, also vice-president of Abu Dhabi Commercial Bank, is a major player in the field of high-impact investments, including EMA Power, a major player in green energy.
For his part, Hossam El Shaer, through his vehicle Eastern Investment Ltd, the company in charge of the development and construction of Sunrise Resorts & Cruises, is a key player in tourism in Egypt and beyond. The Sunrise group manages 32 hotels and 7 cruise ships, offering significant accommodation capacity and proven know-how in the sector.
As a reminder, finally, Saemog, founded in 2004, is at the heart of the planning and development of the Mogador seaside resort.
Today, the long-term objective is to position the Mogador station as a strategic lever for tourism in Essaouira and the region through this major project. ”We are counting heavily on this tourist resort to help achieve the objectives of the strategic roadmap for the tourism sector. This agreement comes today, breathing new dynamism into this project with enormous potential, which, we hope, will constitute a real pillar of development, at the local and national level,” underlined in this context the head of government, Aziz Akhannouch.
