While the founding investors of SAEMOG (Société d’Aménagement d’Essaouira Mogador) are preparing to turn the page on their adventure of this entity in charge of the development and operation of the Mogador seaside resort, the time is in the accounts to number the abatis.
The sale of this seaside resort, which has never really taken off since its inauguration in 2011 to the Egyptian billionaire Samih Sawiris, ultimately caused a net loss of a billion dirhams for the unfortunate shareholders Risma, the leading hotel operator. of Morocco, and its financial partners Royale Marocaine d’Assurance, Axa Assurances Maroc, CFG Bank and Sanlam Assurances (the four grouped together in the T Capital structure).
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Certainly, this abysmal loss had already been provisioned to a large extent in the sellers’ accounts (between share depreciation and associated current accounts), but with the effective sale, the hope of a return to better fortunes, which a At the moment, negotiations with the Moroccan State for a public-private restructuring plan have definitively dissipated.
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It must be said that of the 9,000 beds that SAEMOG was to deliver to the Mogador station, only a little over 400 actually saw the light of day in the only hotel that was built there, namely the Hôtel du Golf. which displays the prestigious Sofitel Luxury golf & spa brand. This never made it possible to make profitable the imposing off-site investments which were initially made and the cost of the exceptional 18-hole golf course (course designed by Gary Player) which was developed.
Morocco
