Revitalizing Tourism in Essaouira: A $1.5 Billion Investment by Middle Eastern Tycoons

 Imagine a serene coastal town, rich in history and culture, poised to become a global tourist hotspot. That's Essaouira for you. Recently, this Moroccan gem caught the eye of some heavyweight investors from the Middle East. Led by Egyptian billionaire Samih Sawiris, alongside Emirati businessman Hussain Al Nowais and Egyptian tourism mogul Hossam El Shaer, a massive $1.5 billion investment is set to transform Essaouira's tourism landscape.

The Visionaries Behind the Project

Samih Sawiris: The Egyptian Billionaire

Samih Sawiris isn't just any businessman; he's a visionary in the tourism and real estate sectors. With a track record of developing luxury resorts and fostering sustainable tourism, his involvement signals a promising future for Essaouira.

Hussain Al Nowais: The Emirati Businessman

Hailing from the UAE, Hussain Al Nowais brings a wealth of experience in investment and infrastructure development. His expertise is expected to play a pivotal role in the project's success.

Hossam El Shaer: The Egyptian Tourism Mogul

With a deep-rooted history in the tourism industry, Hossam El Shaer has been instrumental in elevating tourist experiences across various destinations. His participation adds significant value to the venture.

Overview of the Essaouira Mogador Resort

Location and Initial Development

Nestled along the Atlantic coast, the Essaouira Mogador Resort spans a whopping 590 hectares. Back in 2004, the first phase kicked off, covering 320 hectares. This phase introduced two golf courses, a 175-room hotel, and designated zones for residential and commercial projects.

Challenges Faced Since 2004

Despite its promising start, the resort hit some bumps along the way. Various challenges stalled its progress, leaving much of its potential untapped.

The Investment Plan

Acquisition Details

In a strategic move, the trio of investors acquired the entire capital of the "Essaouira Mogador Resort Development Company." This acquisition sets the stage for a comprehensive revitalization of the resort.

Initial and Future Investments

Kicking things off, the consortium plans to inject over $500 million. But that's just the beginning. With hopes of attracting additional investors, the total investment could soar to $1.5 billion in the coming years.

Projected Developments

Hotel Renovations and New Constructions

Existing Hotel Refurbishment

First on the agenda is sprucing up the existing hotel. The goal? To align it with international luxury standards, offering guests an unparalleled experience.

Six New Hotels Planned

But why stop at one? Plans are in place to erect six brand-new hotels, each promising unique experiences to cater to diverse tourist preferences.

Entertainment and Leisure Facilities

Tourist Village and Recreational Areas

Envision a vibrant tourist village brimming with entertainment options. From cultural shows to leisure activities, there's something for everyone.

Golf Courses and Other Amenities

Golf enthusiasts, rejoice! The existing courses will get a facelift, and additional amenities are in the pipeline to enhance the overall visitor experience.

Economic and Social Impact

Job Creation and Employment Opportunities

This project isn't just about buildings and facilities. It's set to be a game-changer for the local job market, potentially creating over 4,000 jobs and invigorating the economy.

Boosting Local Tourism Infrastructure

By adding approximately 3,700 hotel beds—a 35% bump to the city's current capacity—the project is poised to significantly bolster Essaouira's tourism infrastructure.

Alignment with Morocco's Tourism Goals

Preparing for Global Events like the 2030 World Cup

With Morocco gearing up to co-host the 2030 World Cup, this development couldn't have come at a better time. It ensures the nation is ready to welcome a surge of international visitors.

Increasing Tourist Arrivals and Revenue

The overarching aim? To draw in around 100,000 tourists annually upon completion, aligning perfectly with Morocco's broader tourism objectives.

Statements from Key Stakeholders

Insights from Samih Sawiris

Sawiris is optimistic, suggesting that if the project hits its stride and lures in more investors, the total investment could reach the anticipated $1.5 billion.

Comments by Hussain Al Nowais

Al Nowais sees a golden opportunity in rejuvenating an existing project. He emphasizes the need for effective promotion and improved connectivity to attract tourists, leveraging expertise from companies like Rotana.

Perspectives of Hossam El Shaer

El Shaer envisions the resort catapulting Essaouira onto the global tourism stage. Through his company, Sunrise Resorts and Hotels, he plans to make a significant impact, with aspirations to expand into Agadir and Marrakech down the line.