Significant Investment in Essaouira's Tourism Sector
An Egyptian-Emirati alliance consisting of Al Nowais Investments, Sunrise Group, and billionaire Samih Sawiris is set to make a substantial investment of €200 million in the initial phase of a tourism project located in Essaouira, a picturesque city on Morocco's western coast overlooking the Atlantic Ocean. This ambitious project is expected to cover an expansive area of 2.5 million square meters, according to two sources who spoke with Asharq Bloomberg.
One of the sources revealed that the investment will be distributed over a period of five years as part of a comprehensive development plan. This plan will involve the creation and enhancement of various hotel and tourism components within the project, aiming to significantly boost the local economy and attract international visitors.
Phased Development and Future Plans
The development plan includes the construction of 270 hotel rooms, with the expected completion date set for the end of 2027. Additionally, a new hotel with a capacity for 350 rooms is planned to be completed within four years. The first phase will also feature the establishment of a leisure and commercial complex spanning 300,000 square meters, which will include 150 hotel rooms, golf courses, and 30 boutique hotels, all designed to enrich the tourist experience.
According to the same source, the second phase of the project is slated to commence five years after the launch of the first phase, as part of an expanded development strategy that promises to further enhance the region's tourism infrastructure and offerings.
As reported by marruecom.com.
