In a significant development for Morocco's hospitality sector, Egyptian hotel magnate Kamel Abou Aly has successfully secured $250 million in financing aimed at the expansion of his Pickalbatros Hotels & Resorts brand within the country. This ambitious investment is strategically timed with Morocco's preparations for the 2030 FIFA World Cup, as Abou Aly is actively acquiring city-based hotels and enhancing resort facilities to cater to the influx of tourists expected during this period.
The financing package is comprised of contributions from the International Finance Corporation (IFC), a member of the World Bank Group focused on private-sector investment, and Attijariwafa Bank, which holds the title of Morocco's largest banking institution. The agreement was formalized in Marrakech, where Abou Aly, the founder and chairman of the hotel group, met with key executives including David Tinel, the IFC’s head for Morocco, and Mohamed Redouane El Alj, an executive director at Attijariwafa Bank.
According to Zilla Capital, the investment bank that facilitated the deal for Pickalbatros, this financing represents the largest hotel investment supported by the IFC in Morocco to date. Valued at approximately 2.46 billion dirhams, the loan is structured into three tranches across two different currencies, with certain portions linked to achieving specific environmental performance benchmarks. While the exact details regarding the size of each tranche, interest rates, and repayment periods remain undisclosed, the implications of this financial backing are substantial.
The initial funds will be allocated to the renovation of two recently acquired hotels in Casablanca, Morocco's bustling commercial hub. Pickalbatros has purchased the prestigious five-star Sofitel Casablanca Tour Blanche from the Moroccan hotelier Risma for around 450 million dirhams (approximately $46 million), followed by the acquisition of the 184-room Mövenpick Hotel Casablanca. This move marks a significant shift for Pickalbatros, which has traditionally focused on leisure and beach resorts, as the Sofitel primarily caters to business travelers.
Additional financing will be directed towards implementing energy-efficient and water-saving upgrades at the group's existing hotels in Marrakech and Agadir, both of which are in pursuit of EDGE green-building certification. The agreement also involves refinancing existing debts over extended terms and establishing a distinct holding structure for its operations in Morocco, fostering better management and growth potential.
Abou Aly outlined an overarching $350 million investment strategy for Morocco, planned for execution between 2026 and 2029. During the signing ceremony, he emphasized the importance of competition in enhancing quality within the tourism sector and expressed his enthusiasm for the partnership with the IFC, highlighting its role as a long-term financial ally. He also shared aspirations for future expansion into the southern Atlantic coastal city of Dakhla.
David Tinel recognized tourism as a pivotal sector for the IFC, particularly as Morocco gears up to co-host the World Cup alongside Spain and Portugal. He estimated that this investment could generate approximately 7,500 direct and indirect jobs, significantly contributing to the local economy.
Abdelaziz El Kahwane, who serves as Pickalbatros's vice president for Morocco, hinted at more upcoming deals, stating, "This agreement will be neither the first nor the last." With a current portfolio of nine hotels offering over 2,700 rooms in Morocco, Pickalbatros has experienced rapid growth, adding more than 1,400 rooms in just two years. The company aims to expand its inventory to approximately 7,000 rooms by 2030. Key acquisitions in recent years include the 349-room Club Sangho, the 640-room Palmeraie Palace and Golf Hotel complex in Marrakech, and the 410-room Palais des Roses in Agadir. The group also runs the White Beach resort in Taghazout, a popular surf destination located north of Agadir, and has taken a 50% stake in Sindipark, the operator of the Sindibad theme park in Casablanca.
Morocco experienced a record influx of 19.8 million tourists in 2025, with a goal to reach 26 million annually by 2030, showcasing the country's growing appeal as a premier travel destination.
Kamel Abou Aly, who was born in 1954 in Port Said, Egypt, has a rich history in the hospitality industry, having spent 15 years in Switzerland before returning to Egypt in 1992 to launch his hotel brand. Starting with the Beach Albatros Resort in Hurghada, he has since transformed Pickalbatros into one of Egypt's foremost resort operators, boasting a portfolio of all-inclusive properties across major tourist destinations in Egypt and Morocco. By September, the group was managing 45 properties totaling over 20,000 rooms. Looking ahead, the company plans to open several new establishments, including the Palmeraie Golf Palace in Marrakech and the Pickalbatros Royal Paradise in Sharm El Sheikh by the end of this year.
As reported by billionaires.africa.
