Egyptian billionaire targets $400M tourism project on Morocco’s Atlantic coast

Samih Sawiris, the Egyptian billionaire and CEO of Orascom, a Cairo-based infrastructure and construction giant, is pursuing a $400 million tourism project in Morocco, according to Morocco World News.

Orascom Investments is spearheading a consortium with investment firms from the UAE and India to secure full ownership of SAEMOG, a Moroccan company managing a tourism development project in Essaouira on the country’s Atlantic coastline.

The acquisition proposal has been submitted to Morocco’s Competition Council for review, with stakeholders given until December 19 to raise any concerns.

The development plan includes constructing three beachfront hotels, renovating an existing hotel, and establishing a shopping and entertainment district in Mogador Village.

As Morocco gears up to host the 2030 FIFA World Cup alongside Spain and Portugal, the country is accelerating efforts to expand its tourism infrastructure in anticipation of a significant increase in visitors.