- 5 billion MAD to transform the resort into a sustainable destination, combining authenticity, luxury and innovation.
- An exceptional consortium combining the vision, expertise and financial capabilities to transform Mogador into an iconic touristic destination.
The Mogador touristic resort, launched in 2004 by H.M. King Mohammed VI, is entering a new phase with the signing of a strategic agreement related to Essaouira Mogador Development Company (SAEMOG). This agreement will enable the revival of this iconic destination and contribute to the expansion of the touristic offering in the Essaouira region, thus contributing to the implementation of the strategic vision of His Majesty King Mohammed VI for the sector.
This agreement, which marks a key milestone in the development of tourism in the region, involves three major players: Mr. Samih Sawiris, Mr. Hussain Al Nowais through Al Nowais Investments LLC, and Mr. Hossam El Shaer through Eastern Investment LTD. Together, they acquire 100% of SAEMOG’s share capital and voting rights, while signing a debt restructuring agreement with the lenders consortium. These strategic agreements have enabled the company to restructure its liabilities through the injection of new funds, thereby ensuring a strong financial foundation for the relaunch of the project.
The transaction, which was approved by the Competition Council on 5 December 2024, follows a memorandum of understanding signed on 22 February 2023 between the Moroccan government and the consortium of investors. This strategic partnership reflects a shared ambition: to transform the Mogador resort into an integrated world-class touristic destination, while enhancing the authenticity and unique heritage of Essaouira.
The renovation of the existing infrastructure, combined with the construction of new facilities, is part of a strategy to raise the bar. Within the next three years, the key components of the first phase will be operational which include the transformation of the existing hotel into a landmark of modern hospitality, a new extension to the existing hotel, the conversion of the existing clubhouse into a boutique hotel, and the construction of a new clubhouse.
The other developments, such as the Club Med, tourist residences and guest houses, as well as a commercial and leisure area integrated into the Mogador village, should then be implemented in the second part of phase 1 of the plan launched today, thus consolidating Essaouira-Mogador as an integrated touristic destination with a wide range of assets that will make it one of the leading resorts in the Region.
This first phase will enable the development of a touristic capacity of between 800 and 1,000 keys. It is part of an overall investment plan of 5 billion MAD, structured into two phases. The second phase will involve the planning and development of a 266-hectare area tat starts seven years after completion of the first phase.
With a long-term vision, Mogador aims to become a major touristic attraction, offering a unique and diversified experience, while making a significant contribution to the region’s economic and social development.
AN AMBITIOUS RELAUNCH OF A TOURISTIC DESTINATION
Located only 3 km south of the city center of Essaouira, the Mogador resort extends over 590 hectares of forest land, offering an exceptional natural setting. Its first phase, developed on 320 hectares, has already given rise to emblematic infrastructure, including two golf courses designed by the legendary Gary Player, a 175-key luxury hotel and land intended for residential and commercial projects.
SAEMOG’s relaunch, provides for a complete transformation. Over the next three years, the investors are committed to therenovation and extension of the existing hotel, conversion of the existing clubhouse into a boutique hotel, and the construction of a new clubhouse. In addition, over the next seven years, a Club Med will be developed, along with a series of touristic residences and guest houses. A retail and leisure area integrated into the Mogador Village will reinforce this offering, thus enhancing the appeal of the destination.
Thanks to these major investments, estimated at more than 5 billion MAD, Mogador aims to diversify its tourism offering and significantly increase its visitor capacity. The project is expected to generate more than 2,000 direct and 6,000 indirect jobs, making it the region’s main economic driver.
“With this project, we aim to breathe new life into Mogador by making it a sustainable and integrated tourism model. Essaouira deserves to shine on the world tourism landscape, and we are determined to contribute to this goal with passion and commitment.“
“This partnership reflects our shared vision of providing a unique tourism experience, rooted in local authenticity while meeting international standards. We firmly believe in Essaouira’s potential as a must-see destination for travelers from all over the world.“
We will use our combined skills and resources to make this project a success, position the resort as an established destination and make the Essaouira region shine, thus fulfilling the inspiring vision of His Majesty King Mohammed VI for the development of the region and the tourism sector,” said Mr. Samih Sawiris, Mr. Hussain Al Nowais and Mr. Hossam El Shaer, members of the consortium.
AN INTEGRATED DESTINATION, COMBINING TRADITION AND MODERNITY
The relaunch of the Mogador resort is based on an innovative approach designed to combine local identity with the requirements of high-end tourism. Essaouira, known for its rich cultural heritage, unique architecture and bohemian atmosphere, will be at the heart of this makeover.
The new investors bring both solid international expertise and substantial financial capabilities. Their vision includes the harmonious integration of Essaouira’s natural and cultural elements, with a particular focus on sustainability and inclusivity. By using digital promotion and marketing platforms, the consortium aims to attract a diverse clientele, both national and international.
In conclusion, the partnership between the Moroccan government and the consortium of investors marks a decisive turning point for Essaouira. With an ambitious vision and substantial resources, Mogador is preparing to become a must-see destination, able to attract travelers from all over the world while preserving the very essence of the Souirie soul.
ABOUT THE CONSORTIUM: A COMBINATION OF EXPERTISE AND LEADERSHIP
The project to relaunch the Mogador resort is based on the combined expertise of renowned international investors.
Mr. Samih Sawiris, founder OF Orascom Development Holding, brings a recognized expertise in the development of integrated tourist resorts throughout the world. Orascom Development Holding, listed on the Zurich stock exchange, manages more than 1,800 hectares of touristic resorts, 33 hotels and 7,200 rooms in prestigious destinations such as Egypt, Oman, Switzerland and the United Kingdom.
Mr. Hussain Al Nowais, is the Chairman of Al Nowais Investments, an Abu Dhabi-based conglomerate active in strategic sectors such as energy, real estate, health and tourism. The group owns Rotana Hotel Management, which manages 70 hotels around the world, including the Palmeraie Palace and the Rotana Golf Hotel in Marrakech. Mr. Al Nowais, who is also Vice-Chairman of Abu Dhabi Commercial Bank, is a major player in the field of high-impact investments, including EMA Power, a major operator in green energy.
Mr. Hossam El Shaer through his company Eastern Investment Ltd, the enterprise responsible for the development and construction of Sunrise Resorts & Cruises, is a key player in tourism in Egypt and beyond. The Sunrise group manages 32 hotels and 7 cruise ships, offering significant capacity and proven expertise in the sector.
Finally, SAEMOG (Essaouira Mogador Development Company), founded in 2004, is at the heart of the planning and development of the Mogador seaside resort. With a long-term goal of becoming a strategic lever for tourism in Essaouira and the region.
