A Memorandum of Understanding was signed on Wednesday for the relaunch of the Société d’Aménagement de la Station Essaouira Mogador (SAEMOG), the company that carries the seaside resort of Mogador, said a press release. The signatories are Fatim-Zahra Ammor, Minister of Tourism, Handicrafts and Social Economy and Samih Sawiris, leader of the consortium comprising 4 foreign investors.
The planned investment program concerns an amount of more than 4 billion DH and provides for:
– Renovation and extension of the existing hotel,
– The transformation of the current club house into a boutique hotel and the construction of a new club house,
– The development of a Club Med and 3 hotels on the seafront,
– The creation of a commercial and leisure area in the village of Mogador and its extension;
– The development of real estate projects.
“These investments will make it possible to revitalize the Mogador station, to increase its reception capacity and its entertainment offer, and thereby boost the attractiveness of Essaouira on the chessboard of international tourist destinations”, explains the press release which specifies that this project will create more than 4,000 jobs.
Samih Sawiris is far from unknown
Samih Sawiris became in 2020, the main shareholder of FTI with 75.1%. The FTI group is today the third largest group in Germany, after the bankruptcy of Thomas Cook in 2019, and generated a turnover of 3.2 billion euros in 2019. It sold its stake in FTI Touristik to his son Naguib Sawiris