A consortium of companies from Egypt and the UAE is reportedly planning to invest €200 million ($234 million) to develop a tourism project on Morocco’s Atlantic coast.
The move will further fuel the country’s tourism sector, which received 4.3 million tourists in the first quarter of 2026, a 7 percent year-on-year increase despite the Gulf conflict.
The consortium includes the UAE-based Al Nowais Investments, Egypt’s Sunrise Group and Egyptian billionaire Samih Sawiris, Asharq Business reported this week, quoting unidentified sources.
The investment will be used to reposition the 2004 project in Essaouira, a Unesco-listed city for its white-and-blue architecture. Spanning 2.5 million square meters, it will include 800 hotel rooms over five years, the report said.
The first phase will include the construction of a 270-room hotel, with completion planned for the end of 2027, in addition to a 300,000sq m entertainment and commercial village with 150 hotel rooms, a golf course and 30 boutique hospitality units.
The consortium will develop another hotel with 350 rooms within the next four years.
This week Morocco inaugurated the 250-metre-high King Mohammed VI Tower in Rabat, one of Africa’s tallest towers, to reinforce its appeal as a tourism destination.