Sawiris-led consortium starts rebuilding EUR 200 mn Moroccan Mogador resort

A consortium led by b’naire Samih Sawiris is investing EUR 200 mn (c. USD 215 mn) to kick off the first phase of rebuilding the long-stalled Mogador resort in Morocco, a source with knowledge of the project tells EnterpriseAM. The second phase is expected to cost between EUR 100-150 mn, the source added. Phase 1 will see the development of 800 rooms across three hotels and a club, our source tells us.

The players: The consortium consists of Sawiris’ SOSTNT, his Luxembourg-based investment company, we were told back in 2023. The three other investors are Emirati investment company Al Nowais, Egyptian hotel chain Sunrise Resorts & Cruises, and Orascom Construction JV Besix.

Why it matters: Morocco is preparing to host the 2030 World Cup and needs every room it can build to hit its target of 26 mn tourists annually by the time stadiums are full. “Essaouira's proximity to Marrakech and Agadir positions it as a natural extension of Morocco’s key tourism corridors [with the developments directly supporting] the country's ability to absorb increased visitor volumes,” our source tells us.

IN CONTEXT- The original Mogador resort project dates back to 2004, but eventually went bankrupt and stalled. The Sawiris-led consortium took over in 2023 to revive the resort with an investment ticket of MAD 4 bn (c. USD 390 mn) at the time. The consortium’s acquisition of the resort’s management company SAEMOG — through Dubai-based Orascom Investments LLC — got clearance from Morocco’s Competition Council in 2024.