{"id":582242,"date":"2023-03-05T00:00:00","date_gmt":"2023-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/sawiris-partners-with-local-emirati-players-to-redevelop-morocco-hotel\/"},"modified":"2023-03-05T00:00:00","modified_gmt":"2023-03-05T00:00:00","slug":"sawiris-partners-with-local-emirati-players-to-redevelop-morocco-hotel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/sawiris-partners-with-local-emirati-players-to-redevelop-morocco-hotel\/","title":{"rendered":"Sawiris partners with local, Emirati players to redevelop Morocco hotel"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Samih Sawiris is leading the redevelopment in Morocco of <\/span><span style=\"font-weight:700\">the Mogador resort in Essaouira<\/span><span>, Morocco, in a drive worth as much as<\/span><span style=\"\"> <\/span><span style=\"\">AED<\/span><span style=\"\"> 4 bn, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.mapnews.ma\/ar\/actualites\/%D8%A5%D9%82%D8%AA%D8%B5%D8%A7%D8%AF\/%D9%85%D9%86%D8%AA%D8%AC%D8%B9-%D9%85%D9%88%D9%83%D8%A7%D8%AF%D9%88%D8%B1-%D8%A7%D9%84%D8%B5%D9%88%D9%8A%D8%B1%D8%A9-%D8%A7%D9%84%D8%B3%D8%A7%D8%AD%D9%84%D9%8A-%D8%AA%D9%88%D9%82%D9%8A%D8%B9-%D9%85%D8%B0%D9%83%D8%B1%D8%A9-%D8%AA%D9%81%D8%A7%D9%87%D9%85-%D9%84%D8%A5%D9%86%D8%B9%D8%A7%D8%B4-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%AD%D9%8A\" style=\"\">Moroccan News Agency<\/a><\/span><span style=\"\">. Sawiris is leading a consortium of four investors, the news agency says.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The players: <\/span><span style=\"\">Sawiris will invest <\/span><span style=\"\">through SOSTNT<\/span><span style=\"\">, his Luxembourg-based investment company, a source close to the matter told Enterprise. The three other investors are Emirati investment company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alnowais.com\/\" style=\"\">Al Nowais<\/a><\/span><span style=\"\">, Egyptian hotel chain <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sunrise-resorts.com\/\" style=\"\">Sunrise Resorts & Cruises<\/a><\/span><span style=\"\">, and Belgium-based construction company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.besix.com\/en\/about\" style=\"\">Besix<\/a><\/span><span style=\"\">, a subsidiary of the Sawiris family\u2019s Orascom Construction, our source said. The consortium signed an agreement to \u201crevive\u201d the activities of a firm named<\/span><span style=\"\"> Societe D'am\u00e9nagement D'essaouira Mogador (SAEMOG), which owns the seaside resort<\/span><span style=\"font-weight:400;\">. Several Moroccan ministers and officials also signed the agreement. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The project: <\/span><span style=\"\">The consortium will renovate the existing hotel, convert its clubhouse into a boutique hotel and build a new clubhouse. It will also develop the town\u2019s Club Med hotel and three other hotels on the beachfront, create a commercial area, and build a number of other real estate projects. <\/span><span style=\"\">This sounds to us conceptually similar to the turnaround that <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=zJyGnhoQFLk\" style=\"\">Sawiris brought to Andermatt<\/a><\/span><span style=\"\"> in Switzerland.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background: <\/span><span>Samih Sawiris <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/12\/this-morning-samih-sawiris-steps-down-as-ode-chairman-shoukry-to-co-chair-climate-meeting-in-copenhagen-us-inflation-data-spooks-markets-70761\/\" style=\"\">stepped down<\/a><\/span><span> as chairman of SIX Swiss Exchange-listed resorts giant <\/span><span>Orascom Development Holding<\/span><span style=\"font-weight:400;\"> last May, passing the top job to his son, Naguib Samih Sawiris. The elder Sawiris led the creation of ODH\u2019s popular upscale Red Sea holiday destination El Gouna and a number of other resorts on the Red Sea coast. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Samih Sawiris is leading the redevelopment in Morocco of the Mogador resort in Essaouira, Morocco, in a drive worth as much as AED 4 bn, according to the Moroccan News Agency. Sawiris is leading a consortium of four investors, the news agency says. The players: Sawiris will invest through SOSTNT, his Luxembourg-based investment company, a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":582243,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[903,2345,72,7128,363,1844,6729,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-al-nowais","tag-besix","tag-enterpriseam","tag-ma-watch","tag-orascom-construction","tag-samih-sawiris","tag-sunrise-resorts-cruises","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"4f2ae5e9-f7b7-4f21-ae00-bc13274cdd7b","is_powered_by":false,"section_story_id":"020225e8-a4d0-4558-ab1c-6a2dfe71812f","story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/beach-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582233],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.2dadbf63-382d-4d9e-9b7e-7ccc3ff8b3e8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Sawiris partners with local, Emirati players to redevelop Morocco hotel - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/05\/sawiris-partners-with-local-emirati-players-to-redevelop-morocco-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sawiris partners with local, Emirati players to redevelop Morocco hotel\" \/>\n<meta property=\"og:description\" content=\"Samih Sawiris is leading the redevelopment in Morocco of the Mogador resort in Essaouira, Morocco, in a drive worth as much as AED 4 bn, according to the Moroccan News Agency. 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