A group of four foreign investors, led by Egyptian billionaire Samih Sawiris, have signed a memorandum of understanding with the Moroccan Ministry of Tourism to revive a hotel resort managed by Essaouira Makador Station Development Company.
The investors will inject $385 million into the project, which will fund various development initiatives, including the expansion and refurbishment of the hotel, the conversion of its clubhouse into a boutique hotel, the construction of a new clubhouse to enhance the Club Med experience, and the creation of three additional waterfront hotels.
The agreement between the Ministry of Tourism and the foreign involves plans to establish a bustling commercial and recreational area in the charming village of Mogador, as well as various real estate projects aimed at expanding the region’s offerings.Â
Alongside several real estate initiatives aimed at enhancing the region’s offerings, the $385-million investment that is predicted to generate more than 4,000 job opportunities, marking a significant stride towards the region’s social and economic development.
Samih Sawiris a leading Egyptian billionaire and a member of the wealthy Egyptian Sawiris family derives the majority of his wealth from his stake in global nitrogen and methanol producer OCI N.V. and Orascom Development, which operates luxurious resorts across Egypt, Montenegro, and Switzerland.
In 2022, one of his companies, Andermatt Swiss Alps AG, a Swiss-based mountain resort company, sold a majority stake in Andermatt-Sedrun Sports AG to Vail Resorts, a U.S. resort company led by Kirsten Lynch, the former chief marketing officer who helped shape Epic Pass.
Since 2008, when his net worth surpassed $2.9 billion, the Egyptian billionaire has seen a steady decline in his wealth, the Egyptian billionaire has seen his net worth decline by more than $2 billion, from $2.9 billion to $859 million at the time of drafting this report.
