Table of Contents
Key Points
- Samih Sawiris takes control of a $400-million tourism project in Morocco’s coastal city, Essaouira.
- The acquisition is made through Sawiris’ Orascom Investment and other key partners.
- The project aims to create more than 4,000 jobs through hotels, resorts, and residential developments.
Sawiris-led group takes full control of Moroccan tourism firm SAEMOG
Egyptian-born billionaire Samih Sawiris is expanding his influence in North Africa’s tourism industry with the acquisition of a $400 million (MAD 4 billion) tourism project on Morocco’s Atlantic coast.
The deal involves a full takeover of SAEMOG, the Moroccan company managing the Essaouira Mogador station, one of the country’s most ambitious coastal tourism developments. Essaouira, known for its rich cultural heritage and UNESCO-listed medina, is poised to become a premier coastal destination under Sawiris' leadership.
This acquisition is being spearheaded by a consortium led by Orascom Investment — a company founded by Samih Sawiris — along with UAE-based Al Nowais and Eastern Investment Ltd. The consortium now holds one hundred percent of SAEMOG’s capital and voting rights, as confirmed by Morocco’s Competition Council.
The purchase will be executed through Orascom Investments LLC, a UAE-based entity created specifically for this transaction. This move solidifies Samih Sawiris as a key player in Morocco’s tourism sector, reinforcing his family’s growing interests in North Africa.
The Sawiris family has been increasingly active in the region. Notably, Samih’s brother, Naguib Sawiris, recently announced plans to invest up to $100 million in Morocco’s energy sector, focusing on electric vehicle batteries and charging stations.
Morocco's Competition Council has invited stakeholders to submit feedback on the transaction before December 19, as it continues to assess the impact of the acquisition on competition regulations.
New hotels, resorts, and residential developments planned for Essaouira Mogador
The Essaouira Mogador project is one of Morocco’s most ambitious tourism ventures, and Samih Sawiris’ acquisition is expected to breathe new life into it.
The development will include the renovation of an existing hotel, the construction of three new beachfront hotels, and the creation of a high-end shopping and entertainment district within the Mogador village. Additionally, residential complexes will be built, enhancing the area’s appeal to both tourists and long-term residents.
The expansion is expected to generate approximately 4,000 new jobs for local communities, further supporting Morocco’s economic development.
This project comes at a strategic time for Morocco, which is set to host major international sporting events such as the 2025 Africa Cup of Nations (AFCON) and the 2030 FIFA World Cup, which it will co-host with Spain and Portugal. These global events are expected to attract millions of tourists, driving demand for luxury hotels, resorts, and entertainment hubs.
The Essaouira Mogador project aims to position Essaouira as a leading coastal tourism hotspot, capable of rivaling destinations like Agadir and Casablanca. By revitalizing the tourism infrastructure, the project aligns with Morocco’s broader strategy to modernize and diversify its tourism sector.
Samih Sawiris strengthens family’s tourism empire with strategic Moroccan acquisition
Samih Sawiris, an Egyptian-born billionaire and former executive chairman of Orascom Development Holding AG, has a long history of reshaping tourism in the Middle East, Europe, and Africa. His development portfolio includes high-profile tourism projects in Egypt, Montenegro, Oman, and Morocco, with El Gouna in Egypt being one of his signature achievements.
As of 2015, Sawiris had a net worth of approximately $850 million, ranking him as the 26th richest person in Africa at the time. His vision for tourism development has made him a key figure in North Africa’s growing tourism industry.
The acquisition of SAEMOG positions Sawiris to play a larger role in Morocco’s tourism future. By overseeing the Essaouira Mogador project, Sawiris will help bolster Morocco’s capacity to accommodate the influx of international tourists expected for AFCON 2025 and the FIFA World Cup 2030.
With a plan to build new hotels, luxury resorts, and residential developments, Sawiris’ strategy aligns with Morocco’s broader economic goals to modernize its tourism infrastructure. This latest venture cements his status as one of the most influential players in North Africa’s tourism sector.
