Egyptian billionaire Samih Sawiris deepens Morocco bet with $235 million tourism project

Egyptian billionaire Samih Sawiris is doubling down on Morocco’s tourism sector, joining an Emirati–Egyptian alliance to deploy $235.48 million (€200 million) into a large-scale coastal development in Essaouira, building on a prior $385 million commitment to transform the nation’s hospitality landscape.

The consortium, comprising Al Nowais Investments, Sunrise Group, and Sawiris, will develop a 2.5 million square meter integrated tourism destination, targeting Morocco’s fast-growing visitor economy. This move follows earlier remarks by Egyptian real estate magnate Naguib Sawiris, who described the newly introduced charges by Egypt’s New Urban Communities Authority as “illegal.”

Building on earlier $385 million hospitality push

The Authority, which operates under Egypt’s Ministry of Housing, introduced fresh fees on real estate projects developed through partnership arrangements among multiple parties within the country’s new urban cities. The decision applies broadly to all land allocated for partnership-based developments in new cities, including areas in East and West Cairo. However, it excludes Upper Egypt cities, as well as 10th of Ramadan City, Gardens of 10th of Ramadan, New October City, New Obour City, and New Suez City.

The latest investment follows a 2023 agreement led by Sawiris and three foreign investors with Morocco’s Ministry of Tourism to revive the Essaouira Mogador resort. That deal committed $385 million toward upgrading hotel infrastructure, expanding beachfront assets, and developing new hospitality and real estate offerings expected to generate more than 4,000 jobs.

The earlier project included refurbishment of existing hotels, conversion of a clubhouse into a boutique property, and construction of additional waterfront hotels, alongside a commercial and recreational hub in Mogador. The new $235 milliorepresenn project is a continuation and expansion of that strategy, reinforcing investor confidence in Morocco’s long-term tourism potential.

Driving scale in a high-growth tourism market

Morocco has emerged as Africa’s leading tourism destination, welcoming 19.8 million visitors in 2025, a 14% increase year-on-year. The country’s growth trajectory is attracting regional capital seeking exposure to proven, scalable demand.

The first phase of the Essaouira development will deliver up to 800 hotel rooms, including 270 rooms expected by 2027, a 350-room hotel under development over four years, and 150 additional rooms within a mixed-use commercial and entertainment village. Plans also include golf courses and 30 boutique hospitality units. The investment will be rolled out over five years, with a second phase planned after the initial execution.

Strategic positioning by Sawiris and partners

Sawiris has built a global portfolio of integrated resorts spanning Egypt, Montenegro, and Switzerland, positioning him as one of the region’s most experienced tourism investors.

His renewed push into Morocco signals a broader shift among Middle East and North Africa investors, who are increasingly allocating capital across borders into destinations with established demand rather than speculative markets.

For Morocco, the project support a broader strategy to expand tourism capacity and move up the value chain ahead of its 2030 targets, while intensifying competition among regional hubs for both visitors and long-term investment capital.