Egyptian businessman Kamel Abou-Ali’s Pickalbatros targets Morocco expansion with $165 million funding

Egyptian businessman Kamel Abou-Ali’s Pickalbatros Holding for Financial Investments is set to expand its hospitality footprint in Morocco, backed by a proposed $165 million investment from the International Finance Corporation (IFC) to support hotel acquisitions, upgrades, and refinancing.

The proposed financing, currently pending approval with a projected board date of June 29, 2026, will be complemented by an additional $135 million mobilized from parallel lenders, bringing total debt funding for the project to $300 million.

Driving hospitality expansion in Morocco

The investment will be channeled into four Moroccan subsidiaries of the Pickalbatros Group, one of Africa’s largest hospitality platforms, with 39 hotels and approximately 16,000 rooms across Egypt and Morocco.

Proceeds will be used to finance the acquisition of three hotel assets, alongside the refurbishment and upgrade of newly acquired and existing properties. Part of the funding will also be allocated to refinancing existing debt, with implementation scheduled between 2026 and 2028.

The project will span key tourism and commercial cities, including Marrakech, Agadir, and Casablanca.

Sustainability at the core

The financing structure includes sustainability-linked features tied to environmental performance improvements. Planned refurbishments are expected to deliver measurable gains in energy and water efficiency, aligning with IFC’s broader climate objectives.

In parallel, IFC advisory support is helping the group strengthen its sustainability framework and establish an optimized holding structure for its Moroccan operations.

Unlocking jobs and economic impact

Beyond asset expansion, the project is expected to generate significant economy-wide benefits, including job creation, increased domestic procurement, and stronger linkages across Morocco’s tourism and service sectors.

IFC also anticipates that the investment will help raise environmental and operational standards within the country’s hospitality industry.

Innovative financing structure

The total project cost is estimated at $386 million, comprising $86 million in sponsor equity and $300 million in debt financing.

IFC’s participation is expected to provide longer-tenor funding of up to 10 years, financing that remains limited in Morocco’s domestic market, thereby improving financial stability and supporting sustainable investment in the sector. In addition to capital, IFC will provide technical expertise to help the group pursue green building certifications and enhance environmental, social, and governance (ESG) practices.

Backed by a seasoned sponsor

Pickalbatros Group was founded in 1992 by Egyptian businessman Kamel Abou-Ali and remains family-owned. The group has grown into a major regional hospitality player, with diversified operations spanning resort hotels and tourism infrastructure. As of June 2025, it operates 40 properties across Egypt and Morocco, with more than 18,000 rooms. In 2025, the group launched Albatros Makadi Resort in February, the Palais Des Roses Hotel Agadir in May, and is planning its next move with this financing.

IFC’s combined financing and advisory support is expected to position Pickalbatros as a leader in sustainable hospitality, while helping catalyze green and blue tourism financing in Morocco and attracting further investment into the sector.