Morocco and Al Rajhi Group Sign Memorandum to Develop the “Mediterranean City” in Tangier with an Investment of 250 Million Dirhams
The 26th session of the United Nations World Tourism Organization’s General Assembly held in Riyadh witnessed the signing of an important investment agreement aimed at enhancing tourism infrastructure in Morocco.
The memorandum of understanding was signed by Fatima Zahra Ammor, Minister of Tourism, Handicrafts, and Social and Solidarity Economy, and Imad Berqad, General Director of the Moroccan Company for Tourism Engineering (SMIT), along with the Saudi investment group Al Rajhi.
This ambitious project, with an estimated investment of around 250 million Moroccan dirhams, is a key initiative within the tourism roadmap for the period 2023-2026. It aims to create a high-level entertainment complex that includes commercial, cultural, and entertainment facilities, contributing effectively to enhancing Tangier’s waterfront and strengthening its position as a leading international tourist destination, as well as supporting the developmental impact in the Tangier-Tetouan-Al Hoceima region.
Estimates indicate that the “Mediterranean City” will generate 200 direct job opportunities, in addition to numerous indirect ones, reflecting the expected positive impact of the project on the local economic and social fabric.
To ensure the success of this investment, the tourism sector, represented by the Moroccan Company for Tourism Engineering, will accompany the investor to guarantee the proper implementation of the project and its integration with the national strategy for sustainable tourism development.
The agreement also stipulates that both parties will explore new prospects for cooperation and tourism investment in the future, particularly in the luxury hotel sector and other high-growth areas, underscoring the growing trust and interest from Saudi stakeholders in the Moroccan market.
It is worth noting that Al Rajhi Group, ranked among the “Top 100 Arab Family Businesses” by Forbes Middle East, operates in more than 13 vital sectors, including hospitality, health, and technology, and has a significant international presence in several countries.
