Morocco’s Tourism Ministry has issued an invitation for expressions of interest in an ambitious investment project along the Atlantic coast, spanning from the capital city of Rabat to Casablanca.
The project will encompass approximately 47 hectares of state-owned land and is poised to significantly contribute to the country’s burgeoning tourism sector.
While the specific budget allocation for the project has not been disclosed, it falls within the framework of the “billion-dollar” tourism investment plan that was greenlit in March of last year.
This comprehensive plan, totaling 6.1 billion Moroccan Dirhams (equivalent to $608 million), is designed to elevate the country’s position among the world’s premier tourist destinations.
In an official statement, the Ministry of Tourism revealed that the forthcoming development, located in the city of Benslimane, is set to shape a new wave of tourism dubbed “City Break.”
This concept entails a focus on city-based tourism, complete with specialized entertainment zones for both children and adults, designated spaces for exhibitions and festivals, as well as a range of hotels and restaurants. The ultimate goal is to attract visitors from both domestic and international markets.
Tourism currently contributes to around 7% of Morocco’s gross domestic product, playing a pivotal role in bolstering the nation’s foreign currency reserves.
Forecasts indicate that tourism revenues, which reached 91 billion Moroccan Dirhams last year, are anticipated to soar to 120 billion Moroccan Dirhams by the year 2026.
The Kingdom has extended an invitation to both local and international investors to participate in this project. Interested parties can submit proposals for the new tourism venture either individually or as part of a consortium.
If pursuing the latter approach, a dedicated company must be established, and the winning investor is required to hold a minimum of 51% of shares and voting rights in the venture.
This strategic initiative underscores Morocco’s aspirations to invigorate its tourism sector by fostering private investment across various cities.
Morocco aims to elevate annual tourist numbers from 11 million in 2022 to an ambitious target of 17.5 million by 2026. This initiative not only promises to enhance the nation’s tourism landscape but also contributes substantially to its economic growth.
