According to a statement from the Ministry, Fatim-Zahra Ammor, Minister of Tourism, Handicrafts, and Social and Solidarity Economy, and Imad Barrakad, Director General of the Moroccan Agency for Tourism Development (SMIT), signed the memorandum with the Saudi group for an investment estimated at around 250 million dirhams.
The statement noted that the project is part of the 2023–2026 tourism roadmap and represents one of its flagship initiatives. It will consist of a high-end leisure complex featuring commercial, cultural, and entertainment spaces.
The project is expected to create 200 direct jobs, in addition to a significant number of indirect jobs. It will also help enhance Tangier’s waterfront, strengthen the city’s position as a leading international tourist destination, and increase the attractiveness of the Tangier–Tétouan–Al Hoceima region.
As part of the agreement, the tourism sector, through SMIT, will support the investor to ensure the successful implementation of the project and its alignment with the national strategy for sustainable tourism development.
In parallel, both parties will explore new tourism investment opportunities, particularly in the luxury hotel industry and other high-potential sectors, reflecting the growing interest of Saudi investors in the Moroccan market.
It is worth noting that Naif Al Rajhi Investment Group, ranked among the “Top 100 Arab Family Businesses” by Forbes Middle East, operates in more than 13 sectors, including hospitality, food service, healthcare, energy, technology, and financial markets, with a presence in several countries around the world.
Editorial team/le7tv