Rabat – Morocco’s Ministry of Tourism has signed a memorandum of understanding with Saudi Arabia’s Naif Al Rajhi Investment Group to develop a major new tourism project in Tangier called the “Mediterranean City.”
The agreement was signed on the sidelines of the 26th General Assembly of the UN World Tourism Organization, taking place in Riyadh from November 7 to 11.
According to a statement from the ministry, the agreement was signed by Fatim-Zahra Ammor, Morocco’s Minister of Tourism, Handicrafts, and the Social and Solidarity Economy, and Imad Barrakad, Director General of the Moroccan Agency for Tourism Engineering (SMIT). The Saudi group will invest around MAD 250 million in the project.
The “Mediterranean City” is described as one of the key projects under Morocco’s 2023-2026 tourism roadmap. It will be a high-end entertainment complex that includes cultural, commercial, and leisure facilities.
The ministry said the project will create 200 direct jobs and many more indirect opportunities. It will also enhance Tangier’s waterfront, strengthen the city’s position as a top international tourist destination, and contribute to the overall development of the Tangier-Tetouan-Al Hoceima region.
To ensure the project’s success, the Ministry of Tourism, through SMIT, will support and monitor the investor to make sure the development aligns with Morocco’s national strategy for sustainable tourism.
Beyond this agreement, both sides plan to explore new opportunities for tourism investment, especially in luxury hotels and other promising sectors. This reflects the growing interest of Saudi investors in Morocco’s tourism market.
Naif Al Rajhi Investment Group, listed among the Top 100 Arab Family Businesses by Forbes Middle East, operates in more than 13 sectors, including hospitality, restaurants, healthcare, energy, technology, and financial markets. The group also has a presence in several countries around the world.
MWN with MAP
