Samih Sawiris Acquires 400-million Moroccan Tourism Project, Expands Influence In North Africa

Egyptian-born billionaire Samih Sawiris is expanding his influence in North Africas tourism industry with the acquisition of a 400 million MAD 4 billion tourism project on Moroccos Atlantic coast.

The deal involves a full takeover of SAEMOG, the Moroccan company managing the Essaouira Mogador station, one of the countrys most ambitious coastal tourism developments. Essaouira, known for its rich cultural heritage and UNESCO-listed medina, is poised to become a premier coastal destination under Sawiris' leadership.

This acquisition is being spearheaded by a consortium led by Orascom Investment a company founded by Samih Sawiris along with UAE-based Al Nowais and Eastern Investment Ltd. The consortium now holds one hundred percent of SAEMOGs capital and voting rights, as confirmed by Moroccos Competition Council.

The purchase will be executed through Orascom Investments LLC, a UAE-based entity created specifically for this transaction. This move solidifies Samih Sawiris as a key player in Moroccos tourism sector, reinforcing his familys growing interests in North Africa.