Tangier Signs New MoU to Develop the Mediterranean City
Memorandum of Understanding Signed for the Development of the Mediterranean City in Tangier
A Memorandum of Understanding (MoU) dedicated to the development of the Mediterranean City in Tangier was signed between the Moroccan Ministry of Tourism and the Saudi group Naif Al Rajhi Investment. This agreement took place during the 26th session of the General Assembly of the World Tourism Organization, held from November 7 to 11 in Riyadh.
The agreement was endorsed by Fatima Zahra Ammor, Minister of Tourism, Handicrafts, and Social and Solidarity Economy, along with Imad Barrakad, Director General of the Moroccan Society of Tourist Engineering (SMIT). The investment associated with this project is approximately 250 million dirhams, as confirmed by a ministry statement.
Identified as one of the strategic projects in the tourism roadmap for 2023–2026, the future Mediterranean City will feature a high-end complex dedicated to entertainment, leisure, commerce, and culture. This significant project is expected to create 200 direct jobs, in addition to a substantial number of indirect jobs. It will also enhance the Tangier coastline and strengthen the positioning of Tangier as a leading international tourist destination, while promoting the region of Tangier-Tétouan-Al Hoceima.
In this context, SMIT will support the Saudi investor to ensure the successful execution of the project and its alignment with the national strategy for sustainable tourism development, the source added.
Beyond the MoU signed in Riyadh, both parties also agreed to explore new investment opportunities, particularly in the high-end tourism sector and other high-potential industries, thus reaffirming the growing interest of Saudi economic actors in the Moroccan market.
Ranked among the Top 100 Arab Family Businesses by Forbes Middle East, Naif Al Rajhi Investment Group operates in more than 13 sectors, including hospitality and dining, health, energy, technology, and financial services, with a strong presence in Saudi Arabia and internationally.
