New MoU in Tangier to Develop the Mediterranean City
Memorandum of Understanding Signed to Develop Mediterranean City in Tangier
A Memorandum of Understanding (MoU) dedicated to the development of the Mediterranean City in Tangier has been signed between the Moroccan Ministry of Tourism and the Saudi group Naif Al Rajhi Investment. This agreement was finalized on the sidelines of the 26th session of the General Assembly of the World Tourism Organization, held from November 7 to 11 in Riyadh.
The deal was signed by Fatima Zahra Ammor, the Minister of Tourism, Handicrafts, and Social Economy, alongside Imad Barrakad, the General Director of the Moroccan Society of Tourist Engineering (SMIT). The investment is estimated to be around 250 million dirhams, according to a statement from the ministry.
Identified as one of the strategic projects outlined in the tourism roadmap for 2023–2026, the future Mediterranean City is set to feature a high-end complex focused on entertainment, leisure, commerce, and culture. This significant project is expected to create 200 direct jobs, as well as a substantial number of indirect employment opportunities. It will also enhance the coastal area of Tangier and strengthen its position as a leading international tourist destination while promoting the development of the Tanger–Tetouan–Al Hoceima region.
In this context, SMIT will support the Saudi investor to ensure the successful implementation of the project and its alignment with the national strategy for sustainable tourism development, emphasizes the same source.
Beyond the MoU signed in Riyadh, both parties have also agreed to explore new investment opportunities, particularly in high-end tourism and other sectors with significant potential, further confirming the growing interest of Saudi economic players in the Moroccan market.
Ranked among the Top 100 Arab Family Businesses by Forbes Middle East, the Naif Al Rajhi Investment group operates across more than 13 sectors, ranging from hospitality and catering to health, energy, technology, and financial services, with a strong presence in Saudi Arabia and internationally.
