New MoU for the Development of the Mediterranean City in Tangier
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 has been signed between the Moroccan Ministry of Tourism and Saudi Naif Al Rajhi Investment group. This agreement was formalized 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 MoU was signed by Fatima Zahra Ammor, the Minister of Tourism, Handicrafts, and Social and Solidarity Economy, alongside Imad Barrakad, the Director General of the Moroccan Society of Tourist Engineering (SMIT). The investment is estimated at approximately 250 million dirhams, as outlined in a statement from the ministry.
Identified as one of the strategic projects in the 2023–2026 tourism roadmap, 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 as well as a substantial number of indirect employment opportunities. Additionally, it will enhance the coastal area of Tangier and strengthen the city’s positioning as a premier international tourist destination, while supporting the region of Tangier–Tetouan–Al Hoceima.
In line with this initiative, SMIT will assist the Saudi investor in ensuring the smooth progress of the project and its alignment with the national strategy for sustainable tourism development, the source emphasizes.
Beyond the MoU signed in Riyadh, both parties have also agreed to explore new investment opportunities, particularly in high-end tourism and other high-potential sectors, thus confirming the increasing interest of Saudi economic stakeholders in the Moroccan market.
Ranked among the Top 100 Arab Family Businesses by Forbes Middle East, Naif Al Rajhi Investment operates in more than 13 sectors, including hospitality, food service, healthcare, energy, technology, and financial services, with a strong presence in Saudi Arabia and internationally.
