Morocco is accelerating the development of its hotel infrastructure with a view to welcoming 26 million tourists by 2030. A record investment of $250 million, backed by the IFC and Attijariwafa Bank, is helping to drive this momentum.
Morocco is accelerating the development of its hotel sector to meet its ambitious tourism targets. Having added 45,000 beds over the last four years, the Kingdom plans to roll out a further 60,000 beds by the time the 2030 World Cup takes place. This nationwide effort aims to support the growth of a sector that aspires to welcome 26 million visitors a year. This momentum is attracting major international and institutional investors, such as the World Bank Group through its subsidiary IFC and the financial group Attijariwafa bank, which are jointly mobilising $250 million to support the modernisation of Morocco’s hotel sector – the largest hotel financing package ever provided by the IFC in the country.
Currently boasting just over 300,000 beds, the Kingdom is aiming for a total of more than 360,000 beds by 2030, representing an increase of nearly a fifth of its overall capacity. For the Minister for Tourism, Fatim-Zahra Ammor, hosting the World Cup is a powerful catalyst for generating sustainable economic value. Projects are springing up across the country, with 75 hotels and over 10,600 rooms currently under development, around 70 per cent of which are due to open by 2027, placing Morocco second on the continent in terms of hotel construction projects. Major international chains are supporting this trend, such as the Radisson Group, which plans to triple its network in the country. The Mohammed VI Investment Fund is also contributing to this effort, backed by record visitor numbers expected to reach nearly 20 million by 2025.
The landmark financing deal formalised in Marrakesh illustrates the financial sector’s growing confidence in Morocco’s tourism roadmap. Under this agreement, the IFC is providing a loan of 165 million dollars, coupled with a funding package of 85 million dollars from Attijariwafa bank, for the benefit of the Pickalbatros Group, which has been operating in the domestic market since 2015. This programme involves the acquisition of three properties in Casablanca, as well as the refurbishment of existing facilities in Marrakech and Agadir. According to IFC projections, this operation will support more than 7,500 direct and indirect jobs by 2032, whilst generating $269 million in economic benefits. As the first green and partially blue financing granted by the IFC in Africa, this project incorporates a sustainability approach aimed at achieving EDGE environmental certification for several hotels through water and energy savings of at least 20 per cent.
