Morocco: Investment in tourism

The ambitious project of Morocco to position itself among the top twenty tourist destinations in the world has made ​​steady progress despite the difficulties related to the impact of instability in the region and the current crisis in the eurozone. In 2012, the Moroccan tourism sector has attracted investments worth 14 billion dirhams (1.25 billion euros) for many projects. A sum representing approximately 93% of the target set by the country as part of its Vision 2020 strategy, namely to attract an average of 15 billion dirhams (€ 1.33 billion) each year. Launched in 2010, Vision 2020 wants to make Morocco one of the top twenty tourist destinations in the world and increase the number of arrivals to 20 million by 2020 Europeans represent the largest number of visitors, but it s' are mostly french citizens and Morocco is determined to attract more visitors from other European countries. The government hopes eg doubling the number of British visitors and from 500 000 to 1 million per year between 2013 and 2020. Investments recorded in 2012 are expected to create 5,500 jobs and add 12,500 beds by 2015, especially in Bouznika, Casablanca and Marrakech. New investments in 2012 include a proposed 4 billion dirhams (356.8 million euros) in the segment of high-end and luxury: the Caisse de Dépôt et de Gestion (CDG), a public Morocco, signed in December 2012 an agreement with the french Pierre & Vacances Center Parcs group, which specializes in renting apartments to make holiday resorts and residences in Marrakech, Sidon and Taghazout. These projects are expected to create 900 jobs and adding 7,200 additional beds in the premium segment by 2016. The delivery date of the upscale Oasis Noria in Marrakech residence is scheduled for 2015, adding 2,400 beds to the sector. Is also underway in the coastal town of Saidia near the Algerian border, Mediterrania-Saidia the project with three five-star hotels, luxury residences, three golf courses, a marina and many shops. Finally, Taghazout, north of Agadir, will be provided with 250 houses and apartments, or 2,700 additional beds by 2016 In 2012, Agadir broke his record number of visitors, recording more than 810,000 arrivals and more four million overnight stays in hotels in the city, representing a yoy increase of 4.05% for arrivals and 0.24% for overnight stays. The kingdom hopes to attract even more investment this year. According Lahcen Haddad, Minister of Tourism, Morocco is expected to attract 20 billion dirhams (€ 1.78 billion) and 30 billion dirhams (2.68 billion euros) investment in 2013. As for the Moroccan Touristic Engineering Company (SMIT), it is even more optimistic. SMIT has conducted several feasibility studies in order to draw up to 38 billion dirhams (€ 3.39 billion) investment in 2013, which would add more than 36,000 beds and create more than 10,000 jobs over the long term. "The goal is to attract 150 billion dinars (13.4 billion) of investment in the tourism sector by 2020," said Imad Barrakad, the president of SMIT, the teams OBG. "We are specifically looking for investment from Gulf countries. " Major investment projects in the sector in 2013 will partly focus on niche tourism such as medical tourism. The construction of a tourism-medical complex by the Emirates group Tasweek Real Estate Development and Marketing was announced in late 2012: Marrakech called Healthcare City (MHC), it will include 160 hospital beds, 56 high-end apartments and a luxury hotel with 40 rooms. The project, estimated at $ 40 million, will cover 21,000 square meters and is expected to be completed within two years. MHC hopes to attract up to 5,000 patients a year. Despite the growing number of projects and the numbers of positive growth in some regions of the country, Marrakech has decreased by 2% of total arrivals from January to September 2012 compared to the same period in 2011, and passenger traffic in Moroccan airports showed a drop of 4.73% yoy over the same period. For many stakeholders, it is the crisis in Europe and instability in the region that are responsible for these declines. To remedy this, the government has recently announced that the Moroccan National Office of Tourism would see its funding increase by 15% yoy in 2013 to enable it to improve its promotional campaigns. The announcement in January by Ryanair of its plan to establish its 56th and 57th bases in Marrakech and Fez as of April also had a stimulating effect on the sector. This investment, to the tune of $ 210 million, is expected to create 2,500 jobs locally. This is the first time the company is trying to settle outside Europe. These new routes between Morocco and Europe should respond to rising demand and allow to carry up to 2.5 million passengers per year. The agreement "open skies" signed with the EU in 2006 has allowed many airlines cheap to enter the Moroccan market. The introduction of new routes should help take off the number of arrivals and even more investments planned for 2013 and the expected number of visitors increase, the Moroccan tourism looks set to achieve its objectives. http://www.oxfordbusinessgroup.com/economic_updates/maroc-investissements-dans-le-tourisme