Tourism investments grow by 60% in 2001

Investments in the Moroccan tourism sector have reached in 2001 3.69 billion Dirhams (US$ 320.8 million), marking an increase of 60% compared to 2000, says the department of foreign investments.

These investments have created an additional 21,526 beds and 8,927 direct jobs.

In January 2001, French resort chain operator "Club-Mediterranee" signed with Morocco a convention providing for the construction of 5 new compounds and extend two others, for a total investment of 1.3 billion DH (US$ 113.04 million).

A Moroccan-Saudi group also signed in October 2001 with Moroccan authorities two conventions for the creation of several hotels and tourism projects, for a total investment of 1.2 billion DH (US$ 113 Million). In the same month, British "Golder Western and Mediterranean Growth Fund" launched a project, worth 1.1 billion DH (US$ 95.6 million), to build four hotels and a golf green in Ouarzazate (southern Morocco).

Other investments are conducted by Emirates group Liwa International" for the extension and renovation of three five-star hotels for a total cost of 200 million DH (US$ 17.4 Mln), French "Accor" which will build a tourism compound in the Atlantic sea resort of Agadir for an investment of 300 million DH (US$ 26.08 Mln).

The department notes that the largest conventions were signed after September 11, which is an evidence that promoters are convinced that the tourism crisis is only temporary.

Meanwhile, tourism arrivals progressed in the same year by 3.2% while tourism receipts, estimated at 27.3 billion DH (US$ 2.37 billion), regressed by 48.4% compared to 2000.

Despite a relatively difficult period between September and December 2001, 2002 promises to be a good year for tourism, as for the only month of February 293,319 foreign tourists visited Morocco, compared to 181,147 in the same month of 2001.

Morocco ambitions to attract 10 million tourists annually by 2010 and has, accordingly, embarked on a new policy offering new incentives to investors.