Egyptian billionaire targets $400M tourism project on Morocco’s Atlantic coast
Samih Sawiris, the Egyptian billionaire and CEO of Orascom, a Cairo-based infrastructure and construction giant, is pursuing a $400 million
April marks the launch of two new direct flights connecting the UK’s Bournemouth with Morocco’s Agadir. The flights, operated by budget-friendly Irish carrier, Ryanair, will operate every Monday and Thursday.
The new international route comes months after the Moroccan government gave Ryanair the green light to operate 11 domestic routes. They will link nine cities in Morocco beginning this summer.
The airline has reportedly allocated a budget of $1.4 billion for operations in the North African country, which is slated to co-host the FIFA World Cup in 2030 alongside Spain and Portugal.
The company’s CEO expects more than 5 million passengers to travel to, from and within Morocco in 2024. That a 33 percent bump in traffic.
In alignment with its strategic objective of bolstering its presence in the Moroccan market, Ryanair announced in December 2023 its plans to establish a fourth base in Tangier, involving a $200 million investment scheme and the deployment of two additional aircraft.
Sign up for the weekly newsletter and get our latest stories delivered straight to your inbox.