Egypt’s Pickalbatros plans to inject $140mln in Morocco – CEO

Pickalbatros Hotels & Resorts Group, one of the largest hotel chains in Egypt, is planning to invest $140 million in Morocco to increase the hotel capacity by 43 percent, its chairman Kamel Abou Ali told Asharq Bloomberg on Wednesday.

Abou Ali added that the investment aims to accommodate more tourists to reach capacity of 2,000 hotel rooms in two years. The group is considering investments to Agadir for the great tourism vogue that the country witnessed in the first half 2023.

It is worth mentioning that Morocco’s tourism revenues jumped by 69 percent in the first half of this year to $4.8 billion, with a 91 percent increase in the number of tourists to reach 6.5 million.