Saudi investment powerhouse Naif Al-Rajhi Investment is preparing to inject 250 million dirhams into a major new tourism venture in Tangier. The project, called the “City of the Mediterranean,” is part of Morocco’s national tourism roadmap for 2023–2026 and aims to elevate the northern city’s profile as a premium destination on the global stage.
A memorandum of understanding was recently signed in Riyadh, on the sidelines of the 26th General Assembly of UN Tourism. Morocco’s Minister of Tourism, Fatim-Zahra Ammor, and the CEO of the Moroccan Agency for Tourism Development (SMIT), Imad Barrakad, formalized the agreement with representatives of the Saudi group. This deal marks a key milestone in Morocco’s broader strategy to attract heavyweight foreign investors to boost its tourism sector.
The upcoming development will be a large-scale complex on Tangier’s coastline, blending commercial spaces with cultural venues and leisure facilities. Designed to enhance the city’s high-end appeal, the project reflects a broader push to position Tangier as a must-visit destination for international travelers.
Listed as a priority in the Ministry of Tourism’s strategic roadmap, the City of the Mediterranean is expected to generate around 200 direct jobs, not including the indirect employment and economic ripple effects across the local ecosystem. SMIT will oversee the project throughout its development to ensure compliance with sustainable tourism standards and best practices.
Beyond this initiative, Naif Al-Rajhi Investment has signaled its intention to deepen its presence in Morocco. Additional ventures in luxury hospitality and other high-growth sectors are currently under consideration. This initial commitment in Tangier could pave the way for broader cooperation between Morocco and Saudi Arabia in the tourism industry.
Naif Al-Rajhi Investment is active in over ten countries and operates across multiple sectors. The group is ranked among the top 100 Arab family businesses, according to Forbes Middle East.
