MOROCCO · TOURISM
Key Facts
- —What is happening Egypt’s Pickalbatros hotel group announced US$250 million (about MAD 2.46 billion) in financing from IFC and Attijariwafa bank on Thursday, 15 October, in Marrakech, to buy and upgrade hotels in Morocco.
- —Why it matters The package is billed as the largest hotel financing IFC has backed in Morocco, which welcomed a record 19.8 million tourists in 2025 and aims for 26 million by 2030.
- —The numbers The announced US$250 million comes in three tranches and two currencies, and the group now has nine Moroccan hotels with more than 2,700 rooms.
- —Who is who Pickalbatros is an Egyptian hotel group founded in 1992 by Kamel Abou Aly, IFC is the World Bank Group’s private-sector lender, and Attijariwafa bank is a major Moroccan banking group.
- —What to watch The split between IFC and Attijariwafa bank, the tenor and the cost are unpublished, and IFC’s own project record shows a US$165 million loan plus US$135 million from other lenders, not US$250 million.
- —What it means for you US travellers will find upgraded hotels in Casablanca, Marrakech and Agadir, and the United States is IFC’s largest shareholder, with 16.91% of the voting power.
Egyptian hotel group Pickalbatros announced US$250 million from IFC and Attijariwafa bank for Casablanca hotel purchases and upgrades in Marrakech and Agadir. IFC’s own project page lists different loan amounts, which the reports do not explain.
Pickalbatros Hotels & Resorts, an Egyptian group, announced US$250 million (about MAD 2.46 billion) in financing for its Moroccan hotels. The announcement names IFC, the World Bank Group’s private-sector arm, and the Moroccan lender Attijariwafa bank as the lenders.
The deal was announced in Marrakech on Thursday, 15 October, and Le360 and Le Matin say it was signed there. Le360, Le Matin and adviser Zilla Capital call it the largest hotel financing IFC has backed in Morocco.
What Was Announced in Marrakech
Le360 and Le Matin name four signatories: Kamel Abou Aly, Pickalbatros’s founder and chairman, and David Tinel, IFC’s head for Morocco. The other two are Mohamed Redouane El Alj, executive director of Attijariwafa bank group, and Moustafa El-Shenety, co-CEO of Zilla Capital.
La Vie éco and InfoMagazine say the financing has three tranches in two currencies, tied to sustainability goals. None of the reports seen names the currencies, the size of each tranche, the tenor or the interest cost.
Abou Aly called the deal an important step for Pickalbatros and for Moroccan tourism. Tinel called tourism an IFC priority, and Le360 and Le Matin cite his projection of about 7,500 direct and indirect jobs.
How Pickalbatros Hotels Will Use the Money
The funds cover the recent purchases of the Sofitel Casablanca Tour Blanche and the Mövenpick Hotel Casablanca, including their renovation. They also pay for upgrades at hotels in Marrakech and Agadir, with better environmental performance as a stated aim.
A third use is refinancing part of the group’s existing debt over longer maturities. Pickalbatros has operated in Morocco since 2010 and entered the Casablanca market in 2026.
TelQuel reported in April that the listed hotel company Risma sold the Sofitel to Pickalbatros for MAD 450 million (about US$46 million). EnterpriseAM Egypt put the price at US$47 million, and no price for the Mövenpick purchase appears in the reports seen.
How the Deal Compares With IFC’s Own Page
IFC’s public project page, number 52701, lists an A loan of up to US$165 million, partly covered by credit insurance. It adds US$135 million from parallel lenders, making US$300 million of debt for a US$386 million project.
The page gives a tenor of up to 10 years and says the borrowers are four Moroccan subsidiaries of the group. It lists the project as signed on Wednesday, 1 July, with disbursement pending, and its last update is dated 5 July.
In June, Le Matin and IFC’s environmental summary gave a plan of up to US$200 million with a US$160 million A loan. The announced US$250 million matches neither that plan nor IFC’s loan page, and no outlet explains how they relate.
Morocco’s Tourism Push
Morocco’s tourism ministry said on Monday, 5 January that the country welcomed a record 19.8 million tourists in 2025. Receipts through the end of November reached MAD 124 billion (about US$12.6 billion), according to Hespress.
The ministry’s goal is 26 million visitors by 2030, the year Morocco co-hosts the football World Cup with Spain and Portugal. Pickalbatros says it added more than 1,400 rooms in two years and now has more than 2,700 rooms in nine Moroccan hotels.
IFC’s page says the group runs 39 hotels with about 16,000 rooms across Egypt and Morocco. The group was founded in 1992 by Kamel Abou Aly.
What It Means for US Readers
US travellers will find upgraded hotels in Casablanca, Marrakech and Agadir ahead of the 2030 World Cup. The State Department’s advisory page rates Morocco Level 2, exercise increased caution, because of terrorism, and was issued on 21 April 2025.
IFC’s filing for the year to 30 June 2026 shows the United States as largest shareholder, with 16.91% of the votes. IFC lends to private companies in emerging markets, and no US company is named in the reports seen.
What Is Not Known
The split between IFC and Attijariwafa bank, the tenor, the interest cost and the currencies are not public. Neither IFC’s page nor the reports show how US$250 million relates to the US$165 million A loan.
Le360 and Le Matin say the deal was signed on 15 October, while La Vie éco and InfoMagazine give no signing date. IFC’s page shows 1 July, so it is unclear whether Marrakech was the signing or a public presentation.
Le360 gives more than 2,700 rooms in nine hotels, yet quotes the group’s Morocco vice-president at about 3,000. The 7,500 jobs figure is a projection quoted by Le360 and Le Matin, and no method has been published.
No IFC press release on the October deal was found by the morning of Friday, 16 October. The Zilla Capital statement was read only as relayed by InfoMagazine and Le Nouvelliste.
What Comes Next
IFC’s project page should be updated once funds are disbursed, and it would show the final loan amounts. The works on the hotels run from 2026 to 2028 on IFC’s timeline.
The money funds purchases, upgrades and refinancing, so it does not by itself build new hotels. Le360 mentions a larger room target for 2030, which no other outlet confirms.
Conversions use MAD 9.83 per US$1 on 15 October 2026, from open.er-api.com. Every US$ value is rounded.
Frequently Asked Questions
Who is financing the US$250 million Pickalbatros announced for Morocco?
IFC, the World Bank Group’s private-sector arm, and Attijariwafa bank, a Moroccan banking group, are named as the lenders. Their individual shares have not been published.
What will Pickalbatros do with the money?
It covers two recent Casablanca hotel purchases, upgrades in Marrakech and Agadir, and partial refinancing of existing debt. Better environmental performance is a stated aim.
How much is IFC putting in?
The October announcement does not give IFC’s share. IFC’s own project page lists an A loan of up to US$165 million plus US$135 million from parallel lenders.
What does the deal mean for American travellers?
It funds upgrades at hotels in Casablanca, Marrakech and Agadir, though the reports give no completion dates. The State Department rates Morocco Level 2, exercise increased caution, because of terrorism.
Why does the United States matter to IFC?
The United States holds 16.91% of IFC’s voting power, the largest share among its 186 member countries. That comes from IFC’s information statement for the year to 30 June 2026.
Who is Pickalbatros?
Pickalbatros is an Egyptian hotel group founded in 1992 by Kamel Abou Aly. IFC’s page says it runs 39 hotels with about 16,000 rooms across Egypt and Morocco.
Sources: IFC, project 52701 Pickalbatros MAR disclosure; IFC, project 52701 environmental and social review summary; IFC information statement, year to 30 June 2026 (SEC filing); Le360, 15 October 2026; Le Matin, 15 October 2026; La Vie éco, 15 October 2026; Industrie du Maroc, 15 October 2026; InfoMagazine, 15 October 2026; Le Nouvelliste, 15 October 2026; Le Matin, 2 June 2026; TelQuel, 2 April 2026; EnterpriseAM Egypt, 13 May 2026; Hespress, 5 January 2026; US State Department, Morocco travel advisory (all accessed 16 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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