Morocco Tourism Report 2008 - companiesandmarkets.com adds new report
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Latest Statistics In January 2008, Morocco’s Tourism Ministry announced that tourist arrivals to Morocco during the first 11 months of 2007 registered a rise of 14% year on year (y-o-y). A total of 6.72mn tourists arrived in the country over this period. The most important source market for Morocco was France, which sent 2.6mn tourists. Spain was second, with 1.43mn,
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followed by Belgium (392,000), the UK (387,000), Italy (333,000) the Netherlands (325,000) and Germany (182,000). Tourism receipts for the Jan-Nov period were MAD54.1bn (US$6.6bn).The 14% annual increase is very much in line with BMI’s prediction of a 17% rate of growth for the year as a whole. We believe that the prospects for Morocco’s tourism industry remain buoyant. The country boasts a level of political stability rare in the Islamic world, and the authorities have prioritised tourism as a key source of foreign exchange earnings over the years to come.Over our forecast period, we believe that tourist arrivals can grow at an average annual rate of 10%. This will bring total tourist arrival numbers to 11.8mn by 2012. At the same time, international tourism receipts will continue to grow strongly, reaching US$10.83bn by 2012.Vision 2010 And Plan Azur The cornerstone of Morocco’s tourism strategy for the balance of this decade is Vision 2010. This programme aims to attract 10mn tourists to the African nation by 2010. Other key aspects of the programme include the creation of some 160,000 new hotel beds, bringing the total national capacity to 230,000 beds. The country also hopes to create 600,000 new tourism sector jobs. The key points of Vision 2010 are listed on page 10 of this report. A key component of Vision 2010 is Plan Azur. This plan identifies six key resorts to be developed along the country’s extensive coastline. A full description of Plan Azur can be found on page 23 of this report.A Good Time To Invest Foreign investment in the tourism sector should continue to rise across BMI’s forecast period to 2012.Many international hotel chains are building new resorts across the country and the untapped potential of Morocco’s extensive coastline should be a particular draw to investors wishing to gain exposure to the tourism and property sectors. Foreign airlines are starting up new routes to the kingdom, following the deregulation of the sector in late 2005. The strong priority given to tourism by King Mohamed VI and his government is a further supportive factor.A recent report by UK-based property analyst, the Buy Association, puts Morocco within its top 10 foreign destinations for 2008. The association believes that Moroccan resort properties are expected to increase in value by 30% during 2008 (for further information, see page 12).Marrakesh attracting upscale hoteliers The coming years will see a suite of luxury hotels and resorts opening up in Marrakesh. US-based Park Plaza Hotels plans to open a 114-room hotel in Marrakesh in mid-2009, and Mauritius-based hotel chain Beachcomber Hotels has started work on its new luxury resort just outside the historic city. A new Mandarin Oriental Hotel is also scheduled to open in 2009. The Mandarin Oriental Jnan Rahma will be located just outside the city and provide 145 guest rooms with a further 45 luxury villas, branded as Residences at Mandarin Oriental.Beachcomber’s Royal Palm Hotel Golf and Spa Marrakesh resort will boast 150 suites and villas, alongside upscale spa facilities, a sports centre, four restaurants and an 18-hole gold course. The EUR40mn project marks Beachcombers first new development outside the Indian Ocean, and is scheduled to open at the end of 2009.This flurry of activity at the higher-end of the hotel spectrum comes as the country’s most famous hotel, the Mamounia in Marrakesh, gets set to re-open in Spring 2008, following over 18 months of extensive refurbishment.
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followed by Belgium (392,000), the UK (387,000), Italy (333,000) the Netherlands (325,000) and Germany (182,000). Tourism receipts for the Jan-Nov period were MAD54.1bn (US$6.6bn).The 14% annual increase is very much in line with BMI’s prediction of a 17% rate of growth for the year as a whole. We believe that the prospects for Morocco’s tourism industry remain buoyant. The country boasts a level of political stability rare in the Islamic world, and the authorities have prioritised tourism as a key source of foreign exchange earnings over the years to come.Over our forecast period, we believe that tourist arrivals can grow at an average annual rate of 10%. This will bring total tourist arrival numbers to 11.8mn by 2012. At the same time, international tourism receipts will continue to grow strongly, reaching US$10.83bn by 2012.Vision 2010 And Plan Azur The cornerstone of Morocco’s tourism strategy for the balance of this decade is Vision 2010. This programme aims to attract 10mn tourists to the African nation by 2010. Other key aspects of the programme include the creation of some 160,000 new hotel beds, bringing the total national capacity to 230,000 beds. The country also hopes to create 600,000 new tourism sector jobs. The key points of Vision 2010 are listed on page 10 of this report. A key component of Vision 2010 is Plan Azur. This plan identifies six key resorts to be developed along the country’s extensive coastline. A full description of Plan Azur can be found on page 23 of this report.A Good Time To Invest Foreign investment in the tourism sector should continue to rise across BMI’s forecast period to 2012.Many international hotel chains are building new resorts across the country and the untapped potential of Morocco’s extensive coastline should be a particular draw to investors wishing to gain exposure to the tourism and property sectors. Foreign airlines are starting up new routes to the kingdom, following the deregulation of the sector in late 2005. The strong priority given to tourism by King Mohamed VI and his government is a further supportive factor.A recent report by UK-based property analyst, the Buy Association, puts Morocco within its top 10 foreign destinations for 2008. The association believes that Moroccan resort properties are expected to increase in value by 30% during 2008 (for further information, see page 12).Marrakesh attracting upscale hoteliers The coming years will see a suite of luxury hotels and resorts opening up in Marrakesh. US-based Park Plaza Hotels plans to open a 114-room hotel in Marrakesh in mid-2009, and Mauritius-based hotel chain Beachcomber Hotels has started work on its new luxury resort just outside the historic city. A new Mandarin Oriental Hotel is also scheduled to open in 2009. The Mandarin Oriental Jnan Rahma will be located just outside the city and provide 145 guest rooms with a further 45 luxury villas, branded as Residences at Mandarin Oriental.Beachcomber’s Royal Palm Hotel Golf and Spa Marrakesh resort will boast 150 suites and villas, alongside upscale spa facilities, a sports centre, four restaurants and an 18-hole gold course. The EUR40mn project marks Beachcombers first new development outside the Indian Ocean, and is scheduled to open at the end of 2009.This flurry of activity at the higher-end of the hotel spectrum comes as the country’s most famous hotel, the Mamounia in Marrakesh, gets set to re-open in Spring 2008, following over 18 months of extensive refurbishment.
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