The funds will be used to acquire hotels, expand the group’s portfolio and finance sustainable upgrades in Casablanca, Marrakech and Agadir. Pickalbatros has already added more than 1,400 rooms in Morocco over the past two years.
The agreement is the largest hotel financing transaction supported by the IFC in Morocco’s history.
The funding will initially support the group’s two recent acquisitions in Casablanca, Sofitel Casablanca Tour Blanche and Mövenpick Hotel Casablanca, as well as renovation work at both properties. Hotels in Marrakech and Agadir will also be modernized.
The agreement was signed by Kamel Abou Aly, founder and chairman of Pickalbatros Hotels & Resorts, and Moustafa El-Shenety, founder and co-CEO of Zilla Capital. David Tinel, the IFC’s country manager for Morocco, and Mohamed Redouane El Alj, executive director of Attijariwafa bank, also signed the agreement.
The signatories described the deal as “an important step for national tourism, as it confirms the interest of both foreign and Moroccan financial institutions in the country’s hotel industry.”
More than 1,400 rooms added in two years
The agreement comes during a period of rapid expansion for the group. Over the past two years, Pickalbatros has added more than 1,400 rooms in Morocco. Its portfolio now includes more than 2,700 rooms across nine hotels.
The group also says it is investing in energy and water efficiency, reducing its environmental footprint and bringing its properties into line with international standards for green construction and sustainable tourism.
Pickalbatros Hotels & Resorts signed a financing agreement with the IFC and Attijariwafa bank in Marrakech on October 15 to support the expansion and modernization of its hotel portfolio in Morocco. (M. Lamrikhi/Le360)
Speaking to Le360, Kamel Abou Aly welcomed the IFC as a long-term financial partner alongside Attijariwafa bank, whose longstanding support has played a key role in the group’s growth. He said the agreement combines international development finance expertise with that of Morocco’s leading bank.
Pickalbatros’ chairman placed the financing in the context of Morocco’s growing tourism industry. The country was Africa’s most visited destination in 2025, welcoming a record 19.8 million tourists.
“As the Kingdom aims to reach 26 million visitors by 2030, the year it will co-host the FIFA World Cup with Spain and Portugal, the group is investing in expanding and modernizing its hotel portfolio to meet growing demand for quality accommodation,” Kamel Abou Aly said.
He expects the financing to bring foreign currency into the country and inject capital into the wider sector. “Competition creates quality,” he said, adding that the growing number of tourism projects is driving the hotel industry’s growth.
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On the group’s future expansion plans, Abou Aly said no locations had been ruled in or out exclusively. Marrakech, Agadir and Casablanca, where Pickalbatros already operates, remain key markets, but the group is also considering other cities.
“I hope that one day we will realize our dream of having a presence in Dakhla,” he said, expressing his conviction that the city will become a major destination for coastal tourism.
Abou Aly also has close personal ties to Morocco. He is married to a Moroccan woman, and their three children hold Moroccan nationality. His wife told Le360 that the family remains attached to the country and is committed to investing there over the long term.
7,500 jobs expected
David Tinel described the agreement as “very important,” noting that tourism is a priority sector for the IFC, particularly ahead of the 2030 World Cup. He expects the deal to generate “around 7,500 jobs,” both direct and indirect. “That is very substantial,” he said.
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Tinel recalled that Morocco recorded nearly 20 million international arrivals last year, with visitor numbers continuing to grow year after year. He said the country’s appeal lies in its hotels and beaches, as well as its related activities and cultural and creative industries, which offer visitors a more complete experience. The IFC intends to continue supporting the sector in the coming years.
Abdelaziz El Kahwane, vice president of Pickalbatros Hotels & Resorts Morocco, said the agreement was “the result of more than a year of work and consultation among the various stakeholders.”
He said the group aims to increase its capacity to 7,000 rooms by 2030, from around 3,000 today. “This agreement will be neither the first nor the last. There are major agreements still to come,” he said.
