Barely a few months after the normalization of relations between Morocco and Israel in the wake of the Abraham accords and the creation by the governments of the two countries of several interministerial working groups intended to develop bilateral economic cooperation (diplomatic group, economic group intended for investments, group dedicated to agriculture and the environment, tourism and aviation group and finally an innovation and technology group), the first Israeli investments are already starting to appear on the horizon.
Indeed, after the agricultural group Mehadrin which recently announced its desire to develop the culture of lawyers there in partnership with a local industrialist, it is the turn of the hotel sector to be another vector of FDI (Foreign Direct Investments) Israelis in Morocco. This time, it is Fattal Hotel Group, one of the main hotel players of Israeli origin known for its Leonardo, U Hotels, Nyx, Herods and Juris Inn brands, which has just set its sights on the new economic and political partner of the State of Israel. According to well-informed sources, the group founded in 1998 by David Fattal intends to acquire ten hotel establishments in Morocco.
For the moment nothing is filtering as to the brand (or brands) targeted or on the positioning or the geographical location of the hotels in the viewfinder but one thing is certain, the Fattal group intends to break the piggy bank to do Morocco, an important base for its development on the southern Mediterranean shore, where it is not yet present until now (apart from its domestic market). This shows all the confidence that the top management of the group has in Morocco’s tourism potential and its ability to rise above the unprecedented health and economic crisis that the Moroccan hotel sector is going through.
Moreover, just a few days ago, Fleur Hassan-Nahoum, the deputy mayor of Jerusalem said during a meeting between Emirati and Israeli officials that “the next two years will benefit, in terms of tourism, to countries that have worked to control the Covid-19 pandemic″. Hopefully Morocco will be part of it. This will consolidate Fattal Hotel Group to make it the twentieth country of establishment for its system which has more than two hundred hotel units spread over 106 cities for a total of 42,000 rooms and 12,000 employees.
Recall that Fattal Hotel Group capitalizes some 1.32 billion euros (more than 14 billion dirhams) on the Tel Aviv stock exchange where it has been listed for three years, for a 2020 consolidated turnover of 486 million euros (nearly 5.3 billion dirhams).