Home / Finance & Economy / The government wants to privatize the mythical hotel La Mamounia

The government wants to privatize the mythical hotel La Mamounia

The legendary palace “La Mamounia”, which hosts since 1922 stars from around the world in the heart of Marrakesh, the tourist capital of Morocco, was listed Thursday on an official list of public companies that can be privatized from 2019. The Council of Government has approved a bill on privatizable companies in which the grand hotel, according to an official statement. The text still needs to be approved in Parliament. Owned mainly by the National Railways Office (ONCF), La Mamounia has hosted since its opening many celebrities: Winston Churchill (who was engaged in painting), Ronald Reagan, Jacques Chirac, Orson Welles, Nelson Mandela, Hillary Clinton, Elton John … The famous palace, which has some 200 rooms and suites, has also been used for filming, such as Alfred Hitchcock’s “The Man Who Knew”. Moroccan Economy Minister Mohamed Benchaaboun announced at the end of October a series of privatizations for 2019. The operation is expected to bring in 10 Billion Dirhams (920 Million Euros), according to the trade press. Like La Mamounia, the Tahaddart thermal power station is on the list of privatizable companies. With a power of 384 MW, this plant located near Tangier is managed by a company owned 48% by the public group ONEE, 32% by the Spanish Endesa Generación and 20% by German Siemens Project Ventures. Since the launch of the first privatization program in 1993, 77 companies have been sold totally or partially to the private sector for a total amount of more than 103 Billion Dirhams (about 9.5 Billion Euros).

Check Also

Hapag-Lloyd shipping company sets up in Morocco

Hapag-Lloyd is now opening its own offices in Morocco. With this additional presence in the …

Leave a Reply