🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Morocco set to hit record tourism arrivals despite quake and Gaza war

Published 12/18/2023, 06:53 AM
Updated 12/18/2023, 12:58 PM
© Reuters. Tourists and locals visit a market in the Medina in Marrakech, following last month's deadly earthquake, Morocco October 15, 2023. REUTERS/Susana Vera/File Photo
ATCO
-

By Ahmed Eljechtimi

RABAT (Reuters) -Morocco's tourism industry looks set to have had a record year, boosting the wider economy, despite September's earthquake and what sector professionals see as some disruption to winter bookings due to the war in Gaza.

Tourism accounts for 7% of gross domestic product and is a key source of foreign currency. The Tourism Ministry expects 2023 arrivals to reach 14 million by year end, with 13.2 million visitors by the end of November.

In 2022, 11 million tourists visited Morocco and in 2019, the last year before the COVID pandemic hit foreign travel, there were 13 million arrivals.

"All signs point towards hitting the 14 million milestone by December," said Tourism Minister Fatim-Zahra Ammor by email.

Morocco aims to reach 17.5 million visitors by 2026 with the launch of new airline routes, and 26 million by 2030, when it will co-host the World Cup with Spain and Portugal, Ammor said.

The sector has overcome some adverse events. September's earthquake, that ravaged villages in the High Atlas (NYSE:ATCO) mountains, caused minor damage in Marrakech, one of Morocco's main destinations, raising concerns for the area's economy.

Business recovered there with the IMF and World Bank meeting held in the city in October, but has slumped since the start of the war in Gaza, 3,500 km (2,200 miles) away, said Faouzi Zemrani, a Marrakech tour operator.

"There have been cancellations as well as a steep drop in bookings this winter," he said.

Several hotels contacted by Reuters in Marrakech said bookings for the new year holiday season were below pre-pandemic levels.

The head of the tourism federation, Hamid Bentaher, said this winter season will be good for the hotels that diversified their markets.

Most hotels affected by the war in Gaza are those that depend on Israeli tourists, he said.

Morocco agreed to boost ties with Israel in 2020 and this year the countries had said they would upgrade ties to ambassadorial level.

© Reuters. Tourists and locals visit a market in the Medina in Marrakech, following last month's deadly earthquake, Morocco October 15, 2023. REUTERS/Susana Vera/File Photo

Moroccan tourism leaders had hoped this would prompt a big surge in Israeli tourist arrivals.

However, that is now "at a standstill", said Henri Abizker, who organises tours for Israeli tourists, though he expected it to pick up again after the war.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.