Morocco's business resilience: four companies in the Forbes top 100
Morocco's corporate sector has demonstrated remarkable resilience and great growth potential, as reflected in the Forbes Middle East Top 100 listed companies ranking for 2024. In this ranking, four Moroccan companies have managed to position themselves among the top 100.
As Morocco World News indicates, leading the Moroccan representation is the Attijariwafa Bank Group, which, under the leadership of its chairman and CEO Mohamed El Kettani, ranked 28th. With a market value of 10.7 billion dollars, the entity achieved sales of 4 billion dollars, profits of 896 million dollars and assets valued at 65.1 billion dollars. At the end of 2023, Attijariwafa Bank had more than 12 million customers and employed 20,782 people in 27 countries. Moreover, during the same year, the bank's loan market share in Morocco increased to 26.97%, while its deposit market share reached 25.21%. In January 2024, the bank's European subsidiary signed a 109.4 million dollar risk-sharing agreement with the African Development Bank. The bank's majority shareholder is Al Mada, with a 46.5% stake.
The BCP Group, chaired by Mohamed Karim Mounir, ranked 42nd on the list, with a market value of 5.9 billion dollars, sales of 2.9 billion dollars, profits of 409 million dollars and assets valued at 51.4 billion dollars. According to Forbes, as of June 2023, BCP operated in 32 countries, 18 of them in Africa, and had approximately 9.3 million customers. In October 2023, the bank signed a 36 million dollar financing agreement with the International Finance Corporation and Compagnie Marocaine de Goutte-à-Goutte et de Pompage, to boost the development of precision irrigation, solar energy and efficient water management systems in Morocco.
It is followed by Maroc Telecom, led by Abdeslam Ahizoune, which ranked 51st, with a market value of 8.4 billion dollars, sales of 3.6 billion dollars, profits of 609 million dollars and assets valued at 6.5 billion dollars. Forbes noted that, in the first quarter of 2024, Maroc Telecom's customer base grew by 2.7% to 77.1 million subscribers. Founded in 1998 following the spin-off of the National Post and Telecommunications Office (ONPT), Maroc Télécom is present in 11 African countries. The Société de Participation dans les Télécommunications, controlled by the technology and investment group e&, owns 53% of the company, while the Moroccan government holds a 22% stake until April 2024.
Finally, Bank of Africa, led by Othman Benjelloun, ranked 56th, with a market value of 4.1 billion dollars, sales of 2.5 billion, profits of 403 million and assets of 38.4 billion. According to Forbes, as of October 2023, Bank of Africa was operating in 32 countries, serving more than 6.6 million customers. The bank has 609 branches and outlets in Africa, contributing 49% of net profit attributable to the parent's shareholders. RMA Watanya is its largest shareholder, with a 27.41% stake.
Overall, Saudi Aramco led the ranking, followed by Saudi National Bank and the International Holding Company. The banking and financial services sector was the most represented sector on the list, with 45 entries. Furthermore, in a separate ranking previously published, Forbes Middle East had already recognised the strength of the Moroccan banking sector, highlighting Attijariwafa Bank, BCP Group and Bank of Africa among the 30 most valuable banks in the MENA region. The aggregate market value of these 30 banks grew by 14% in the 12 months to February 2024, reaching 581.1 billion dollars.
The prominent presence of four Moroccan companies in the ranking underlines the strength and competitiveness of the Kingdom's corporate sector, especially in banking and telecommunications, positioning Morocco as a key player in the region.
