Moroccan Firms Shine in Forbes Middle East 2024 Rankings

Monday 12 August 2024 - 13:40

Morocco's corporate landscape has made a remarkable impact in the Forbes Middle East 2024 rankings, with four companies earning prestigious spots among the top 100 listed firms.

Attijariwafa Bank Group: A Financial Powerhouse

Attijariwafa Bank Group, under the leadership of Chairman and CEO Mohamed El Kettani, claimed the 28th position. With a market value of $10.7 billion, the bank reported sales of $4 billion, profits of $896 million, and assets totaling $65.1 billion. By December 2023, the bank served over 12 million customers across 27 countries and employed 20,782 people. Its loan and deposit market shares in Morocco increased to 26.97% and 25.21% respectively. In January 2024, the bank inked a $109.4 million risk-sharing deal with the African Development Bank, with Al Mada holding a 46.5% stake.

BCP Group: Expanding International Reach

BCP Group, headed by Chairman and CEO Mohamed Karim Mounir, ranked 42nd. The group boasts a market value of $5.9 billion, with sales of $2.9 billion, profits of $409 million, and assets of $51.4 billion. As of June 2023, BCP operated in 32 countries, including 18 in Africa, serving approximately 9.3 million customers. In October 2023, the bank partnered with the International Finance Corporation to support precision irrigation and renewable energy projects in Morocco.

Maroc Telecom: A Telecommunications Leader

Maroc Telecom, led by Chairman of the Managing Board Abdeslam Ahizoune, achieved the 51st spot. With a market value of $8.4 billion, the company reported sales of $3.6 billion and profits of $609 million. As of Q1 2024, its customer base expanded to 77.1 million across 11 African nations. The Société de Participation dans les Télécommunications, backed by technology group e&, holds a major stake, with the Moroccan government retaining a 22% share.

Bank of Africa: A Pan-African Presence

Bank of Africa, guided by Chairman and CEO Othman Benjelloun, secured the 56th position. The bank's market value stands at $4.1 billion, with sales of $2.5 billion and profits of $403 million. Operating in 32 countries, it serves over 6.6 million customers. The bank's African branches contribute significantly to its income, with RMA Watanya as the largest shareholder at 27.41%.

Industry Insights

Saudi Aramco led the overall rankings, while the banking sector dominated with 45 entries. In a separate assessment, Forbes Middle East highlighted the strength of Morocco’s banking sector, featuring Attijariwafa Bank, BCP Group, and Bank of Africa among the 30 most valuable banks in the MENA region. These banks collectively saw a 14% increase in market value over the year, reaching $581.1 billion by February 2024.

Morocco’s corporate achievements underscore the dynamic growth and resilience of its key industries on the regional stage.