Rabat - Morocco has solidified its position as an important player in the business landscape of North Africa, with 13 of its companies featuring among the top 20 in the region, according to a report by African Business.
The pan-African business magazine ranked Morocco's largest bank, Attijariwafa Bank, as the top company in the region for the year 2023, highlighting the bank's dominance in the region's financial sector.
The Moroccan bank moved from the 19th to the 14th position on the continental level with an estimated market capitalization of $8.3 billion.
With a market capitalization of $7.3 billion, Maroc Telecom came in second place on the list and in the 19th position on the continental level.
Banque Centrale Populaire ranked as North Africa’s fourth-largest company. The Moroccan banking group was ranked 31st in Africa with an estimated market capitalization of $4.5 billion.
Bank of Africa – formerly known as BMCE– ranked fifth in North Africa and 40th in Africa. The Moroccan bank’s current market value sits at $3.3 billion.
Global building materials and solutions company LafargeHolcim Maroc also made the ranking as North Africa’s sixth-largest company, followed by Moroccan mining group Managem.
Other Moroccan companies featured in the regional ranking include energy company TAQA Morocco and cement company Ciments du Maroc. The two firms are respectively ranked eighth and tenth in the North African market.
Sugar production company Consumar was ranked 11th, followed by port management company Marsa Maroc.
Meanwhile, energy company Afriquia Gaz, insurance firm Wafa Assurance, and supermarket chain Label Vie all made the ranking as well.
The recognition of Morocco's companies is a significant milestone for the country's business community, signaling its growing influence in the region's economy.
The country's strategic geographic location, skilled workforce, and robust infrastructure have made it an attractive destination for businesses seeking to expand their operations in North Africa.
The FDI Confidence Index 2023 featured Morocco among the most attractive emerging markets for foreign direct investment (FDI), with the North African country ranking 16th out of the 25 markets listed in the emerging market rankings.