Morocco state-owned enterprise economic performance

Morocco is undergoing a transition in the management of its state-owned enterprises, moving from establishing institutional foundations toward implementing reforms and measuring impact. A report from the National Agency for the Strategic Management of State Holdings and Performance Monitoring for the 2024-2025 period noted that investments by state-owned companies rose by approximately 27 percent in 2024, reaching 80 billion dirhams. These investments were heavily concentrated in the Casablanca-Settat, Marrakech-Safi, and Rabat-Sale-Kenitra regions.

Data accompanying Morocco’s 2027 draft finance law indicates that public enterprises reached a turnover of approximately 421.6 billion dirhams in 2025, a 16 percent increase from the previous year. This growth was largely driven by the OCP Group, alongside contributors such as Royal Air Maroc, the Caisse de Dépôt et de Gestion, and the Tangier Med Agency.

While net results improved by 22 percent, the sector faces significant debt, with financing debts exceeding 388.2 billion dirhams. As of September 2026, the public portfolio consists of 274 entities, including 215 public institutions and 59 joint-stock companies. Sectoral turnover in 2025 was led by energy, minerals, water, and environment at 46 percent, followed by social sectors at 26 percent.