Casablanca – Morocco is steadily consolidating its position as a major economic force on the African continent, as evidenced by the strong presence of its companies in the latest rankings published by African Business magazine. The 2025 edition of the “Africa’s Top 250 Companies” highlights not only the resilience of Moroccan firms but also their expanding influence across various strategic sectors.
According to the report, 15 Moroccan companies have earned places in the list of Africa’s top 250 publicly listed firms. This figure reflects the growing maturity and regional outreach of Morocco’s corporate landscape, particularly in banking, telecommunications, mining, logistics, energy, construction, and healthcare.
Leading North Africa’s corporate scene
The dominance of Moroccan firms is particularly visible in the North African regional ranking, where they occupy the top six positions. Egypt is the only other North African country with a significant presence, while Algeria, Tunisia, and Libya have not placed any companies in the top 20.
At the forefront is Attijariwafa Bank, which has climbed to 8th place on the continental scale, making it the highest-ranked Moroccan firm in Africa. As of April 17, 2025, the bank recorded a market capitalization of approximately $14.73 billion, positioning it ahead of traditional heavyweights like Maroc Telecom and Managem. Attijariwafa Bank is also now the largest listed company on the Casablanca Stock Exchange.
The bank’s rise, moving up six spots in just one year, is credited to its sustained growth strategy and its presence in 27 countries. Analysts point to the group’s consistent regional expansion and diversified portfolio as key factors behind its success.
Diversified sectoral footprint
Maroc Telecom, the second-largest Moroccan company in the continental ranking, now holds the 10th position in Africa, with a market value of $7.3 billion. Operating in over ten African countries, the telecom giant continues to expand its reach through strategic investments and infrastructure development.
Managem, a mining and metallurgy company, is ranked 21st in Africa and third in North Africa, with a value of $2.46 billion. Its activities extend across multiple African countries, focusing on gold, cobalt, and copper production. The company’s growth reflects Morocco’s ambitions to become a major player in the global mining supply chain.
Other top-performing Moroccan companies include:
- Banque Centrale Populaire (22nd in Africa, 4th in North Africa) – $4.5 billion market value
- Marsa Maroc (24th in Africa, 5th in North Africa) – Morocco’s main port operator
- Taqa Morocco (26th in Africa, 6th in North Africa) – the country’s leading private electricity producer
Expanding Presence Across the Top 250
The 2025 ranking also features several other notable Moroccan companies across various industries:
- LafargeHolcim Maroc (33rd in Africa)
- Bank of Africa (35th)
- Ciments du Maroc (47th)
- TGCC (Travaux Généraux de Construction de Casablanca) (59th)
- Cosumar (61st)
- Groupe Addoha (65th)
- Akdital (66th) – a leading private healthcare provider
- Wafa Assurance (68th)
- TotalEnergies Marketing Maroc (74th)
These companies collectively underscore Morocco’s diversified industrial base and its growing role as a hub for sectors such as real estate, construction, insurance, healthcare, and energy.
Comparative performance and regional disparities
While Morocco and Egypt remain the only North African countries represented in the top 20 companies of the region, Algeria, Tunisia, and Libya are notably absent. Despite Algeria being ranked as the fourth-largest economy in Africa by GDP, none of its firms appear in either the top 20 North African companies or the broader top 250 list. This gap raises questions about the effectiveness of economic reforms and the challenges facing private sector development in those countries.
In contrast, Tunisia, although absent from the top 20, has managed to place seven companies in the top 250, mostly in the banking sector. Analysts attribute this modest performance to Tunisia’s relatively open economy and its integration into European supply chains, although limited domestic market size remains a constraint.
Morocco’s strategic position in Africa
Morocco’s performance in the rankings reflects broader national strategies aimed at positioning the country as a gateway to Africa. Government-backed reforms, improvements in infrastructure, and efforts to support outward investment have helped Moroccan companies establish a regional footprint.
The country’s private sector is increasingly active in sub-Saharan Africa, particularly in banking, telecommunications, and energy, areas where Moroccan firms have developed replicable business models and formed regional partnerships.
This year’s ranking by African Business, a respected publication that has been analyzing African economic trends since 1982, provides a snapshot of the evolving dynamics of African corporate power. It highlights not only the performance of individual companies but also structural shifts in regional competitiveness.
As Moroccan firms continue to gain ground, they are not only boosting the country’s profile on the continental stage but are also helping to shape Africa’s economic future.
