Casablanca – Morocco’s construction and infrastructure sector is witnessing a pivotal development as Société Générale des Travaux du Maroc (SGTM), one of the country’s largest engineering firms, prepares for an initial public offering (IPO) on the Casablanca Stock Exchange. The move comes at a moment of extraordinary expansion for the company, driven by major national programs and preparations for the 2030 FIFA World Cup, which Morocco will co-host with Spain and Portugal.

By the end of September 2025, SGTM had secured contracts valued at $3.505 billion, marking the highest project volume in the company’s 54-year history. Company executives say this reflects the scale of Morocco’s long-term investment plans in mobility, water security, green energy, and sports infrastructure.

The company’s leadership considers the upcoming IPO a strategic step toward diversifying financing channels and enhancing the firm’s ability to execute a rapidly growing project pipeline. The public listing is expected to be accompanied by additional capital-raising mechanisms, including project-specific bonds and access to private debt markets. This strategy aims to strengthen financial flexibility and support the company’s expanding commitments.

One of SGTM’s highest-profile undertakings is the construction of the new Hassan II Stadium, designed to host 115,000 spectators, positioning it among the world’s largest stadiums once completed. The project forms part of Morocco’s broader preparations for the 2030 World Cup, which also include stadium expansions, transport upgrades, and large-scale urban development plans across multiple regions.

Beyond its role in sports infrastructure, SGTM is contributing to a series of major national projects. These include the expansion of the country’s high-speed rail network beyond existing corridors; the development of new and modernized port facilities to strengthen Morocco’s trade logistics; and the construction of desalination plants essential to national water-security planning. The company is also involved in industrial and renewable-energy projects linked to Morocco’s emerging green-hydrogen sector, which targets future export markets in Europe.

The surge in project activity is expected to boost SGTM’s revenues significantly in 2025. Forecasts indicate that annual revenues could reach $1.443 billion, reflecting year-on-year growth of more than 25%. Approximately 15% of this projected increase is tied directly to infrastructure programs linked to the 2030 World Cup, including stadium construction, transport improvements, and urban mobility upgrades.

Looking beyond domestic markets, SGTM is also exploring international expansion opportunities. With Saudi Arabia preparing to host the 2034 World Cup and launching several large-scale infrastructure and sports projects, the company sees strong potential to leverage its experience and bid for contracts in the Gulf region. Executives note that SGTM’s track record on mega-projects could help position it competitively in international tenders.

Despite its momentum, the company continues to confront structural challenges. A shortage of skilled labor remains one of the most pressing issues affecting the construction and engineering sector, particularly in technical and project-management specialties. Rising global prices for raw materials have also increased cost pressures, prompting SGTM to prioritize innovation, digitalization, and training to maintain operational efficiency.

Financial sustainability is another key consideration. Mega-projects typically require major upfront investment and long implementation timelines, making access to diverse funding sources crucial. The IPO is expected to provide broader access to capital markets and strengthen investor confidence. Analysts suggest that a public listing will not only improve transparency and governance but may also help the company attract long-term institutional investors and strategic partners.

SGTM’s development is unfolding against the backdrop of Morocco’s expanding national infrastructure agenda. The country continues to invest heavily in renewable energy, new industrial zones, transport systems, and logistics platforms, aiming to enhance competitiveness and position itself as a regional economic hub. Preparations for the 2030 World Cup are further accelerating project timelines and opening new opportunities for major construction firms.

As Morocco moves through this decade of large-scale transformation, SGTM’s plans for a public listing highlight the rapid evolution of the national construction industry. Record-breaking contracts, ambitious government programs, and rising interest in international markets all point to a period of elevated activity for the company. With financing diversification, technological modernization, and strategic expansion at the center of its plans, SGTM is entering a new phase that could reshape both its domestic role and its broader regional presence.