MOROCCO · ECONOMY
Published Tuesday, 27 October, 10:11 a.m. ET · Source: Moroccan Ministry of Economy and Finance, report on public enterprises 2027
Key Facts
- —Who Morocco's Ministry of Economy and Finance published the public-portfolio report attached to the draft 2027 Finance Bill.
- —What Public establishments and state-owned enterprises plan to invest 209.16 billion dirhams (about US$21.2 billion) in 2027.
- —Numbers The 2026 forecast is 209.64 billion dirhams (about US$21.3 billion), and actual 2025 investment was 124.36 billion dirhams (about US$12.6 billion).
- —Outlook Planned investment falls to 158.53 billion dirhams (about US$16.1 billion) in 2028 and 132.84 billion dirhams (about US$13.5 billion) in 2029.
Investment Plateau
Morocco's public establishments and state-owned enterprises plan to invest 209.16 billion dirhams (about US$21.2 billion) in 2027, according to a Ministry of Economy and Finance report attached to the draft 2027 Finance Bill. The figure excludes investment by the Mohammed VI Investment Fund, a state vehicle for strategic projects.
The 2027 projection is broadly flat compared with the revised 2026 forecast of 209.64 billion dirhams (about US$21.3 billion), a difference of roughly 0.2 percent.
Portfolio Concentration
The public portfolio comprised 274 entities at the end of September 2026, including 215 public establishments and 59 limited companies with direct Treasury holdings. The report identifies nine entities or groups as responsible for more than 78 percent of projected 2027 investment.
Medium-Term Decline
The report projects a substantial reduction after 2027, with planned investment falling to 158.53 billion dirhams (about US$16.1 billion) in 2028, a decline of 24 percent. The figure drops further to 132.84 billion dirhams (about US$13.5 billion) in 2029, a 16 percent decrease from 2028.
By 2029, the annual investment envelope would be more than one-third below its 2027 level. The available reports do not provide a project-by-project breakdown of the 209.16 billion dirhams (about US$21.2 billion) total.
What Is Not Known
No named official quote explaining the investment total appears in the available reports.It is unclear which specific projects drive the 2027 peak and how much of the projected amount will be funded by state budget, borrowing, bonds, retained earnings, regional authorities, or private partners.
Frequently Asked Questions
How much do Morocco’s state-owned enterprises plan to invest in 2027?
Morocco’s public establishments and state-owned enterprises plan to invest 209.16 billion dirhams (about US$21.2 billion) in 2027, according to the finance ministry report. The figure excludes investment by the Mohammed VI Investment Fund.
How does the 2027 projection compare with 2026 and 2025?
The 2027 plan is nearly flat compared with the revised 2026 forecast of 209.64 billion dirhams (about US$21.3 billion). Actual investment in 2025 was 124.36 billion dirhams (about US$12.6 billion).
What happens after 2027?
Planned investment falls to 158.53 billion dirhams (about US$16.1 billion) in 2028, a 24 percent decline from 2027. It drops further to 132.84 billion dirhams (about US$13.5 billion) in 2029, more than one-third below the 2027 level.
Sources: Moroccan Ministry of Economy and Finance, report on public enterprises 2027.
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