MOROCCO · BUSINESS
Key Facts
- —The country Morocco, in northwest Africa, has had a free-trade agreement with the United States since 2006.
- —What happened The 25th edition of the 500 Global ranking of Moroccan firms was unveiled on Thursday 22 October.
- —The leader OCP, the phosphate and fertilizer group, earned about US$11.6 billion in 2025, up 17.5%.
- —The rest of the top 10 Renault Morocco, utility ONEE and Maroc Telecom follow; each earns close to US$2 billion or more.
- —The total All 500 firms together earned about US$116 billion in 2025, up 11.7% on the year.
The Morocco top 10 companies are led by OCP, the phosphate and fertilizer group, which earned about US$11.6 billion in 2025. The 25th edition of the 500 Global ranking, unveiled on Thursday 22 October, ranks the kingdom’s 500 largest firms by revenue.
Morocco is a free-trade partner of the United States, and the ranking names the biggest firms in that partner economy. Together the 500 companies earned MAD 1,145 billion (about US$116 billion) in 2025, up 11.7% from MAD 1,026 billion (about US$104 billion) a year earlier.
In Plain English, Who Is Who
OCP is Morocco’s largely state-owned phosphate and fertilizer company, one of the biggest in the world. ONEE, the National Office of Electricity and Drinking Water, is the state utility that supplies power and water.
Maroc Telecom is Morocco’s largest telephone and internet operator, with units in several African countries. Renault Morocco is the French carmaker’s business in the kingdom, which builds cars for export.
The dirham (MAD) is Morocco’s currency, and this report converts it at about 9.84 dirhams to the US dollar. The 500 Global ranks firms by annual revenue, not by profit.
The Morocco Top 10 Companies at a Glance
OCP leads with MAD 113.9 billion (about US$11.6 billion) in 2025 sales, up 17.5% on the year. Renault Morocco is second with MAD 59.2 billion (about US$6.0 billion), down 6%.
ONEE is third with MAD 41.5 billion (about US$4.2 billion), down 2.5%. Maroc Telecom is fourth with MAD 36.7 billion (about US$3.7 billion).
The bank Attijariwafa is fifth with MAD 34.9 billion (about US$3.5 billion). Afriquia SMDC, a fuel and gas distributor, is sixth with MAD 29.8 billion (about US$3.0 billion).
Banque Centrale Populaire, a large retail bank, is seventh with MAD 27.0 billion (about US$2.7 billion). The airline Royal Air Maroc is eighth with MAD 21.8 billion (about US$2.2 billion).
The bank BMCE Bank of Africa is ninth with MAD 20.3 billion (about US$2.1 billion). Engineering firm JESA is tenth with MAD 19.6 billion (about US$2.0 billion), so the Morocco top 10 companies sit near US$2 billion or above.
What the Company Results Show
OCP said on 27 February that 2025 revenue reached MAD 113.9 billion (about US$11.6 billion). That is up 17% from MAD 97.0 billion (about US$9.9 billion) in 2024, and nearly twice the revenue of the runner-up.
Maroc Telecom said on 13 February that its 2025 group revenue was MAD 36.7 billion (about US$3.7 billion), up 1.4%. Growth came from its African subsidiaries, whose revenue rose 5.3%.
Where the Money Sits
The Casablanca-Settat region holds 74.6% of the head offices and earns 73.5% of the revenue, MAD 842 billion (about US$85.5 billion). The Rabat-Salé-Kénitra region, around the capital, accounts for 15.5%, or MAD 177 billion (about US$18.0 billion).
The ranking’s authors say tourism and hotels grew fastest, with revenue up 32.5%. Construction and infrastructure followed at 25.6%, and consulting and other services at 25.1%.
Their survey found that 46% of company leaders plan to add staff. Another 37% plan to invest more, a sign that the Morocco top 10 companies are not alone in expecting growth.
What It Means for US Readers
The United States and Morocco have traded under a free-trade agreement since 1 January 2006. The US trade office puts 2025 goods exports to Morocco at about US$5.5 billion and imports at US$1.9 billion.
The list does not show how much of each firm’s revenue comes from the United States. For background, see our guide to Morocco and the United States and our profile of who runs Morocco’s economy.
Royal Air Maroc, the eighth firm on the list, flies nonstop to Los Angeles, as our report on the new route explains. Our report on state firms’ investment plans and on Maroc Telecom’s nine-month results add detail on two of the ten.
What Is Not Known
The list gives revenue only, so profit, debt and the share of sales made abroad are not stated for the Morocco top 10 companies. The authors said more detail would follow, and the full list of 500 was not yet released.
More: Morocco news in English, every day from The Rio Times.
Frequently Asked Questions
What are the biggest companies in Morocco?
OCP, Renault Morocco and the utility ONEE lead the Morocco top 10 companies, followed by Maroc Telecom and the bank Attijariwafa. Royal Air Maroc ranks eighth.
How much does OCP earn?
OCP earned MAD 113.9 billion (about US$11.6 billion) in 2025, up 17% on 2024. It is Morocco’s largest company by revenue.
What is the 500 Global ranking?
It is an annual ranking of Morocco’s 500 largest companies by revenue, published each October. The 2026 edition is the 25th.
Does Morocco have a free-trade deal with the United States?
Yes, the US-Morocco Free Trade Agreement took effect on 1 January 2006. US goods exports to Morocco were about US$5.5 billion in 2025.
How much did the 500 companies earn together?
They earned MAD 1,145 billion (about US$116 billion) in 2025, up 11.7% on the year. Casablanca-Settat produced 73.5% of that revenue.
Sources: The 500 Global ranking of Moroccan companies, 25th edition (publisher’s list), 22 October 2026; OCP Group: 2025 annual revenue communiqué, 27 February 2026; Maroc Telecom: 2025 annual results, 13 February 2026; Office of the US Trade Representative: Morocco and the free trade agreement, 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief