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Morocco

Country Code: 504 | ISO2 Code: MA | ISO3 Code: MAR

Situated at the north-western corner of Africa, Morocco is included in multiple overlapping geographical areas: Africa, the Greater Arab Maghreb and the Middle East and North Africa (MENA) region. Morocco has a land mass of 446,550km² and a total coastline of 1,835km and is bordered by Algeria to the east, Mauritania to the south, and the Strait of Gibraltar to the North, separating it from Spain by less than 15km. It has two seafronts – the Atlantic Ocean to the west and the Mediterranean Sea to the north. This places Morocco strategically between Africa and Europe.

Morocco is a constitutional monarchy with an elected parliament. It has a population of 37 million people and a GDP of US$143bn, and its currency is the Moroccan dirham.

With a growth rate of 7.9%, the Moroccan economy rebounded in 2021, but several shocks led to an abrupt deceleration of economic activity, and GDP growth dropped to just 0.3% in the first quarter of 2022. These shocks included the impact of yet another drought, the third in the last four years, which lead to a sharp contraction in agricultural GDP. In addition, as an importer of energy and food, Morocco was severely affected by the commodity price shocks triggered by the war in Ukraine. Real GDP growth is expected to recover to 3% in 2023 after slowing to 1% in 2022.

Standard corporate tax rates in Morocco are progressive, from 10% on income under MAD300,000 (US$34,035) to 31% on income of over MAD1m (US$113,450), and the standard VAT rate is 20%.

Inflation accelerated from 0.2% to 0.7% in 2020 with food prices rising 0.9%. Inflation is expected to rise from an estimated 0.8% in 2021 to 1.2% in 2022, according to the International Monetary Fund.

A recovery plan was defined by the government in its 2021-2023 plan which revolves around the modernisation and digitalisation of commerce. Projects include establishing an incubator supporting digital startups with products and solutions for merchants, digitalising local commerce and generalising mobile payment. The minister of industry said the plan also includes boosting small and medium industrial companies and substitution of imports by local production, with support valued at MAD34bn (US$3.86m).

There are a number of specific financial, tax and customs exemptions and agreements to encourage investment. Declining foreign direct investment in 2018 prompted the government to introduce a five-year corporate tax holiday for new industrial companies and it also signed agreements with several countries to avoid double payment of income tax.


Electricity costs are generally regarded as expensive in Morocco as the country imports 97% of its energy resources.


Sources: Who Owns Whom sector reports, CIA Factbook, African Development Bank, World Bank, Trading Economics, African Statistical Yearbook and IMF.

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CompanyName Stock Exchange Listed Date Ticker Code Country Status
AFMA S.A. Casablanca Stock Exchange AFMA Morocco Active
AFRIC INDUSTRIES S.A. Casablanca Stock Exchange AFI Morocco Active
AFRIQUIA GAZ S.A. Casablanca Stock Exchange GAZ Morocco Active
AGMA LAHLOU-TAZI S.A. Casablanca Stock Exchange AGMA Morocco Active
AKDITAL S.A. Casablanca Stock Exchange 2022-12-14 AKT Morocco Active
ALLIANCES DEVELOPPEMENT IMMOBILIER SA Casablanca Stock Exchange 2008-07-17 ADI Morocco Active
ALUMINIUM DU MAROC S.A. Casablanca Stock Exchange ALM Morocco Active
ARADEI CAPITAL S.A. Casablanca Stock Exchange 2020-12-14 ARD Morocco Active
ATLANTASANAD S.A. Casablanca Stock Exchange ATL Morocco Active
ATTIJARIWAFA BANK S.A. Casablanca Stock Exchange 1943-08-13 ATW Morocco Active
AUTO HALL S.A. Casablanca Stock Exchange ATH Morocco Active
AUTO NEJMA MAROC S.A. Casablanca Stock Exchange NEJ Morocco Active
BANK OF AFRICA Casablanca Stock Exchange BCE Morocco Active
BANQUE MAROCAINE POUR LE COMMERCE ET L'INDUSTRIE SA Casablanca Stock Exchange 1972-02-28 BMCI Morocco Active
BANQUE POPULAIRE SA Casablanca Stock Exchange 2004-07-06 BCP Morocco Active
CARTIER SAADA S.A. Casablanca Stock Exchange CRS Morocco Active
CIMENTS DU MAROC S.A. Casablanca Stock Exchange 1969-06-24 CMA Morocco Active
COLORADO S.A. Casablanca Stock Exchange COL Morocco Active
COMPAGNIE DE TRANSPORTS AU MAROC SA Casablanca Stock Exchange 1993-06-03 CTM Morocco Active
COMPAGNIE MINIERE DE TOUISSIT SA Casablanca Stock Exchange 2008-06-04 CMT Morocco Active
COSUMAR S.A. Casablanca Stock Exchange 1985-06-03 CSR Morocco Active
CREDIT DU MAROC S.A. Casablanca Stock Exchange 1976-05-03 CDM Morocco Suspended
CREDIT IMMOBILIER ET HOTELIER SA Casablanca Stock Exchange CIH Morocco Active
DARI COUSPATE SA Casablanca Stock Exchange 2005-07-11 DARI Morocco Active
DELATTRE LEVIVIER MAROC S.A. Casablanca Stock Exchange DLM Morocco Active
DELTA HOLDING SA Casablanca Stock Exchange DHO Morocco Active
DIAC SALAF SA Casablanca Stock Exchange 1962-06-01 DIS Morocco Suspended
DISTY TECHNOLOGIES S.A. Casablanca Stock Exchange DYT Morocco Active
DISWAY S.A. Casablanca Stock Exchange 2007-02-28 DWAY Morocco Active
DOUJA PROMOTION GROUPE ADDOHA SA Casablanca Stock Exchange ADH Morocco Active
EQDOM S.A. Casablanca Stock Exchange EQD Morocco Active
FENIE BROSSETTE S.A. Casablanca Stock Exchange FBR Morocco Active
GROUPE DES BOISSONS DU MAROC S.A. Casablanca Stock Exchange SBM Morocco Active
HIGHTECH PAYMENT SYSTEMS S.A. Casablanca Stock Exchange 2006-12-27 HPS Morocco Active
IB MAROC COM SA Casablanca Stock Exchange 2001-07-10 IBMC Morocco Active
IMMORENTE INVEST S.A. Casablanca Stock Exchange IMO Morocco Active
INVOLYS S.A. Casablanca Stock Exchange INV Morocco Active
ITISSALAT AL MAGHRIB SA Casablanca Stock Exchange IAM Morocco Active
JET CONTRACTORS SA Casablanca Stock Exchange 2011-12-09 JALU Morocco Active
LABEL VIE S.A. Casablanca Stock Exchange 2008-07-02 LBV Morocco Active
LAFARGEHOLCIM MAROC SA Casablanca Stock Exchange 1997-02-19 LAC Morocco Active
LES EAUX MINERALES D' OULMES SA Casablanca Stock Exchange 1943-08-13 OUL Morocco Active
LESIEUR CRISTAL SA Casablanca Stock Exchange 1972-12-07 LES Morocco Active
M2M GROUP SA Casablanca Stock Exchange 2007-07-04 M2M Morocco Active
MAGHREB OXYGENE SA Casablanca Stock Exchange MOX Morocco Active
MAGHREBAIL S.A. Casablanca Stock Exchange MAB Morocco Active
MANAGEM S.A. Casablanca Stock Exchange 2011-07-11 MNG Morocco Active
MAROC LEASING S.A. Casablanca Stock Exchange 1997-02-00 MLE Morocco Active
MED PAPER S.A. Casablanca Stock Exchange MDP Morocco Active
MICRODATA S.A. Casablanca Stock Exchange MIC Morocco Active
MUTANDIS SCA Casablanca Stock Exchange MAD Morocco Active
PROMOPHARM S.A. Casablanca Stock Exchange PRO Morocco Active
RISMA S.A. Casablanca Stock Exchange 2006-05-15 RIS Morocco Active
SALAFIN S.A. Casablanca Stock Exchange SLF Morocco Active
SANLAM MAROC S.A. Casablanca Stock Exchange SAH Morocco Active
SOCIETE ANONYME MAROCAINE DE L'INDUSTRIE DE RAFFINAGE SA Casablanca Stock Exchange Morocco Suspended
SOCIETE D'EXPLOITATION DES PORTS SA Casablanca Stock Exchange 2016-07-19 MSA Morocco Active
SOCIETE DE REALISATIONS MECANIQUES SA Casablanca Stock Exchange 2006-12-12 SRM Morocco Active
SOCIETE DE THERAPEUTIQUE MAROCAINE SA Casablanca Stock Exchange 2005-02-21 SOT Morocco Active
SOCIETE IMMOBILIERE BALIMA S.A. Casablanca Stock Exchange BAL Morocco Active
SOCIETE MAGHREBINE DE MONETIQUE SA Casablanca Stock Exchange 2011-12-27 S2M Morocco Active
SOCIETE METALLURGIQUE D'IMITER SA Casablanca Stock Exchange 1997-06-18 SMI Morocco Active
SOCIETE NATIONALE D'ELECTROLYSE ET DE PETROCHIMIE S.A. Casablanca Stock Exchange 2007-11-07 SNP Morocco Active
SOCIETE REBAB COMPANY S.A. LTD Casablanca Stock Exchange 1954-06-28 REB Morocco Active
SONASID S.A. Casablanca Stock Exchange SID Morocco Active
STOKVIS NORD AFRIQUE S.A. Casablanca Stock Exchange SNA Morocco Active
STROC INDUSTRIE S.A. Casablanca Stock Exchange STR Morocco Active
TAQA MOROCCO S.A. Casablanca Stock Exchange 2013-12-24 TQM Morocco Active
TIMAR S.A. Casablanca Stock Exchange TIM Morocco Active
TOTALENERGIES MARKETING MAROC S.A. Casablanca Stock Exchange 2015-05-29 TMA Morocco Active
TRAVAUX GENERAUX DE CONSTRUCTION DE CASABLANCA S.A. Casablanca Stock Exchange 2021-12-16 TGCC Morocco Active
UNIMER GROUPE SA Casablanca Stock Exchange UMR Morocco Active
WAFA ASSURANCE S.A. Casablanca Stock Exchange WAA Morocco Active
ZELLIDJA S.A. Casablanca Stock Exchange ZDJ Morocco Active
The Wholesale and Retail of Food Industry in Morocco
The Wholesale and Retail of Food Industry in Morocco 2021

The Wholesale and Retail of Food Industry in Morocco

Full Report R 6 500.00(ZAR) estimated $ 352.87 (USD)*

Industry Landscape R 4 550.00(ZAR) estimated $ 247.01 (USD)*

The Wholesale and Retail of Food Industry in Morocco
The Wholesale and Retail of Food Industry in Morocco 2018

The Wholesale and Retail of Food Industry in Morocco

Full Report R 1 900.00(ZAR) estimated $ 103.15 (USD)*

Industry Landscape R 1 330.00(ZAR) estimated $ 72.20 (USD)*