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Morocco’s construction sector has performed moderately well since the global financial crisis of 2007-08. Public policy efforts have also been directed towards supporting local small and medium-sized enterprises and upskilling workers. For Morocco’s construction sector to achieve its target of generating $8.4bn by 2022, it will need to maintain a steady momentum of public investment. At the same time, efforts to upgrade the legal framework in order to enable effective public-private partnership projects, formalise small-scale subcontractors and upskill the workforce will be required to raise productivity and increase the value of infrastructure projects. Meanwhile, the real estate sector recorded a subdued performance on most indicators in 2019, as prices and demand continued to fall or show little improvement. Nevertheless, construction will drive on across all real estate segments, as Morocco experiences rapid population and economic growth. This chapter contains interviews with Nouzha Bouchareb, Minister of National Planning, Urban Planning, Housing and Urban Policy; and Nawfal Bendefa, Managing Partner, REIM Partners.

Upgrades in transport and logistics infrastructure have been key to driving economic growth in Morocco in recent years. As the country develops and urban areas expand, the interconnectivity of economic centres and efficient connections to the rest of the world will be paramount to supporting the growth of other sectors, such as agriculture, manufacturing and tourism. While the transportation and logistics sector continues to grow in value and volume, efficiency remains an issue, and local players continue to face relatively high operational costs. Nevertheless, the modernisation of equipment and better integration of transportation modes, coupled with an increased digitisation of processes, are supporting the sector’s development. This chapter contains an interview with Nadia Laraki, Managing Director, National Ports Agency.

The energy sector is poised for promising medium-term growth as it continues to receive significant public and private investment to expand generation capacity and distribution networks. At the same time, efforts to increase the role of renewable resources and natural gas in the country’s energy mix are set to lower the energy import bill and reduce fossil fuel emissions. However, in order to ensure that private investment objectives are met, upgrades to the sector’s regulatory framework will need to be completed. Meanwhile, Morocco has already shown that it can be a reliable partner in the exploration and development of hydrocarbons resources, and the policies it is currently pursuing should help the country reduce its reliance on imports in the years ahead. This chapter contains an interview with Abderrahim El Hafidi, General Director, National Office for Electricity and Drinking Water; and Saïd Mouline, CEO, Moroccan Agency for Energy Efficiency.

With an increasingly diversified manufacturing base, the industrial sector has become an important component of Morocco’s GDP. The country produces an array of finished products and components for customers not only in traditional markets such those in southern Europe, but also increasingly across Africa, Asia and the Americas. The growing strength of industrial activities is also a reflection of efforts to diversify the economy away from a traditional dependency on agriculture. Home to the world’s largest known reserves of phosphates, mineral resources have traditionally played an important role in the Moroccan economy. The authorities have been able to establish the country as a major exporter of the resource, and are now looking to steer the sector towards other minerals. As Morocco works to diversify its economy, the extraction and processing of a wider variety of its mineral resources has been identified by government officials as a strategic imperative for economic development. This chapter contains an interview with Mohammed Amal Guedira, Founder and CEO, Automotive Moroccan Group Business and Consulting.

In recent years Morocco’s insurance sector has consolidated its strong position, with the growing middle class, tax advantages and fierce competition between bancassurers giving a notable dynamism to the life insurance segment. Morocco is the second-largest insurance market in Africa in terms of gross premium, and ranks highly for both insurance density and penetration. Furthermore, regulatory reforms are helping to cement the strong financial position of insurance players and broaden the range of obligatory and discretionary insurance products available. As the insurance sector matures, its players are increasingly looking to international markets to grow their businesses. This chapter contains an interview with Ramses Arroub, CEO, Wafa Insurance.

Macroeconomic stability, a thriving private sector, and a pivotal location bridging Europe and Africa have helped cement Morocco’s position as a major continental financial hub. By African standards, the kingdom’s capital markets are relatively deep, liquid and sophisticated. Recent years have seen challenges arise on all of these fronts, however. Against a backdrop of subdued economic activity, the market saw scarce new equity issues; falling liquidity; and delays to long-planned innovations, such as its small and medium-sized enterprises window. Although efforts to increase depth and liquidity have been hampered by weak economic growth, the 2018-19 period saw the implementation of a number of regulatory developments, which are set to bear fruit in terms of increased activity in alternative financial products and markets in the years ahead. This chapter contains interviews with Karim Hajji, CEO, Casablanca Stock Exchange; Abdeslam Ababou, Managing Partner, Red Med Finance; and Souad Benbachir, Partner and Executive Managing Director, CFG Bank.