Morocco's Attijariwafa Bank ranks first in the list of top companies in North Africa.
Morocco has consolidated its position as a major player in the North African business landscape, with 13 of its companies among the top 20 in the region, according to a report by African Business.
The pan-African business magazine ranked Morocco's largest bank, Attijariwafa Bank, as the region's top company by 2023, highlighting the bank's dominance in the region's financial sector.
The Moroccan bank went from 19th to 14th place on a continental level, with an estimated market capitalization of $8.3 billion.
With a market capitalization of $7.3 billion, Maroc Telecom occupies second place on the list and 19th on a continental scale.
Banque Centrale Populaire was ranked as the fourth largest company in North Africa. The Moroccan banking group was ranked 31st in Africa, with an estimated market capitalization of $4.5 billion.
Bank of Africa - formerly known as BMCE - ranks fifth in North Africa and 40th in Africa. The current market value of the Moroccan bank is $3.3 billion.
Global construction materials and solutions company LafargeHolcim Maroc also features in the ranking as the sixth company in North Africa, followed by Moroccan mining group Managem.
Other Moroccan companies that appear in the regional classification are the energy company TAQA Morocco and the cement company Ciments du Maroc. The two companies are respectively ranked eighth and tenth in the North African market.
The sugar company Consumar is in 11th place, followed by the port management company Marsa Maroc.
The energy company Afriquia Gaz, the insurer Wafa Assurance and the supermarket chain Label Vie also feature in the ranking.
The recognition of Moroccan companies is a significant milestone for the country's business community, signaling their growing influence on the region's economy.
The country's strategic geographical location, its qualified workforce and its solid infrastructure have made it an attractive destination for companies wishing to expand their operations in North Africa.
The 2023 FDI Confidence Index placed Morocco among the most attractive emerging markets for foreign direct investment (FDI), with the North African country occupying 16th place out of the 25 markets included in the emerging market classification.