Morocco Dominates North Africa’s Top Companies

The corporate landscape of North Africa is seeing a significant shift, with Moroccan companies now holding the majority positions in regional rankings. While Egyptian firms previously competed closely for dominance, they are increasingly being surpassed by their counterparts further west.

Key Takeaways from the 2026 Rankings:

• Attijariwafa Bank remains the region’s largest company with a valuation of $15.7 billion, despite experiencing plateaued growth in recent months.
• Managem, a mining firm, has seen remarkable gains, jumping to second place with a market value of $10.8 billion—a substantial increase from $6.1 billion last year—driven by rising gold and silver prices.
• Maroc Telecom experienced a decline in market capitalization but is expected to rebound after strong profit recovery in 2025, up 288% from the previous year.
• Telecom Egypt more than doubled in value over the past year, reaching $2.5 billion, thanks to increased data and international revenue streams.

Sector Performance Highlights:

• The mining sector is experiencing significant growth, exemplified by Managem’s impressive rise—partly due to bringing new projects online like the Tizert copper project and Boto gold mine.
• Telecom companies are seeing mixed results; while Maroc Telecom faced challenges from regulatory settlements, others like Telecom Egypt benefited from their strategic positions in digital traffic corridors.

Regional Dynamics:

Moroccan firms occupy eight of the top ten spots, demonstrating a clear economic advantage. Meanwhile, Algerian and Libyan companies are notably absent due to state control over key sectors and ongoing instability, respectively.