Latest news with #Benchaaboun
Morocco World
16 hours ago
- Business
- Morocco World
Four Moroccan Companies Among Forbes Top 100 Listed Companies 2025
Rabat — Forbes Middle East's Top 100 Listed Companies 2025 featured four Moroccan businesses, including banking institution Attijariwafa Bank, Maroc Telecom, Bank of Africa, and BCP. Attijariwafa Attijariwafa Bank is ranked 26 out of the 100 businesses listed by Forbes. With a market value of $15.4 billion and sales of $5.2 billion, the bank has established a name for itself in the list for its workforce and services for over 12 million customers across more than 7,200 branches. 'Attijariwafa Bank operates in 27 countries through majority-owned banking subsidiaries. In September 2024, the bank launched an investment fund dedicated to energy efficiency projects across Africa in partnership with Econoler. Al Mada is the bank's largest shareholder with a 46.5% stake,' Forbes said . The bank is managed by its chairman and CEO, Mohamed El Kettani. BCP Group Forbes listed Morocco's BCP Group 39th on the list. The group, chaired by CEO Naziha Belkeziz, has a market value of $5.9 billion and profits of $536 million. 'In May 2024, the group entered into a $70 million risk-sharing agreement with the African Development Bank to support private-sector financing and enhance trade in Africa,' Forbes wrote , noting that the bank served 8.6 million customers as of December 2024. Bank of Africa One of Morocco's billionaires, Bank of Africa's CEO Othman Benjelloun, is also on the list. His group ranked 50 out of 100. The company's market value stands at $4.7 billion, according to Forbes, which also identified the company's profits at $537 million and assets of $45.6 billion. The banks' sales are estimated at $2.99 billion. Forbes Middle East said the bank has 6.6 million customers, 2,0000 points of sale, and employs 15,000 people across 32 countries. Maroc Telecom Maroc Telecom ranks 63, with a market value of $10.9 billion, sales of $4 billion, profits of $287 million, and assets estimated at $7.6 billion. 'Established in 1998 after the split of the National Post and Telecommunications Office, Maroc Telecom is Morocco's primary telecommunications operator with a customer base of 80 million customers,' Forbes wrote . The company's leadership includes former Minister of Economy Mohamed Benchaaboun, who was appointed as the new chairman of the company's executive board in February. Benchaaboun replaced Abdesla Ahizoune, whose term expired after 27 years at the helm of the communication operator. Benchaaboun joins Maroc Telecom after serving as Director General of the Mohammed VI Investment Fund, a position he has held since October 2022. His extensive career includes roles as Morocco's Ambassador to France, Minister of Economy and Finance, CEO of Banque Populaire Group, and, notably, head of the National Telecommunications Regulatory Agency (ANRT). Forbes said it picked up its statistics from main markets in the Arab stock exchanges, ranking the companies based on their performances like sales, assets, and profits for the 2024 financial year, as well as based on their market value as of April 2025.
Morocco World
6 days ago
- Business
- Morocco World
Maroc Telecom's Strategic Pivot: Mohamed Benchaaboun Takes the Helm in a New Digital Era
Rabat — Morocco's central telecom giant is at a turning point, ever since Mohamed Benchaaboun was appointed as Chairman of the Management Board of Maroc Telecom on March 1, 2025. This move transcended a mere change in leadership. It represents a monumental shift for one of Africa's largest telecom operators, amid mounting competitive pressure, regulatory scrutiny, and the pressing need for digital modernization. Benchaaboun stepped in at a moment when Maroc Telecom was undergoing a deep transformation, one that extends far beyond Morocco's borders. With the 2030 FIFA World Cup approaching, co-hosted by Morocco, Spain, and Portugal, the pressure to scale infrastructure, improve connectivity, and fast-track 5G deployment is no longer abstract. It's national, regional, and urgent. A technocrat with a global compass Benchaaboun is no stranger to complexity. With a background that traverses telecommunications, banking, and economic policy, he brings an unusually broad toolkit to the telecoms sector. A graduate of the prestigious École Nationale Supérieure des Télécommunications in Paris, Benchaaboun began his career at Alcatel-Alsthom before moving into public service. He started first as Director of Customs and Indirect Tax Administration, then as head of Morocco's telecom regulator, ANRT, from 2003 to 2008. He later helmed Banque Centrale Populaire during a decade of regional expansion, served as Minister of Economy and Finance from 2018 to 2021, and held diplomatic office as Morocco's Ambassador to France. His most recent role, managing the Mohammed VI Investment Fund, cemented his place as one of Morocco's key figures in strategic economic planning. At Maroc Telecom, this seasoned technocrat brings a balance of regulatory acumen, fiscal discipline, and geopolitical awareness, traits increasingly essential for a sector at the crossroads of global digital transition and national development imperatives. Reckoning, realignment Maroc Telecom's new chapter began under pressure. In 2024, the company was fined MAD 6.3 billion ($640 million) for anti-competitive practices, a sum exceeding its annual net profit. The ruling prompted a reckoning inside the company, with internal audits, executive reshuffles, and the drafting of new governance structures aligned with international standards. A shareholder vote scheduled for June 2025 is expected to ratify sweeping changes in transparency, oversight, and performance culture. Benchaaboun's leadership is seen as instrumental in navigating this shift. Known for his discretion and long-term vision, he is tasked not only with repairing reputational damage but with repositioning Maroc Telecom for the digital age. From rivalry to strategic alliance One of the most significant moves under his watch came swiftly. In March 2025, Maroc Telecom signed a historic cooperation deal with its longtime competitor, Inwi. Just months earlier, the two had been locked in litigation. Now, they are collaborators, sharing infrastructure, coordinating on 5G rollout, and aligning on innovation priorities. This unexpected alliance signals a broader shift toward market maturity in Morocco's telecoms sector. For consumers and enterprises, the potential gains are substantial: better connectivity, faster deployment of next-generation networks, and reduced redundancy in national infrastructure spending. April brought another strategic leap: a new partnership with Vodafone Business aimed at strengthening cloud services, cybersecurity, and enterprise solutions across Morocco and the broader region. These moves, backed by Benchaaboun's diplomatic finesse and institutional credibility, form part of Maroc Telecom's larger ambition to play a regional leadership role in Africa's digital transformation. The World Cup test, the 5G race The countdown to the 2030 FIFA World Cup looms large over every telecom executive in Morocco. For Benchaaboun, it's both a deadline and a litmus test. Hosting one of the world's largest sporting events requires seamless digital infrastructure, robust mobile connectivity, and secure data environments — especially as spectators, broadcasters, and governments increasingly rely on real-time digital services. This means that 5G is not just a buzzword; it is a national priority. Yet, despite pilot programs and early commercial offerings, widespread 5G deployment remains uneven across Morocco. The challenge is not just technological, but economic and political: it requires managing spectrum allocation, negotiating vendor relationships, safeguarding against cyber risks, and ensuring equitable access. Morocco seeks to extend 5G coverage to 25% of its population by the end of 2025, with a target of reaching 70% by 2030, according to the ANRT. The rollout will prioritize major cities and strategic economic areas, including industrial zones, technology parks, and innovation hubs. Universities, research institutions, and high-tech sectors such as automotive and aeronautics are expected to be early beneficiaries of the new network. This large-scale initiative comes as part of a landmark collaboration between Maroc Telecom and Inwi, which in March established two joint ventures to support the effort. FiberCo plans to deploy one million fiber optic connections within two years and expand to three million within five. TowerCo, the second venture, is set to build 2,000 telecom towers by 2028 and 6,000 by 2033. The overall investment, projected at MAD 4.4 billion ($440 million), seeks to enhance efficiency and accelerate nationwide access through shared infrastructure. Meanwhile, Orange Morocco is pursuing a parallel approach, weighing a combination of independent development and selective partnerships. Benchaaboun's deep knowledge of public finance and regulatory systems may prove decisive here. His role in deploying cloud-based public services and digital ID systems during his time as finance minister underscores his understanding of how telecom infrastructure can be leveraged for broader socioeconomic development. Balancing legacy, innovation Maroc Telecom remains a legacy institution, with operations in 11 African countries and deep roots in Morocco's state-led development model. But, in an era defined by startups, cloud-native platforms, and AI-powered services, the pressure to modernize is accelerating. With private capital increasingly demanding performance and regulators tightening controls, the margin for error is shrinking. Benchaaboun is expected to strike a balance between legacy stewardship and forward-looking innovation. His ability to navigate both boardroom politics and international capital markets positions him uniquely to lead the telecom giant into its next phase. The stakes are high. From rebuilding trust after regulatory fines, to transforming Morocco into a 5G-enabled World Cup host, to expanding Maroc Telecom's footprint across Africa's emerging digital economies, the challenges are vast and interconnected. Yet, amid these stakes also comes a vast horizon of opportunity. With Mohamed Benchaaboun at the helm, Maroc Telecom is betting on technocratic leadership to deliver strategic realignment — not just for shareholder value, but for the future of Morocco's digital infrastructure and its place on the global stage. Tags: FIFA World Cup 2030Maroc TelecomMohamed BenchaabounMorocco 5g
Ya Biladi
26-02-2025
- Business
- Ya Biladi
Mohamed Benchaaboun : Navigating finance, politics, and telecommunications
On February 25, 2025, Maroc Telecom's Supervisory Board appointed Mohamed Benchaaboun as Chairman of the Management Board for a two-year term. He succeeds Abdeslam Ahizoune, who led the company for 27 years. Who is Mohamed Benchaaboun? Born on November 12, 1961, in Casablanca, Benchaaboun graduated from the École Nationale Supérieure des Télécommunications in Paris. He started his career at Alcatel-Alsthom in Morocco, where he held key roles in strategy, development, management control, and later as industrial director. Career in the Public and Financial Sectors In 1996, he was appointed director at the Customs and Indirect Taxes Administration, where he managed major projects for the Ministry of Economy and Finance. Three years later, he joined Banque Centrale Populaire (BCP) as Deputy General Manager, overseeing shared services and later the bank's development. In 2003, he was appointed Director General of the National Telecommunications Regulatory Agency (ANRT), a role he held until 2008. He then became Chairman and CEO of BCP, where he played a major role in modernizing and expanding the bank. Government and Diplomacy In 2018, Benchaaboun was appointed Minister of Economy and Finance, a position he held until 2021. Later that year, he became Morocco's ambassador to France, where he worked on strengthening diplomatic and economic ties between the two countries. Return to Business Leadership In 2022, he was named Director General of the Mohammed VI Investment Fund, a key institution driving economic growth in Morocco. His appointment as Chairman of Maroc Telecom marks another milestone in his career, where his experience will be essential for the company's strategic development. Honors and Contributions Benchaaboun is a member of the Economic, Social, and Environmental Council and serves on the boards of various foundations, including the Mohammed V Foundation for Solidarity and the Mohammed VI Foundation for Environmental Protection. In 2010, he was awarded the Wissam Al-Arch by King Mohammed VI in recognition of his contributions to Morocco's economic and social progress.
Ya Biladi
26-02-2025
- Business
- Ya Biladi
Mohamed Benchaaboun appointed new chairman of Maroc Telecom
Maroc Telecom's Supervisory Board has appointed Mohamed Benchaaboun as the new Chairman of the Management Board, replacing Abdeslam Ahizoune, who has held the position for nearly three decades. Benchaaboun will serve a two-year term, effective March 1, 2025, until March 1, 2027. The appointment marks a significant leadership shift for the telecom giant, with Benchaaboun expected to play a key role in shaping the group's strategic direction, according to a press release from Maroc Telecom. The board expressed its appreciation for Ahizoune's leadership, highlighting his contributions to the company's growth and its expansion across Africa. Over his 27-year tenure, Ahizoune played a crucial role in strengthening Maroc Telecom's position in the sector, the release stated. Alongside Benchaaboun's appointment, the board also renewed the terms of Management Board members Brahim Boudaoud, Hassan Rachad, François Vitte, and Abdelkader Maamar for an additional two years, extending their mandates until 2027. Benchaaboun is a Moroccan banker, politician, and diplomat with a distinguished career spanning finance, governance, and diplomacy. He began his career at Alcatel-Alsthom before holding key public-sector roles, including Director of the Customs and Indirect Tax Administration and head of Morocco's National Telecommunications Regulatory Agency. From 2008 to 2018, he served as President and CEO of Banque Centrale Populaire before being appointed Morocco's Minister of Economy, Finance, and Administration Reform (2018–2021). In 2022, he was named Morocco's Ambassador to France, and a year later, he was appointed Director General of the Mohammed VI Investment Fund, overseeing strategic investments in Morocco's economy.
Morocco World
25-02-2025
- Business
- Morocco World
Maroc Telecom: Mohamed Benchaaboun Succeeds Abdeslam Ahizoune as CEO
Doha – The supervisory board of Maroc Telecom (Itissalat Al-Maghrib, IAM) has appointed Mohamed Benchaaboun as the new Chairman of the Executive Board, replacing Abdeslam Ahizoune, whose term has expired after 27 years at the helm of the historic operator. The decision was made during a supervisory board meeting held today and chaired by Finance Minister Nadia Fettah. Benchaaboun's appointment is for a two-year term, until March 1, 2027. 'The Supervisory Board noted the expiration of the mandates of the members of the Executive Board on March 1, 2025, and decided to appoint Mr. Mohamed Benchaaboun as Chairman of the Executive Board for a term of two years, until March 1, 2027, replacing Mr. Abdeslam Ahizoune,' Maroc Telecom asserted in a statement. The company stressed that this appointment 'will play a decisive role in the overall strategic development of Maroc Telecom Group's activities.' The board expressed its gratitude to Ahizoune 'for his exceptional contributions to the Group's growth over the past 27 years,' and affirmed that 'his decisive leadership played a key role in the pan-African expansion of the Maroc Telecom Group.' Benchaaboun joins Maroc Telecom after serving as Director General of the Mohammed VI Investment Fund, a position he has held since October 2022. His extensive career includes roles as Morocco's Ambassador to France, Minister of Economy and Finance, CEO of Banque Populaire Group, and notably, head of the National Telecommunications Regulatory Agency (ANRT). This leadership change comes at a significant moment for Maroc Telecom. The company is currently embroiled in a legal dispute with competitor INWI, which obtained a court decision compelling Maroc Telecom to pay MAD 6.4 billion ($640 million) in damages due to a five-year-old litigation. Maroc Telecom contested this decision in the Casablanca court, but its appeal was rejected, making the payment mandatory. According to well-informed sources cited by converging reports, Emirati investors, who were also dissatisfied with the relationship with INWI, had supposedly exerted pressure following a dispute with Maroc Telecom. As a result, several Emirati investments intended for Morocco were reportedly frozen as a retaliatory measure. Benchaaboun's appointment is viewed as an attempt to ease this crisis. Sources disclosed that his arrival should help unblock Emirati investments and lead to a settlement of the dispute involving the Moroccan operator. The board also decided to renew the mandates of the other members of the Executive Board for an additional two-year term, until March 1, 2027, namely Brahim Boudaoud, Hassan Rachad, François Vitte, and Abdelkader Maamar. Despite these challenges, Maroc Telecom reported 'solid' operational and financial performance for 2024. As of December, the Maroc Telecom group had 79.3 million customers, an increase of 4.5% year-on-year, driven mainly by the Moov Africa subsidiaries (+8.1%). The group generated revenue of MAD 36.7 billion (3.67 billion) in 2024, up 1.2% from 2023. The end of Ahizoune's reign: A new dawn for Moroccan telecommunications Ahizoune's departure marks the end of an era for the telecommunications sector in Morocco. Often described as a divisive figure in the Moroccan business landscape, he leaves behind a mixed legacy, marked by recurring anti-competitive practices. Critics contended that these practices were damaging to both the image and finances of the historic operator, as well as to the growth of the telecommunications sector in Morocco. The departing chairman has also come under fire in his role as President of the Royal Moroccan Athletics Federation, a position he has held since December 2006. In August 2024, Ahizoune allegedly used Maroc Telecom's advertising power to pressure media outlets that criticized the disappointing performance of Moroccan athletes at the Paris Olympics. As Morocco prepares to host major continental and global events, industry observers have pointed out that it was time for the telecommunications sector to turn toward a brighter future for Moroccans and move past the conflicts that have considerably slowed the development of telecommunications and new technologies in the country. Benchaaboun's appointment has been received as a judicious choice given the numerous qualities of the former Minister of Economy and Finance, who is known to be a man of dialogue, consensus, and innovation. It remains to be seen how the new CEO will handle this delicate situation, as Maroc Telecom faces strong competition and an increasingly demanding regulatory environment. Tags: Abdeslam AhizouneMaroc TelecomMohamed Benchaaboun
