Moroccan Firms Win $500 Million Tanger-Med Port Expansion Contract in Historic First

The Moroccan companies Somagic and SGTM have won the contract for the extension of the port of Tanger-Med, after a tendering process. The consortium presented a more attractive technical and financial offer than its competitors, including large international companies, reports El Faro de Ceuta.

According to the information provided by Tanger-Med, a contract has been signed with the Moroccan consortium to carry out these works, the cost of which is estimated at 5.1 billion dirhams and which should last four and a half years. The Tanger-Med extension project aims to allow the port to handle up to one million trucks per year by 2030 and, as a result, to support the economic growth of the Tanger-Tetouan-Al Hoceima region.

This is the first time that this type of work has been entrusted to a Moroccan consortium, proof that Moroccan companies are capable of winning large-scale projects, both nationally and internationally. Last March, Tanger-Med was in the global Top 20 of the busiest ports. The Moroccan port captures more than half of the total tonnage handled annually by all the ports of the kingdom.