Morocco Wanted to Raise 6 Billion Through Privatizations but Sold Nothing

The Finance Law projected total revenues of 9 billion dirhams from the management of the State’s holdings. Six billion was expected to come from privatizations and three billion from asset sales or reorganizations between public entities.

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However, the 2025 activity report of the Directorate of Public Enterprises and Privatization records no privatization carried out during the year.

The list of companies and assets eligible for privatization includes Maroc Telecom, Marsa Maroc, the La Mamounia hotel, Énergie électrique de Tahaddart, Biopharma and the Société nationale de commercialisation de semences, Sonacos.

Their inclusion on this list does not mean that their sale was scheduled for 2025. It does, however, authorize the State to initiate a privatization when the decision is made.

Six Billion Planned, Zero Privatizations

The report notes that the revision of the legal framework governing privatizations and operations involving the public portfolio was still being prepared at the end of 2025.

This reform is intended to modernize the procedures for selling the State’s holdings and align them with the restructuring process for public establishments and enterprises.

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The report therefore reveals a complete gap between the 6 billion dirhams expected from privatizations and their execution: no transaction was completed in 2025. The new legal framework will now have to make it possible to relaunch a program that has remained at a standstill.