Spanish Construction Giant ACS Exits Moroccan Market Amid Declining Contracts

After its creation in 2011, Imesapi, a direct subsidiary of Grupo Cobra which takes into account all the engineering and energy and industrial infrastructure businesses within ACS, has won a good number of contracts in Morocco. But its momentum quickly plummeted, hence the decision of the parent company to end the Moroccan adventure, and focus only on its existence in Morocco in major industrial and energy infrastructure projects, through its other subsidiaries, reports Challenge.

These are TEDAGUA, which built the seawater desalination plant in Al Hoceima, and INITEC Energía Maroc, which landed a huge contract with the OCP in 2019. The project involves the construction and commissioning of two sulfuric acid plants by 2021, for a sum of 255 million euros or nearly 2.8 billion dirhams. In addition, these projects have allowed Morocco to be in the top 10 business-generating countries for this group founded in Madrid, with over 1 billion dirhams in 2019.

For the record, the ACS group generates a global turnover of 39 billion euros, or more than 420 billion dirhams or more than a third of the Moroccan GDP. It derives 80% of its turnover from the construction and infrastructure businesses. Its export result has seen an increase reaching 2.12 billion euros equivalent to 23 billion dirhams.