Four Moroccan Firms Shine in Forbes Middle East ‘Top 100 Listed Companies’

Rabat – Four Moroccan companies have once again made their mark in Forbes’ Top 100 Listed Companies 2023, solidifying their position among the region’s leading businesses. Attijariwafa Bank, Banque Centrale Populaire (BCP), Maroc Telecom, and Bank of Africa have secured a place on the list.

Attijariwafa Bank, Morocco’s largest banking group led by Mohamed El Kettani, secured the 24th position on the Forbes list.

Banque Centrale Populaire, headed by Mohamed Karim Mounir, claimed the 42nd spot.

Moroccan telecommunications operator Maroc Telecom, with Abdeslam Ahizoune at the helm as the chairman of its management board, secured the 52nd rank.

Following closely is Bank of Africa, led by Othman Benjelloun, securing the 57th position.

Gulf Cooperation Council (GCC) countries dominate Forbes’ ranking, with Saudi Arabia leading the pack with 33 entries, followed by the United Arab Emirates (U.A.E.) with 28 entries, while Qatar and Kuwait have secured 16 and nine entries, respectively.

Forbes Middle East gathered data from stock exchanges across the Arab world, evaluating companies based on their reported sales, assets, and profits for the year 2022, as well as their market value as of April 30, 2023.

The companies that failed to disclose their 2022 full-year audited financial statements by April 25, 2023 were excluded from this year’s assessment.

Forbes Middle East noted the pressures faced by stock markets in times of high inflation and global unrest, with the MENA region experiencing similar trends.

While the aggregate market value of the Middle East’s Top 100 Listed Companies has decreased by 5% from $4 trillion in 2022 to $3.8 trillion in 2023, Forbes Middle East highlighted the positive growth in other areas.

The combined sales of these 100 companies have surged by 38.5% to reach $1.1 trillion, with profits witnessing a substantial increase of 37.7% to reach $277.7 billion.

The aggregate assets of these companies have also seen a notable rise of 9.5% to reach $4.6 trillion by the end of 2022.

Securing a place on Forbes Middle East’s “Top 100 Listed Companies” list for the second consecutive year, the four Moroccan companies have once again demonstrated their resilience and ability to excel in the competitive business landscape.

This achievement further solidifies their reputation as key players in the Moroccan and regional markets.