Marrakech – Moroccan construction giant SGTM is preparing to list its shares on the Casablanca Stock Exchange as it seeks to finance a record level of orders. The company accrued contracts worth MAD 34 billion ($3.4 billion) as of September and plans to tap public markets to fund its growth.
“We are preparing SGTM to be IPO [initial public offering] ready, and we are close in every aspect,” Hamza Kabbaj, Director General of SGTM, said in a telephone interview with Bloomberg.
“A listing may open new doors and facilitate our strategy to bring in innovative financing solutions, while significantly scaling the size of the funding we can access,” he added. The firm also plans to issue project bonds and tap private debt markets to support its expansion.
SGTM is currently building one of the world’s largest stadiums for the 2030 World Cup. Located about 35 miles east of Casablanca, Hassan II Stadium will have a design capacity of 115,000 seats. In September, the firm completed the total renovation of Rabat’s Moulay Abdellah Stadium.
The surge in contracts is expected to boost the company’s revenues to MAD 14 billion ($1.4 billion) in 2025, replicating the annual increase of more than 25% achieved last year. The 2030 World Cup alone is boosting SGTM’s business by approximately 15%.
“The 2030 World Cup is an accelerator of the infrastructure development in the country,” Kabbaj noted. But this windfall brings new challenges, including scarcity of qualified talent and rising input costs, making financial innovation and agility increasingly important for the company.
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Beyond Morocco, SGTM is seeking contracts in the Middle East region, particularly in Saudi Arabia, which will host the 2034 World Cup. “With the experience we have now accumulated in Morocco on major projects, it will be a natural evolution for us to return and become an active player, particularly in Saudi Arabia,” Kabbaj said.
In another recent interview with Médias24, Kabbaj revealed that the company’s revenue reached around MAD 11 billion ($1.1 billion) in 2024, up from MAD 8.5 billion ($850 million) in 2023 – a growth of approximately 30% in a single year. For 2025, SGTM anticipates similar growth, with revenue expected to reach close to MAD 14 billion ($1.4 billion).
Founded in 1971 by Ahmed Kabbaj and his brother M’Hamed, SGTM has evolved from its origins into a multi-specialist firm.
Over its 54-year history, the company has overseen some of Morocco’s most iconic engineering projects. These include Casablanca’s Twin Center towers, the first terminal of the country’s main airport, and, more recently, the new Nador West Med deep-water port and Rabat’s Mohammed VI Polytechnic University (UM6P).
The company currently employs around 25,000 people in its construction business alone. In addition to stadium projects, SGTM is involved in various infrastructure developments across Morocco
This includes the UM6P in Benguerir, the extension of Stellantis’ industrial site in Kenitra, and several infrastructure projects such as the Rabat-Marrakech high-speed rail line and multiple dam constructions.
Morocco is gearing up for approximately MAD 1,400 billion ($140 billion) in investments by 2030, according to an estimate from AGR, the research unit of Attijariwafa Bank.
These investments encompass infrastructure projects such as the extension of the high-speed rail network, ports, desalination plants, as well as the development of green hydrogen production facilities and stadium construction.
