Marrakech – Forbes Middle East released its 2026 ranking of the 100 Most Valuable Companies in the Middle East on Monday. Nine Moroccan companies made the list, placing the North African country fourth by company count behind the UAE with 35, Saudi Arabia with 34, and Qatar with 11. Kuwait followed with six.
The ranking, based on market capitalization data from 12 stock exchanges across 11 MENA countries as of January 31, 2026, puts the region’s total listed market value at $4.3 trillion.
The top 100 companies alone account for $3.7 trillion of that figure – roughly 86% of the total. Saudi Arabia dominates in scale, with its listed firms making up $2.4 trillion, or 64% of the top 100’s combined value. Saudi Aramco tops the list at $1.7 trillion, representing nearly 40% of all listed value across the region.
GCC countries collectively account for 88% of the ranked companies. Banking and financial services remain the most represented sector with 34 firms and a combined market value of $732.6 billion. The energy sector, with just nine companies, commands $1.9 trillion.
Attijariwafa Bank leads the Moroccan contingent at number 33 with a market value of $17.4 billion. The bank, chaired and led by Mohamed El Kettani, operates over 7,200 branches in 27 countries. Its total assets stood at $82.2 billion, with net income of $1.1 billion in the first nine months of 2025. Al Mada holds a 46.5% stake.
Managem Group comes in at number 48 with a market value of $10.8 billion. The pan-African mining group, led by Imad Toumi, operates across nine countries. In 2025, it achieved first gold at the Boto mine in Senegal and completed the sale of an additional 45% stake in the Gabgaba-Block 15 project in Sudan for $420 million. Revenues reached $817 million in the first nine months of 2025. Al Mada holds an 81.6% stake.
Maroc Telecom ranks 50th at $10.4 billion. Led by Group CEO Mohamed Benchâaboun, it serves 81 million customers across Africa. The company launched 5G services in November 2025 and is majority owned by e& with a 53% stake.
Marsa Maroc holds the 60th spot with a market value of $7.53 billion. The port operator, led by CEO Tarik El Aroussi, manages 34 terminals across 20 ports and handles more than 60 million tons of annual traffic. In December 2025, it agreed to acquire a 45% stake in Boluda Maritime Terminals for $95 million. It also finalized a joint venture with CMA Terminals to operate the Western Container Terminal at Nador West Med. Revenues rose 16% to $474 million in the first nine months of 2025.
BCP Group ranks 69th at $6.2 billion. Led by Chairwoman and CEO Naziha Belkeziz, the bank operates across 32 countries. In December 2025, it acquired the remaining 20.17% stake in Atlantic Business International for $207 million. Net profit reached $569.7 million in the first nine months of 2025, with total assets at $61.3 billion.
SGTM enters at number 75 with a $5.6 billion market value. The construction firm, led by CEO Hamza Kabbaj, listed 20% of its shares on the Casablanca Stock Exchange in December 2025, raising $531.6 million. It was co-awarded a $352.3 million contract to build the 115,000-seat Grand Hassan II Stadium in Casablanca. Revenue reached $1.2 billion in 2024, projected to rise to $1.6 billion in 2025.
TAQA Morocco ranks 77th at $5.42 billion. The energy firm supplies around 34% of Morocco’s electricity demand. In February 2026, it signed a preliminary agreement with the Moroccan government and Moeve to develop a large-scale green ammonia project. It also partnered on national water and energy infrastructure with a potential investment of nearly $14.3 billion by 2030.
BANK OF AFRICA holds the 88th position at $4.97 billion. Led by Othman Benjelloun, it serves around 6.6 million customers across 32 countries. Net profit stood at $474.2 million in the first nine months of 2025, with total assets reaching $47.4 billion.
LafargeHolcim Maroc closes the Moroccan presence at number 96 with a market value of $4.66 billion. Revenue rose around 12.5% year on year to $718 million in the first nine months of 2025.
Read also: Benjelloun, Akhannouch, Sefrioui: Morocco’s Three on Forbes 2026 List
