Why Morocco Attracts Investors
The Moroccan economy grew by 4.9% in 2025, its best performance in ten years, driven by public investment linked to preparations for the 2030 World Cup and an agricultural rebound. The country combines political stability, a geographical position at the crossroads of Europe and Africa, and a diaspora that transferred more than 122 billion dirhams in 2025, equivalent to approximately 11 billion euros. For a French-speaking investor residing in France, Morocco offers an open regulatory framework and a guaranteed convertibility regime for capital invested in foreign currencies.
Key Figures 2026
| Indicator | Value | Period |
|---|---|---|
| Nominal GDP | ≈ 184 billion $ (2025) ; ≈ 194 billion $ projected | 2025-2026 |
| Real GDP growth | 4.9% in 2025 ; 4.2 to 4.4% forecast | 2025-2026 |
| Inward FDI flows | 3.33 billion $ (+91% year-on-year) | 2025 |
| Population | ≈ 37 million (2024 census) | 2024 |
| Currency | Moroccan Dirham (MAD) | — |
| MASI stock index | ≈ 18 000 points | Sept. 2026 |
Morocco’s nominal GDP reached 1 720.2 billion dirhams in 2025, approximately 184 billion dollars, up 6.5% in value. The IMF projects approximately 194 billion dollars for 2026. The official census of September 2024 counted 36.83 million inhabitants; the World Bank, based on pre-census estimates, puts the figure at approximately 38.4 million for 2025. According to UNCTAD, foreign direct investment flows surged by 91% in 2025 to reach 3.33 billion dollars, bringing the total FDI stock to 80.8 billion. Figures from the Office des changes, which measure net flows in dirhams, confirm the momentum: 29.47 billion dirhams at end of July 2026, up 58.5% year-on-year. Unemployment stood at 13.0% in 2025, with an expected decline to 12.3% in 2026 according to the IMF. Inflation remained contained at around 1.3%, with a budget deficit of 3.5% of GDP and a declining public debt of 67.1%. The MASI index is hovering around 18 000 points in September 2026, following a rise of approximately 12% in 2025.
The Afriques newsletter
- Free & no spam
- 1 email per day
- Unsubscribe in 1 click
Key Growth Sectors
Automotive
Morocco is Africa’s leading automotive producer. In 2025, it produced 501 965 vehicles and exported 454 443, representing 90.5% of production. The kingdom alone accounts for 52.3% of Africa’s vehicle exports. The manufacturer Stellantis has committed to a 1.5 billion dollar project in OEM vehicle manufacturing. At end of July 2026, automotive exports were still growing by 14.9%, an additional 13.86 billion dirhams over one year. The official target is to eventually reach nearly 19 billion euros in exports and a production capacity of 2 million vehicles per year.
Renewable Energy
Installed renewable capacity reached 4 851 MW at end of 2025, up from 2 417 MW in 2016, according to IRENA. Wind power dominates with 2 452 MW, representing 52.5% of the total capacity, ahead of hydropower (1 306 MW) and solar (1 086 MW, including 540 MW of concentrated solar power). In 2024, 24.5% of electricity production came from renewable sources. The national target is to raise this share to 52% by 2030; an agreement signed in November 2025 provides for 5 GW of green electricity dedicated to Moroccan industry.
Tourism
Morocco welcomed 19.8 million visitors in 2025, a historic record, up 14% compared to 2024 (17.4 million). Classified accommodation establishments recorded 43.4 million overnight stays, an increase of 9%. The 2025 Africa Cup of Nations and the 2030 World Cup are accelerating the construction of hotels and infrastructure, providing a sustainable growth driver for investment.
Aeronautics
The sector comprises 155 companies and 27 000 jobs, generating approximately 3 billion dollars in exports. Morocco is Africa’s leading aeronautics exporter. Exports reached 26.45 billion dirhams in 2024, up 14.9%. Embraer announced a one billion dollar investment and 1 000 jobs by 2035, while Safran is building a maintenance centre worth 1.3 billion dirhams. At end of October 2025, the sector was still growing by 8.3% to 23.65 billion dirhams.
Agriculture and agri-food round out the picture: their exports grew by 7% at end of July 2026, an additional 3.86 billion dirhams over one year. The sector, exposed to droughts, remains a pillar of employment and food security for the kingdom.
How to Invest from France
The Casablanca Stock Exchange. No European broker — not Degiro, Trade Republic, Interactive Brokers, or Boursorama — provides access to the Casablanca exchange. You must open a securities account with an intermediary approved by the AMMC, Morocco’s capital markets authority, and a convertible dirham account funded in foreign currencies. Intermediaries accessible from abroad include Attijariwafa Bank (Wafa Bourse), CFG Bank, BMCE Capital Bourse, BMCI, and CDG Capital Bourse. The Casablanca Stock Exchange does not distinguish non-residents by nationality: the access criterion is the financing of the investment in foreign currencies. The MASI includes 76 stocks with a market capitalisation of approximately 750 billion dirhams. Capital gains on listed shares held for more than 12 months are exempt from income tax; dividends are subject to a withholding tax of 15%, often reduced to 10% under the Franco-Moroccan tax treaty.
OPCVM and ETFs. More than 250 Moroccan OPCVM total approximately 600 billion dirhams in assets under management, accessible from as little as 1 000 to 5 000 dirhams. The range spans from money market funds (yielding approximately 2.5 to 3%) to equity funds, which are more volatile. Moroccans residing abroad account for a major share of foreign investment in OPCVM. ETFs listed in Casablanca remain few. There is no pure “Morocco” ETF on European exchanges: exposure is at best achieved through “frontier markets” ETFs, where Morocco’s weighting is marginal.
Real Estate. A foreign non-resident may purchase property freely in Morocco. The convertible dirham account allows capital, rental income, and capital gains to be repatriated in foreign currencies. Expect acquisition costs of 6% to 8%, covering notary fees, registration duties, and land registry fees. Gross rental yields are around 4.5% to 6.5% for long-term rentals in Casablanca and can exceed 8% for tourist rentals in Marrakech. The average price of an apartment is around 13 000 to 17 000 dirhams/m² in Casablanca depending on the neighbourhood, compared to 1 000 to 1 800 euros/m² in Rabat in sought-after areas.
Business Creation. The Investment Charter (framework law no. 03-22) allows foreign participation without a cap in the vast majority of sectors and provides employment bonuses as well as support for strategic projects. Investments financed in foreign currencies benefit from a convertibility regime guaranteeing the free transfer of net after-tax profits and the repatriation of capital (article 29). The national target is 550 billion dirhams of private investment over the period 2022-2026.
Taxation in France. A French tax resident must declare their Moroccan income and capital gains in both countries. The 1970 Franco-Moroccan convention prevents double taxation: dividends of Moroccan origin are taxed at source in Morocco, with a tax credit applicable against French tax. Capital gains on listed shares held for more than 12 months, exempt in Morocco, remain subject in France to the flat-rate withholding tax of 30%. Tax advice is essential before any cross-border structure.
Risks to Be Aware Of
- Exchange rate risk. The dirham is pegged to a euro/dollar basket with a euro dominance. An unfavourable movement against the euro reduces, once converted, the value of an asset denominated in dirhams.
- Stock market liquidity. The Casablanca exchange is narrow: approximately 150 million dirhams traded per day, concentrated on around ten stocks. Exiting a small-cap position can take time.
- Concentration and volatility. Banks and telecoms account for approximately half of the market capitalisation. Index performance depends on a few major stocks, and the MASI can correct by 15% to 25% over twelve months during bearish cycles.
- Economic conditions and climate risks. The IMF cites the volatility of commodity prices and weak demand from the eurozone among the main risks, along with a moderate widening of the current account deficit linked to infrastructure imports. The economy remains exposed to droughts, which affect agricultural output, and unemployment, at 13%, weighs on domestic demand.
Frequently Asked Questions
Can you invest on the Casablanca Stock Exchange from France?
Yes, but not through a European broker. You need a securities account with a Moroccan intermediary approved by the AMMC and a convertible dirham account, which allows capital and gains to be repatriated in foreign currencies without a cap.
Do you need to be Moroccan to buy real estate in Morocco?
No. Foreign non-residents may purchase freely. Funds must pass through a convertible dirham account to guarantee the repatriation of the proceeds from resale in foreign currencies.
Can capital invested in Morocco be repatriated?
Yes. Investments financed in foreign currencies benefit from a convertibility regime provided for by the Investment Charter (article 29), which guarantees the free transfer of net after-tax profits and the repatriation of capital.
To find out more : discover our complete guide to investing in Africa (6 countries compared).
