Maroc Telecom

Emirates Telecommunications Group (e&) holds a 53% majority stake and controls board-level strategic direction. The Kingdom of Morocco retains a 22% stake and appoints directors who influence domestic regulatory positioning. Day-to-day management rests with the Chairman of the Management Board, a role held by Mohamed Benchaaboun since February 2025. Major infrastructure commitments — such as submarine cable capacity or African subsidiary expansion — typically require alignment between the Emirati and Moroccan shareholder blocs.

The company operates in 10 sub-Saharan African countries through its Moov Africa subsidiaries: Benin, Burkina Faso, Chad, Ivory Coast, Mali, Niger, Togo, Mauritania, Gabon, and the Central African Republic. It also holds capacity on the West Africa Submarine Cable system connecting Atlantic-coast countries. Revenue from African operations outside Morocco now represents the majority of consolidated group revenue, a shift that accelerated after the Moov Africa rebranding in 2022.

Capital expenditure is directed at three main areas: mobile-site densification and 5G spectrum within Morocco, fixed fibre-to-the-home rollout in Moroccan urban centers, and network modernization across its African subsidiaries. Annual capex typically runs between 18% and 20% of revenues. The firm owns and operates an in-house tower division headquartered in Rabat rather than spinning infrastructure into a separate towerco, a structure that keeps asset ownership inside the parent company.

Maroc Telecom does not operate a standalone venture or private equity arm. Investment allocation flows through the Management Board under the CEO's authority, with major capital decisions subject to board approval dominated by e&. The firm's investment posture is that of a strategic infrastructure operator deploying capital into wholly-owned or majority-controlled operating subsidiaries across its African footprint, rather than a financial portfolio manager allocating to third-party funds.

The foundation is a legally separate philanthropic vehicle funded by Maroc Telecom and managed by a dedicated board. Its programming focuses on digital education, cultural preservation, and social inclusion in Morocco. Notably, the foundation operates the Maroc Telecom Museum at the company's Rabat headquarters, which holds accreditation from the International Council of Museums (ICOM). The foundation's budget and investment decisions are walled off from telecom operations.

Submarine fibre capacity is a core infrastructure asset, not a peripheral investment. The West Africa Submarine Cable landing rights give Maroc Telecom direct control over international bandwidth connecting Moroccan networks to West African subsidiaries and European internet exchanges. This ownership layer reduces transit costs for Moov Africa operators and positions the firm as a wholesale bandwidth provider along the Atlantic coast.

The transition from Abdeslam Ahizoune to Mohamed Benchaaboun ended the longest-running telecom CEO tenure in Africa at 27 years. Benchaaboun brought a background as Morocco's former finance minister and ambassador to France, signaling a shift toward a diplomatic and regulatory-focused leadership style. e& and the Moroccan state both endorsed the appointment, suggesting continuity in the dual-shareholder governance model. Early operational priorities under Benchaaboun are expected to center on 5G spectrum allocation in Morocco and tariff negotiations across the African subsidiary footprint.