Maroc Telecom Secures $1 Billion Deal With Moroccan Government
Morocco’s largest telecoms operator, Maroc Telecom, announced this week that it had closed a deal worth 10 billion dirhams ($1 billion) with the Moroccan government to develop and expand telecoms infrastructure over the next three years.
The deal that covers high-speed mobile broadband, as well as fixed lines, is the sixth of its kind between the telecoms company and the government. Maroc Telecom noted in its statement that with this new contract in place, the telco’s total investments are now standing at over $6 billion.
Maroc Telecom is listed on the Casablanca Stock Exchange as well as on Euronext in Paris. The telecommunications firm is 53% controlled by the United Arab Emirates telecoms group Etisalat.
The Moroccan government holds a 22% stake in the company after it recently sold off 8% of its shares in a privatization push to bridge the country’s budget deficit.
Maroc Telecom operates subsidiaries across Africa in Burkina Faso, Benin, Ivory Coast, Mali, Gabon, Mauritania, Togo, Niger and the Central African Republic.
The telecoms group’s active customer base grew 3.9% as reported in June 2019 to 63 million active users, including the 19.3 million subscribers in Morocco.