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In an exclusive interview with Harvard Business School’s Creating Emerging Markets Oral History Collection , conducted on May 15, 2025, in Casablanca, Morocco, Adil Douiri , Founder and CEO (PDG) of Mutandis , shared insights into his remarkable career spanning finance, public service, and consumer goods entrepreneurship. Interviewed by Professor Asim I. Khwaja, Visiting Professor at Harvard Business School, the discussion (conducted in English) highlights Douiri’s journey fr

The Moroccan Capital Market Authority (AMMC) is intensifying its efforts in 2026 to support the development of the country's capital market, preserve its resilience, and enhance its contribution to financing the national economy. Building on the favorable momentum and significant progress made by the Moroccan capital market in 2025, the AMMC's priorities for 2026 are aligned with its strategic plan for 2024-2028. These priorities aim to consolidate the foundations of an effic

Wednesday, 3 December 2025 Saham Bank has been assigned its inaugural long-term rating by Moody’s Ratings: Ba1 , with a stable outlook . This speculative-grade rating reflects the bank’s solid financial fundamentals and strategic positioning within Morocco’s financial ecosystem. Rating Rationale Moody’s evaluation underscores Saham Bank’s structurally robust profitability, driven by its established franchise serving multinational corporates and premium retail clients. The age

The consolidated turnover of companies listed on the Casablanca Stock Exchange reached MAD 248.4 billion at 30 September 2025, posting a 6.54% increase compared to MAD 233.1 billion recorded a year earlier, according to MSIN analysts. After a 2024 marked by easing inflationary pressures, the first nine months of 2025 have been characterised globally by rising uncertainty, driven notably by the new U.S. trade policy and ongoing conflicts in the Middle East and Ukraine. The I

CIH Bank has released its financial indicators as of September 30, 2025. Customer Deposits Customer deposits totaled 90.1 billion Moroccan dirhams (MMDH), recording a 6.7% increase compared to December 2024 and a 13.4% year-on-year rise. These deposits primarily comprise those of CIH Bank, amounting to 77.8 MMDH (up 5.8%), and UMNIA Bank, at 7.6 MMDH (up 20.4%). As of end-September 2025, sight deposits accounted for 84% of customer resources, remaining stable relative to end-

The Scale Construction Champion Positioned at the Heart of Morocco’s 2030 Infrastructure Super-Cycle 1. Executive Summary — A Historic Moroccan IPO Backed by a Structural National Investment Cycle SGTM’s IPO, raising MAD 5.0 billion, is the second-largest listing in the history of the Moroccan equity market, surpassed only by Maroc Telecom’s 2004 privatization. The offering gives global investors access to a sector leader with more than 1,000 completed landmark projects and a

CMGP Group announces the successful completion of the acquisition of an additional 40% stake in Agrofourniture Semence (Agrosem) from its historical shareholder, Mr Jamal BENSSY. This transaction increases CMGP Group’s total ownership to 70% of Agrosem’s share capital, following an initial minority stake of 30% acquired at the beginning of 2024. This step-up to a controlling interest in Agrosem represents a key strategic milestone for CMGP Group and marks the beginning of a

TGCC has published its financial indicators for the period ended 30 September 2025.

For most international investors, the Casablanca Stock Exchange (CSE) still feels like frontier territory. With a free-float market cap barely above $70 billion and only ~76 listed names, it rarely makes it onto global screens. Yet beneath the surface, Morocco’s financial sector — representing roughly 40% of the MSCI Morocco Index — is sending high-frequency signals that are surprisingly readable, highly predictive, and almost entirely ignored outside the country. One of the

SGTM IPO — Equity Story for International Investors

Moroccan fintech evolution | IPO growth catalysts | emerging market payment inclusion | hybrid yield-opportunity profile

Moroccan foreign exchange and equity dynamics | central bank liquidity steering | emerging market recalibration signals | fixed-income and equity allocation insights

Moroccan asset management evolution | sovereign wealth delegation | emerging market capital mobilization | infrastructure financing tailwinds

Moroccan public finances | deficit trajectory analysis | emerging market fiscal stability | fixed-income allocation signals Morocco’s consolidated budget deficit reached MAD 55.5 billion as of end-October 2025, up 37% year-over-year from MAD 40.5 billion, per Trésorerie Générale du Royaume (TGR) data—reflecting calibrated expenditure growth to support the MAD 114.8 billion 2026 capex pipeline, while a positive ordinary balance of MAD 25 billion underscores revenue resilience

Moroccan debt markets | capital raising trends | emerging market fixed-income depth | institutional liquidity opportunities Morocco’s capital markets recorded aggregate fundraisings of MAD 83.730 billion as of end-September 2025, advancing 8.6% year-over-year from MAD 77.129 billion, according to the Autorité Marocaine du Marché des Capitaux (AMMC)—a testament to sustained issuer confidence and deepening liquidity that enhances yield discovery for global fixed-income allocato

Moroccan fintech IPOs | financial inclusion growth | emerging market payment ecosystems | yield and valuation opportunities

Moroccan tourism and real estate partnerships | hospitality sector expansion | World Cup 2030 infrastructure catalysts | emerging market yield opportunities

Moroccan telecom sector | 5G commercialization | emerging market digital infrastructure | revenue diversification opportunities

To address budgetary challenges and optimize the management of its resources, the Moroccan State has implemented innovative financing mechanisms capable of generating liquidity without resorting to traditional indebtedness. Specifically, this entails transferring administrative assets (hospitals, universities, schools, public buildings, etc.) to OPCIs—Real Estate Collective Investment Vehicles—whose units are held by national institutional investors, including the Caisse de D

Morocco-China economic partnership | tariff liberalization impacts | emerging market trade catalysts | sustainable investment corridors