Morocco's Maroc Telecom signs USD1 billion investment deal

Morocco's Maroc Telecom signs USD1 billion investment deal
Published: 28 August 2019 - 4:32 p.m.

Maroc Telecom is Morocco's largest telecoms operator. On Monday, it had signed a deal worth Dh10 billion with the Moroccan government to develop telecoms infrastructure over the next three years.

The deal will cover high-speed mobile broadband in addition to fixed lines, is the sixth of its kind between the company and the government. It brings the company's total investments to Dh68 billion, Maroc Telecom said in a statement. The telco, which is listed on the Casablanca Stock Exchange and Euronext in Paris, is 53 per cent controlled by the United Arab Emirates telecoms group Etisalat.

The Moroccan government owns 22 per cent after it recently sold an 8 per cent stake in the company in a privatisation push to reduce the country's budget deficit. Distributed in Benin, Burkina Faso, Ivory Coast, Gabon, Mali, Mauritania, Niger, Togo and the Central African Republic, the telco operates in subsidiaries.

By June 2019, the group's customer base grew by 3.9 per cent to 63 million users, including 19.3 million in Morocco.

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