Maroc Telecom has taken a major step toward strengthening its digital infrastructure by raising $330 million (3 billion dirhams) through a private domestic bond issuance—its first of this kind. The company announced that the bond has a two-year maturity and a fixed repayment rate of 2.37%. This fresh injection of capital is set to play a pivotal role in expanding Maroc Telecom’s 5G network and fiber-optic services, both within Morocco and across several African markets.
This major 5G investment from Maroc Telecom comes as the company works to diversify its revenue streams, respond to increased competition, and adapt to modernization pressures. The telecom giant stated that the funds raised would be used not only to refinance existing debt but also to support critical investments in its next-generation internet and mobile infrastructure.
Maroc Telecom continues to move forward despite recent financial turbulence. The company recorded a 5.9% decline in profit in the first quarter of 2025, bringing shareholder earnings down to $154 million. A 2% drop in consolidated revenue, amounting to 8.8 billion dirhams, was the primary cause of the decline. Revenue in the company’s domestic market fell by 3.7%, making the downturn even more noticeable. However, there is a bright spot: the company’s African subsidiaries—which operate under the Moov Africa brand—reported a 4.1% revenue increase, helping to offset the overall decline.
Maroc Telecom currently operates in ten African countries, including Burkina Faso, Côte d’Ivoire, Mali, Chad, Gabon, Mauritania, Niger, Benin, Togo, and the Central African Republic. Thanks to a growing customer base in these regions, the company now earns about 40% of its total revenue from outside Morocco. This strong international performance is a direct result of its strategic decision to scale across multiple markets.
The company’s total customer base increased by 3.6% at the end of March 2025, reaching around 80 million users. Rising mobile demand in its African subsidiaries, which continue to exceed expectations in both user acquisition and service adoption, was a major contributor to this growth—accounting for more than 6.5%.
Maroc Telecom is investing further in infrastructure even as it contends with declining profits. Maroc Telecom will use the recently raised funds to create new data centers, expand high-speed fiber-optic broadband, and finance ongoing 5G rollout plans to meet the growing digital needs of individuals and businesses. According to the telecom operator, it remains committed to preparing its network for emerging technologies, including cloud computing, artificial intelligence (AI), and the Internet of Things (IoT).
Jassem Alzaabi, Chairman of Etisalat UAE—which owns a 53% stake in Maroc Telecom—emphasized the importance of long-term vision. “This strategic collaboration reflects institutional maturity and underscores our commitment to building a comprehensive digital model that supports Morocco’s transformation,” he said. The Moroccan government retains a 22% stake in the company, making it one of the most strategically positioned telecom operators in the region.
Maroc Telecom expects this 5G investment to contribute significantly to Morocco’s national digital development objectives, particularly in rural and underserved areas. The deployment of faster, more reliable networks will not only enhance user experience but also improve education, stimulate innovation ecosystems across Africa, and help bridge the digital divide.
In the broader telecom industry, such investments are becoming increasingly essential for staying competitive. Telecom companies that fail to invest in infrastructure risk falling behind, especially as global demand for high-speed internet and real-time services continues to rise. Maroc Telecom’s latest move is not merely a financial decision; it is a bold statement of intent. The company is clearly preparing for a future defined by digital inclusivity, high-speed connectivity, and continuous technological advancement.
