Company: Maroc Telecom
Country: Morocco
Sector: Wireless Telecom.
CEO: Mohamed Benchaaboun (Président du Directoire / Chairman of the Management Board, since 2026)
Website: https://www.iam.ma
Careers Page: https://www.iam.ma/groupe-maroc-telecom/carrières
LinkedIn: Not publicly listed
Email: Not publicly listed
Headquarters: Rabat, Morocco
Founded: 1998
Valuation/Revenue: $3,686.9m revenue; $11,182.9m market cap (African Business Top 250, 2025, rank #43)
Maroc Telecom, officially Itissalat Al-Maghrib (IAM), is Morocco’s largest telecommunications operator, providing fixed-line, mobile, internet and enterprise connectivity services in Morocco and across a large footprint of West and Central African subsidiaries operating under the Moov Africa brand. It is majority owned by the UAE’s Etisalat (e&) and is one of the most valuable listed companies in Morocco.
Who Is the CEO of Maroc Telecom?
In early 2026, Mohamed Benchaaboun was named Président du Directoire (chairman of the management board/CEO) of Maroc Telecom, succeeding Abdeslam Ahizoune, who had led the company for many years. Benchaaboun previously served as Morocco’s Minister of Economy and Finance and headed the telecoms regulator ANRT, giving him deep familiarity with the sector before taking the top executive role. This leadership change is one of the most significant recent developments at the company and is worth flagging for anyone researching Maroc Telecom in 2026, since older sources will still list Ahizoune as CEO.
What Does Maroc Telecom Do?
The group offers mobile and fixed telephony, broadband internet, TV and enterprise/data services in Morocco, where it remains the market leader alongside rivals Orange Morocco and Inwi. Beyond Morocco, Maroc Telecom controls a network of African subsidiaries — including in Mauritania, Mali, Burkina Faso, Côte d’Ivoire, Gabon, Niger, Benin, Togo, Chad and the Central African Republic — that were rebranded collectively as Moov Africa. This African subsidiary business has become an increasingly important growth driver as mobile and mobile-money penetration rises across the region, offsetting slower growth in Morocco’s more mature domestic market.
Who Owns Maroc Telecom?
Etisalat, operating under the brand e&, is the majority shareholder with roughly 53% of the company, a stake it built up after acquiring Vivendi’s holding for about $4.2bn in 2013-2014. The Moroccan government retains a significant minority stake, and the remaining shares are held by free-float investors on the Casablanca Stock Exchange, where Maroc Telecom is also cross-listed on Euronext Paris.
Is Maroc Telecom Publicly Traded?
Yes. Maroc Telecom shares trade on the Casablanca Stock Exchange (ticker IAM) and are also listed on Euronext Paris, making it accessible to both Moroccan and international investors. It is consistently one of the largest companies by market capitalisation on the Casablanca exchange.
How Big Is Maroc Telecom?
Maroc Telecom is one of Africa’s most valuable telecom operators. On the African Business Top 250 (2025) list it ranks #43 with revenue of approximately $3.69bn and a market capitalisation of roughly $11.2bn — a market cap notably larger than its revenue figure, reflecting investor confidence in its cash generation and dividend history. The group employs several thousand staff directly in Morocco (historically cited around 11,000) plus thousands more across its African subsidiaries.
How Old Is Maroc Telecom?
The company was founded in 1998, when Morocco’s telecommunications sector was liberalised and IAM was created as the incumbent national operator, later partially privatised through the sale of stakes to Vivendi and subsequently Etisalat.
How Does Maroc Telecom Compare to Its Competitors?
Within Morocco, Maroc Telecom is the clear market leader ahead of Orange Morocco and Inwi across mobile and fixed-line subscribers. Across its African footprint, it competes with pan-African operators such as Orange, MTN and Airtel Africa in individual markets like Mali, Côte d’Ivoire and Chad. Its scale and government-linked ownership history give it an entrenched position in Francophone West and Central Africa that differs from the largely Anglophone footprints of MTN and Airtel.
How Has Maroc Telecom’s Business Evolved?
Maroc Telecom’s African subsidiary business, rebranded Moov Africa, has become an increasingly important growth engine as mobile penetration and data usage rise across Francophone West and Central Africa, helping offset slower growth in Morocco’s more saturated domestic mobile and fixed-line market. The group has continued to invest in fibre broadband and 4G/5G network expansion in Morocco while pushing mobile money and digital services adoption across its African subsidiaries, mirroring the broader continental shift toward telecom-linked financial services pioneered by operators like MTN and Safaricom. Group headcount is estimated at over 11,000 employees in Morocco alone, with thousands more employed across its ten-plus African subsidiary markets.
What Leadership Change Should Researchers Know About?
The appointment of Mohamed Benchaaboun as Président du Directoire in early 2026 marked the end of a long era under Abdeslam Ahizoune, who had led the company for close to two decades and was closely associated with its transformation from state monopoly to regional telecom powerhouse. Benchaaboun’s appointment followed his earlier career as Morocco’s Minister of Economy and Finance and head of the telecoms regulator ANRT, giving him unusually deep insight into both the regulatory and financial sides of the business as he takes over strategic direction of the group.
Links
Website: https://www.iam.ma
Careers Page: https://www.iam.ma/groupe-maroc-telecom/carrières
LinkedIn: Not found
Email: Not publicly listed
FAQ
Who owns Maroc Telecom?
Etisalat (e&) of the UAE holds roughly 53%, with the Moroccan government and public shareholders holding the remainder.
Who is the CEO of Maroc Telecom in 2026?
Mohamed Benchaaboun, who was appointed Président du Directoire in early 2026, succeeding Abdeslam Ahizoune.
Is Maroc Telecom publicly traded?
Yes, on the Casablanca Stock Exchange and Euronext Paris.
What is Moov Africa?
The rebranded network of Maroc Telecom’s mobile subsidiaries across West and Central Africa, including Mali, Mauritania, Côte d’Ivoire, Gabon, Niger, Benin, Togo and Chad.
When was Maroc Telecom founded?
In 1998, when Morocco’s telecom sector was opened up.
How big is Maroc Telecom?
Revenue of roughly $3.7bn and a market capitalisation of about $11.2bn as of the African Business Top 250 (2025) ranking.