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Rabat Plans to Sell 8% of its Stake in Maroc Telecom

General view of Morocco's city of Moulay Driss Zerhoun (Fadel Senna, AFP)
General view of Morocco's city of Moulay Driss Zerhoun (Fadel Senna, AFP)
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Rabat Plans to Sell 8% of its Stake in Maroc Telecom

General view of Morocco's city of Moulay Driss Zerhoun (Fadel Senna, AFP)
General view of Morocco's city of Moulay Driss Zerhoun (Fadel Senna, AFP)

Morocco’s Maroc Telecom (IAM) said Friday that the government plans to sell almost eight percent stake in the company. This comes in a deal which is expected to add up to 10.4 billion dirhams ($1.1 billion) to the government’s treasury, according to an informed source.

The source told Asharq Al-Awsat that the government would offer part of the stake for sale, adding that it has also considered offering for public another part of the stake which was limited to Moroccan and foreign institutional investors.

Maroc Telecom, listed on both the Casablanca Stock Exchange and Euronext Paris, is 53 percent owned by United Arab Emirates company Etisalat, with the Moroccan state owning 30 percent.

A public offering on Casablanca stock exchange will be announced in the next few weeks, the company said in a statement.

Since early 2019, the company’s share price has been fluctuating between 136 dirhams and 155 dirhams per share ($14.32 and $16.32 per share).

The total number of the company’s shares is 879 million, with a nominal value of six dirhams ($0.63) per share.

The sale is the first step in a government privatization plan to pump 5 billion to 6 billion dirhams ($527 million-$633 million) into the state budget by selling state assets to cut the 2019 budget deficit to 3.3 percent of gross domestic product, the source noted.

The deficit stood at 3.8 percent in 2018. Without privatization, the budget deficit would hit 3.7 percent of GDP in 2019.

The government also plans to sell the five-star La Mamounia hotel in Marrakech and the Tahaddart power plant in north of the country.

Notably, the privatization program, which has been launched since 1993 and has been completed in phases over the past three decades, resulted in selling 51 companies and 26 hotel units through 120 partial or total privatization process.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.