The annual ranking, compiled by Forbes Middle East, evaluates listed companies across 12 stock exchanges in 11 countries using market capitalisation data as of 31 January 2026. The top 100 firms are collectively valued at $3.7 trillion, accounting for roughly 86% of the region’s total market capitalisation of $4.3 trillion.
Morocco placed fourth by number of companies represented, behind the United Arab Emirates, Saudi Arabia, and Qatar, highlighting the North African nation’s expanding corporate footprint. Gulf Cooperation Council countries continue to dominate the list, accounting for 88% of companies and the bulk of the overall market value.
At the top of the ranking sits Saudi Aramco, valued at approximately $1.7 trillion, which alone represents close to 40% of the region’s listed market value. The energy sector, though comprising just nine firms, accounts for a combined $1.9 trillion, while banking and financial services lead in volume with 34 companies worth $732.6 billion.
Among the Moroccan entrants, Attijariwafa Bank ranks 33rd with a market capitalisation of $17.4 billion. The lender operates more than 7,200 branches across 27 countries and reported total assets of $82.2 billion, alongside net income of $1.1 billion in the first nine months of 2025.
Banking, telecoms, and infrastructure drive Morocco’s corporate expansion
Mining group Managem Group ranks 48th with a valuation of $10.8 billion. The company, which operates across nine African countries, recently achieved its first gold production at its Boto mine in Senegal and expanded its portfolio through a $420 million stake sale in Sudan.
Telecommunications provider Maroc Telecom ranks 50th with $10.4 billion in revenue, serving around 81 million customers across Africa. The company recently rolled out 5G services, signalling its push into next-generation connectivity across its markets.
Further down the list, port operator Marsa Maroc ranks 60th with a value of $7.53 billion, reflecting growth driven by strategic investments in maritime infrastructure and international partnerships.
Financial institutions also feature prominently as BCP Group, valued at $6.2 billion, and BANK OF AFRICA, at $4.97 billion, continue to expand their presence across dozens of African markets, reinforcing Morocco’s position as a regional banking hub.
Construction firm SGTM, valued at $5.6 billion, recently raised $531.6 million through a public listing, while energy producer TAQA Morocco, at $5.42 billion, is advancing large-scale green ammonia and infrastructure projects aligned with the country’s energy transition strategy.
Rounding out the list is LafargeHolcim Maroc, valued at $4.66 billion, supported by steady revenue growth in 2025.
The strong showing by Moroccan firms reflects a broader trend of African companies scaling regionally, even as Gulf economies continue to dominate in size. With sectors such as banking, energy, and infrastructure driving expansion, the continent’s corporate presence in global rankings appears set to deepen.
