France remains Morocco’s top foreign investor as FDI sees growth in 2024

Morocco recorded a strong rebound in foreign direct investment (FDI) in 2024, reaching MAD 43.8 billion, an increase of 24.7% compared to the previous year. 

This is the second-highest level of FDI the country has seen in over two decades, according to data from the Office des Changes.

France maintained its position as Morocco’s leading foreign investor, contributing over MAD 13.5 billion in 2024 alone. 

This represents more than 30% of the total FDI for the year. The United Arab Emirates followed with MAD 4.56 billion, while Germany took third place with MAD 2.46 billion. 

Spain and China completed the top five, investing MAD 2.34 and 2.08 billion respectively.

Over the past decade, French investment has consistently dominated Morocco’s FDI inflows, with the exception of 2018 when Ireland briefly led the rankings. 

The UAE has also remained a major investor, generally occupying second place throughout the same period.

Sector-wise, the industrial sector attracted the highest share of foreign investment in 2024, receiving over MAD 16.4 billion, or roughly 38% of total FDI. 

The real estate sector followed with MAD 9.64 billion, while commerce came in third with MAD 2.87 billion. 

Other key sectors included energy and mining (MAD 2.36 billion) and tourism (MAD1.84 billion).

The strong performance of the industrial sector continues a trend observed since 2019, when it overtook other areas as the top destination for foreign capital. 

Real estate has also remained a consistent performer, frequently appearing near the top of the rankings. 

In contrast, commerce has seen more variation, ranking third in 2024 but fluctuating in previous years.

Morocco’s overall FDI performance between 2015 and 2024 has been marked by periods of both growth and decline. 

After a peak of over MAD 46 billion in 2018, investment levels fell for two consecutive years before beginning to recover in 2022.