Live prices for telecom and utilities stocks on the Bourse de Casablanca. Maroc Telecom (IAM) is the sector's dominant stock and one of the largest companies in the MASI.
Itissalat Al-Maghrib, known as Maroc Telecom and trading under the ticker IAM, is Morocco's dominant telecommunications operator and one of the largest companies listed on the Bourse de Casablanca. It provides fixed-line, mobile, internet, and television services in Morocco and operates across 10 African countries through subsidiaries in Mauritania, Mali, Burkina Faso, Gabon, Côte d'Ivoire, Benin, Togo, Niger, Chad, and the Central African Republic.
Maroc Telecom is majority controlled by UAE-based Etisalat (now e&), which acquired a 53% stake in 2014 from Vivendi. The Moroccan state holds approximately 30% through the Caisse de Dépôt et de Gestion (CDG) and directly. This ownership structure gives IAM both political stability and access to e&'s global technology partnerships.
Morocco awarded 5G spectrum licences in 2024–2025 as part of the Digital Morocco 2030 strategy. IAM, along with Orange Maroc and Inwi (both unlisted), has committed to a phased 5G rollout beginning in Casablanca, Rabat, and Marrakech. The 5G investment programme is expected to require significant capital expenditure over 2025–2028, which may pressure free cash flow and dividend distributions in the medium term but positions IAM for sustained revenue growth.
The utilities segment of this sector includes companies involved in electricity distribution, water supply, and waste management. The most significant listed utility is Lydec (Lyonnaise des Eaux de Casablanca), which manages water, wastewater, and electricity distribution in the greater Casablanca region under a concession agreement with the city. Lydec is a steady dividend payer with predictable cash flows tied to utility tariffs regulated by the Moroccan government.