he public establishments and enterprises (EEP) plan to invest 209.16 billion dirhams in 2027, according to the public portfolio report attached to the year’s finance bill, excluding operations of the Mohammed VI Fund for Investment. The figure is almost the same as 2026, whose updated forecast stands at 209.64 billion, a record that marks a 69 percent rise on the 124.36 billion achieved in 2025. The effort is concentrated in nine operators, which account for more than 78 percent of the total: the regional multiservice companies (39.6 billion), the OCP group (31.31), the ONCF group (29.02), ONEE (16.49), the Al Omrane group (11.4), the airports authority ONDA (10.68), the CDG group (9.46), the regional education academies (8.23) and Masen (7.01).
The report then announces a decline: 158.53 billion in 2028, 24 percent less, then 132.84 billion in 2029, 16 percent less again. The geography of investment loosens barely at all. Casablanca-Settat keeps first place with 64.86 billion, against 68.41 in 2026, and the top three regions, with Rabat-Sale-Kenitra and Marrakech-Safi, see their share go from 62.5 percent to 59.8 percent. At the end of September 2026 the public portfolio counted 274 entities, of which 215 public establishments and 59 limited companies with direct Treasury holdings. By 2029 the annual envelope will thus have lost more than a third of its 2027 level.
Photo: NicholasNCE, CC BY-SA 4.0.
Ministère de l’Économie et des Finances - Rapport sur les Établissements et Entreprises Publics, projet de loi de finances 2027
