The annual report from Bank Al-Maghrib for the year 2025 has unveiled the nature of Morocco's economic dependency, which is closely guarded by the ruling regime. The official figures reflect a significant financial and political subjugation to foreign powers, particularly highlighting the continued dominance of France and the United Arab Emirates over the country's foreign direct investments, which amount to approximately $2.6 billion. These two nations alone account for 44% of the total investment income flowing into the kingdom.
Despite official media campaigns promoting a 29.4% increase in foreign direct investment revenues, reaching 60.6 billion Moroccan Dirhams (equivalent to 3.5% of the Gross Domestic Product), the sectoral and geographical distribution of these investments underscores a deep-rooted dependency and the draining of national wealth in favor of former colonial powers and regional allies benefiting from normalization and patronage.
Investment Influence Map: France Reaps Benefits While the UAE Consumes Real Estate
The institutional report confirms that the concentration of foreign financial flows remains firmly in the hands of two countries, which tightly control political and economic decisions in Rabat:
- France (Ranked First): In 2025, France injected $1.9 billion into Morocco, thereby reinforcing its historical influence in vital sectors and assembly industries. French companies benefit from public tenders and favorable conditions at the expense of national enterprises.
- United Arab Emirates (Ranked Second): With investments totaling $760 million, the UAE primarily focuses on speculative real estate, tourism, and patronage projects that align with political interests.
- Netherlands (Ranked Third): The Netherlands secured the third position with $440 million, followed by other European powers.
Flow Distribution: Focus on Assembly Industries and Real Estate Speculation
The figures reported by the central bank indicate a persistent absence of any productive development model based on genuine technology transfer or the creation of stable job opportunities for Moroccans. Weak manufacturing industries accounted for $2.31 billion (an increase of 27.9%), yet a significant portion of this was directed towards the automobile assembly industry ($940 million) and electrical appliances ($520 million), sectors that rely on cheap labor and the repatriation of profits abroad.
Real estate speculation and housing attracted $1.21 billion, while the commerce and vehicle repair sector drew in $570 million, and the hospitality industry accounted for $400 million. These are all speculative and consumptive sectors that do little to foster a robust national economy, instead exacerbating class disparities.
The report further revealed a continuous decline in Moroccan investments abroad, with 53% directed towards industry and 25% towards the financial sector in France and Africa, alongside the state's reliance on international bond markets to cover systemic deficits. The Treasury borrowed $2.1 billion from international financial markets in 2025, while the Office Chérifien des Phosphates (OCP) issued international bonds totaling $1.83 billion to cover its expenses and cash flow deficits.
These numerical insights bring to a close the official narrative that claims local economic decision-making independence. The overwhelming concentration of financial flows in Paris and Abu Dhabi starkly illustrates how Morocco has become an open investment arena for former colonial powers and Gulf financial barons. The persistence of this rentier model continues to reproduce dependency, depriving the Moroccan economy of achieving actual sovereignty, as national resources and labor are drained to serve foreign lobbies that siphon profits in hard currency, while the state resorts to borrowing, shackling future generations with unending debts.
As reported by dzair-tube.dz.
