The General Company for Works in Morocco (SGTM) has announced its intention to enter the Casablanca Stock Exchange to finance its expansion plans, which include the construction of the future Hassan II Stadium, set to be the largest in the world with a capacity of approximately 115,000 seats near Casablanca.
The company has amassed a record amount of 34 billion dirhams in contracts as Morocco prepares to co-host the 2030 FIFA World Cup with Spain and Portugal.
In a statement to Bloomberg, General Director Hamza Al-Qabbaj highlighted that going public will enable SGTM to access new financing tools, including project bonds and private debt markets.
SGTM, which has executed prominent projects such as the Twin Center Towers in Casablanca, the Nador West Med Port, and the renovated Moulay Abdullah Stadium in Rabat, expects to achieve revenues of 14 billion dirhams by 2025. Al-Qabbaj emphasized that the World Cup event on national soil acts as a “catalyst for infrastructure development” in the country.
Leveraging this momentum, with an estimated $140 billion in investments by 2030, SGTM also plans to pursue international contracts, particularly in Saudi Arabia, which will host the 2034 World Cup.
This announcement marks a significant strategic step for SGTM, positioning the company as a key player in Morocco’s construction sector amidst the excitement surrounding preparations for the major global sporting event. Entering the financial market is expected to enhance the company’s competitiveness internationally, with a focus on sustainability and innovation in infrastructure projects.
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