The United Arab Emirates has emerged as the top foreign investor in Morocco in 2024, according to the latest data released by Morocco’s Foreign Exchange Office. With an injection of 3.1 billion dirhams into the Moroccan economy—up nearly 58% from the previous year—the Gulf state has pulled far ahead of traditional heavyweights like Germany and China, each of which recorded foreign direct investment (FDI) flows of around 2.1 billion dirhams. The UAE’s contribution alone accounts for nearly 20% of all foreign investment Morocco received this year.
This reshuffling of investor rankings comes against the backdrop of a significant rebound in foreign direct investment overall. Morocco posted a net FDI inflow of 16.3 billion dirhams in 2024, marking a jump of more than 52% compared to 2023. The surge is driven by a two-pronged shift: an increase in investment inflows, which rose 10.2% to reach 43.8 billion dirhams, and a decrease in Moroccan investment leaving the country, which fell by 5.3% to 27.5 billion.
Breaking down the numbers further reveals an evolving balance in the types of financial inflows. Net debt flows rose sharply, climbing from 1.9 billion dirhams last year to 7.2 billion this year. Equity participation also saw a strong uptick, increasing by nearly 15% to reach 7 billion dirhams. However, reinvested earnings took a hit, dropping to 2.1 billion dirhams.
When it comes to where investors are placing their money, two sectors dominate the landscape: real estate and manufacturing. Together, they absorb more than 90% of all foreign investment, with each sector capturing roughly 45% of the total. This stable dual-engine setup continues to shape Morocco’s foreign investment profile year after year.
The story looks quite different on the other side of the equation. Moroccan direct investment abroad saw a sharp drop in 2024, falling to just 6.9 billion dirhams from 12.4 billion the previous year—a plunge of nearly 45%. That steep decline has had a major impact on the country’s overall investment balance, which has now swung into the red. After posting a surplus of 1.8 billion dirhams in 2023, Morocco finds itself with a deficit of 9.4 billion this year.
