Morocco's Tourism Boom: A Strategic Investment Opportunity in Africa's Top Destination

Morocco's tourism sector has emerged as a cornerstone of its economic transformation, driven by a confluence of strategic infrastructure investments, global event hosting, and a surge in international arrivals. In 2025, the country shattered records with 19.8 million tourist arrivals, a 14% year-on-year increase, and generated MAD 124 billion ($13.6 billion) in revenue, reflecting a 19% growth. This momentum, underpinned by the government's 2023–2026 Tourism Roadmap and preparations for the 2030 FIFA World Cup, positions Morocco as a compelling investment destination for travel-related equities and infrastructure-linked opportunities.

Strategic Infrastructure Expansion: Fueling Tourism Growth

Morocco's ability to accommodate a record 19.8 million visitors in 2025 is no accident. The government has prioritized infrastructure modernization, particularly in airport capacity, to meet the demands of a rapidly expanding tourism sector. A $316 million loan from the African Development Bank is accelerating upgrades at key hubs like Marrakech, Agadir, and Casablanca, with the latter's Mohammed V Airport set to undergo a $1 billion expansion to double its passenger capacity to 40 million by 2030. These projects are part of a MAD 38 billion ($4 billion) national plan to increase total airport capacity from 38 million to 80 million passengers by 2030.

The Moroccan Airports Authority (ONDA) has also awarded MAD 4.4 billion in contracts for terminal expansions at Marrakech-Menara and Agadir-Al Massira airports, ensuring seamless connectivity for the 26 million annual visitors the government aims to attract by 2030. This infrastructure push is not only critical for tourism but also aligns with Morocco's ambition to become a regional aviation hub linking Africa, Europe, and the Americas.

FIFA 2030: A Catalyst for Long-Term Value Creation

Morocco's co-hosting of the 2030 FIFA World Cup with Spain and Portugal is a game-changer. The tournament is expected to drive $41 billion in infrastructure spending, including the construction of the 115,000-seat Grand Stade Hassan II and upgrades to high-speed rail networks. The economic ripple effects are already evident: cities like Agadir are undergoing urban renewal, including stadium renovations and airport expansions, to accommodate the influx of visitors.

The government's MAD 42 billion ($4.4 billion) investment package for World Cup-related projects is projected to deliver a $1.2 billion economic uplift, primarily through tourism and infrastructure development. This aligns with Vision 2026, a broader strategy to diversify the economy and position Morocco as a global tourism leader. By 2032, the tourism and hotel market is forecast to reach $7.5 billion, growing at a compound annual rate of 6.5%.

Tourism-Linked Equities: High-Conviction Investment Targets

The surge in tourism and infrastructure spending is creating fertile ground for equity investments in Moroccan and regional companies. SGTM, a publicly traded construction firm listed on the Casablanca Stock Exchange, is a prime example. The company raised $548 million via an IPO to fund the Grand Stade Hassan II and other World Cup projects, with its order book now valued at $3.7 billion. SGTM's involvement in the World Cup infrastructure boom is accelerating its growth by 15%, according to its director general.

In the hospitality sector, Rixos and Alliances are investing $300 million to develop luxury resorts in Marrakech and other key destinations, with projects slated for completion by 2029. International hotel groups like Wyndham Hotels & Resorts and Radisson Hotel Group are also expanding their footprints, with Radisson targeting 30 new hotels by 2030. These developments are critical to meeting the demand from 26 million annual visitors and ensuring Morocco's tourism offerings remain competitive.

The airline sector is equally promising. Royal Air Maroc, the national carrier, is expanding its fleet from 50 to over 200 aircraft by 2037 and adding 10 new international routes in 2026. This aligns with Casablanca's emergence as a global aviation hub, supported by airport modernization and strategic partnerships with European carriers.

Economic Impact and Future Outlook

Tourism now contributes 7.4% to Morocco's GDP and supports 880,000 jobs. With the sector's contribution to GDP expected to rise to 12.3% by 2030, the economic benefits extend beyond direct tourism revenue. Infrastructure projects are creating jobs, while increased air connectivity is boosting trade and investment. The Casablanca Stock Exchange (CSE) has already seen a 70% surge in daily trading volumes, reflecting growing investor confidence in tourism-linked equities.

Conclusion: A Win-Win for Investors and the Economy

Morocco's tourism boom is a masterclass in strategic planning and execution. By leveraging FIFA 2030 as a catalyst, the government has created a virtuous cycle of infrastructure development, tourism growth, and economic diversification. For investors, the opportunities are clear: construction firms like SGTM, hospitality groups expanding luxury offerings, and airlines enhancing connectivity all stand to benefit from this momentum. With 19.8 million arrivals in 2025 and a 26 million target by 2030, Morocco's tourism-driven transformation is not just a story-it's a high-conviction investment thesis.