Royal Air Maroc's Aviation Ambitions: A Jet Stream of Growth for Morocco's Future

Morocco's tourism sector is on a trajectory to quadruple its annual visitor count to 65 million by 2037, a bold target underpinned by a bold strategy: expanding its aviation infrastructure to rival global hubs. At the heart of this plan is Royal Air Maroc (RAM), which is embarking on a historic fleet renewal program—ordering 70 Boeing jets (50 737 MAX and 20 787 Dreamliners) and 20 Airbus A220s—to grow its fleet from 50 to 200 aircraft by 2037. This move is not merely about aircraft; it is a geopolitical and economic masterstroke.

The Strategic Logic: Aviation as Economic Lever

RAM's orders with Boeing and Airbus are designed to modernize its fleet while aligning with Morocco's dual goals:
1. Tourism Growth: New aircraft will unlock routes to North America, Europe, and intra-African destinations, where 60% of Morocco's tourism revenue comes from travelers from France, Spain, and Germany.
2. Geopolitical Alignment: The Boeing orders reflect Morocco's enduring ties to the U.S., while the Airbus deal—its first in 25 years—cements its Franco-Moroccan rapprochement, following France's 2023 recognition of Moroccan sovereignty over Western Sahara.

The A220 order, in particular, signals a strategic pivot. The aircraft's efficiency and range make it ideal for Morocco's regional routes, while Airbus's acquisition of a €439 million Casablanca production facility (formerly Spirit AeroSystems) ensures local supply chain resilience. This facility, employing 800 workers, underscores Morocco's ambition to become a manufacturing hub for European aerospace giants.

The Geopolitical Tightrope

RAM's strategy is not without risks. Two key geopolitical factors could disrupt its timeline:

1. Slot Wars at French Airports: RAM faces a reciprocal air traffic rights dispute at Paris Orly, where French carriers dominate slots to Morocco. Resolving this is critical to deploying A220s on lucrative European routes.
2. Supply Chain Volatility: Airbus's A320neo production dropped to 39 units in May 2025—a 15% annual decline—due to LEAP engine shortages. Boeing's 787 deliveries could also stall if diplomatic tensions with the U.S. resurface, as seen in 2024 when a high-level meeting between King Mohammed VI and Donald Trump was tied to order approvals.

Investment Implications: Betting on Morocco's Jet Stream

For investors, RAM's fleet expansion is a buy signal for two sectors:

1. Aviation Manufacturing:
2. Boeing (BA): RAM's 50 737 MAX orders support Boeing's narrowbody dominance, but investors should monitor U.S.-Moroccan diplomatic ties.

3. Airbus (AIR.F): The Casablanca plant and A220 deal position Airbus to capitalize on intra-African demand. Investors should watch for A220 delivery timelines and engine supply fixes.

4. Moroccan Infrastructure Plays:

5. CDG Airport (ORY): Slot disputes could create opportunities in airport operators if RAM wins equitable access.
6. Tourism-Linked Sectors: Hotels and transport firms (e.g., Alstom, supplier of Morocco's new TGV trains) benefit from rising visitor numbers.

The Bottom Line

RAM's fleet expansion is a high-reward, high-risk bet. The rewards—$65 billion in annual tourism revenue by 2037—are immense, but risks like slot disputes, supply chain bottlenecks, and geopolitical volatility loom large. Investors should prioritize long-term exposure to Boeing and Airbus, while hedging with defensive positions in Morocco's infrastructure. The airline's vision is clear: to turn Morocco into a Pan-African-European aviation powerhouse. The question is whether the jet stream of ambition can outpace the headwinds of reality.

Final Call: Buy Boeing and Airbus with a 5+ year horizon, but hedge with geopolitical risk insurance. The skies over Morocco are wide open—but only for those who dare to soar.