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Othman Benjelloun's Bank of Africa has been ranked among the 100 most valuable companies in the Middle East and North Africa for 2026, landing at 88th place in the Forbes Middle East index with a market value of $4.97 billion, as Morocco claimed fourth place among Arab nations with nine companies on the list.
The ranking, released this week by Forbes Middle East, is based on market capitalization data drawn from 12 stock exchanges across 11 MENA countries as of January 31, 2026. The top 100 companies carry a combined valuation of $3.7 trillion, representing 86% of the region's total listed market value of $4.3 trillion.
Benjelloun, 93, chairs the Casablanca-based lender and holds a 27.41% stake in the group. His net worth stands at $1.7 billion, according to Forbes, placing him as Morocco's wealthiest individual and 18th on the continent. Bank of Africa serves approximately 6.6 million customers across 32 countries, posted a net profit of $474.2 million in the first nine months of 2025 and holds total assets of $47.4 billion.
Attijariwafa leads Morocco's nine-company charge
Morocco's strongest showing came from Attijariwafa Bank, which ranked 39th with a market valuation of approximately $12.5 billion. The lender is controlled by Al Mada, the investment holding company of Morocco's royal family, and operates across 27 countries with total assets exceeding $82 billion. Managem, the pan-African mining group with royalty ties through Al Mada, followed at 48th with a valuation of $10.8 billion. Maroc Telecom came in at 50th.
Further down the list, port operator Marsa Maroc secured 60th, BCP Group took 69th, construction firm SGTM ranked 75th, and energy company TAQA Morocco placed 77th with a valuation of $5.42 billion. LafargeHolcim Maroc closed out the Moroccan presence at 96th with a market value of $4.66 billion.
Morocco rises past Kuwait as banking anchors the list
The UAE led the full ranking with 35 companies, followed by Saudi Arabia with 34 and Qatar with 11. Morocco's nine placements edged out Kuwait, which contributed six. GCC countries collectively accounted for 88% of all companies on the list. Banking and financial services remained the most represented sector, with 34 institutions carrying a combined market value of $732.6 billion.
Morocco's nine-company showing marks an increase from four in the 2025 edition of the same list, a jump the ranking's compilers attribute to sustained gains across the Casablanca Stock Exchange and the expanding regional reach of Moroccan financial and industrial groups. For Benjelloun, the recognition places the pan-African lender he has built over decades in the same frame as some of the Gulf's most formidable financial institutions.
