The Moroccan National Railways Office (ONCF) has announced a 9.78 billion dirhams investment program for 2025-2027, according to the Public Establishments and Enterprises (EEP) report in the draft finance law. The funds will primarily be directed toward acquiring new trains, building maintenance facilities, and maintaining rail infrastructure, with annual allocations of 2.97 billion dirhams in 2025, 3.64 billion dirhams in 2026, and 3.17 billion dirhams in 2027. Notably, this plan excludes a larger 87 billion dirhams investment needed for the rail expansion linked to the 2030 FIFA World Cup, which includes extending the high-speed line from Kenitra to Marrakech and developing a regional express network (RER) for Casablanca, Rabat, and Marrakech. Consultations are ongoing to define the project's scope and funding as part of a potential new contract between the state and ONCF. In 2023, ONCF's investments surpassed 1.13 billion dirhams, and by mid-2024, the figure reached 811 million dirhams. The railway operator also saw a notable increase in passenger activity, carrying 7 million more travelers in 2023 than in 2022 (+15%). The Al Boraq high-speed trains alone carried 5.2 million passengers in 2023, a 25% rise compared to 2022. For 2024, ONCF expects to see a 4% growth in passenger numbers, surpassing 55 million riders. Freight operations in 2023 included over 17 million tonnes of goods, with phosphates making up half of that volume. ONCF's sales in 2023 exceeded 4.35 billion dirhams, growing by 7%, with consolidated revenues reaching 4.9 billion dirhams. By mid-2024, sales rose 12% to nearly 2.18 billion dirhams, with consolidated revenues increasing by 16% to over 2.55 billion dirhams. ONCF projects further growth, estimating 4.69 billion dirhams in sales for 2024 (5.63 billion dirhams consolidated), an 8% increase over 2023 (+15% consolidated). Its forecasts for 2025, 2026, and 2027 predict continued sales growth, reaching 5.13 billion dirhams, 5.55 billion dirhams, and 6.05 billion dirhams, respectively.
