Morocco’s National Railway Office (ONCF) plans to invest 96bn dirhams in new trains, high-speed rail and network upgrades, 7news Morocco reports. ONCF expects annual passenger numbers to reach nearly 100 million by 2030, with annual turnover of 10bn dirhams and an operating margin above 5bn dirhams. The figures appear in a report on state-owned companies accompanying the draft 2027 Finance Bill.
The program has three parts. The largest, 53bn dirhams, will fund extension of the high-speed line between Kenitra and Marrakech, including infrastructure and equipment. Another 29bn dirhams will buy 168 new-generation trains: 18 high-speed, 40 intercity and 110 for regional express and shuttle services. The remaining 14bn dirhams covers network maintenance and improvement, with 8bn for work supporting the high-speed extension and regional express infrastructure and 6bn for the existing network.
Construction of the roughly 430km Kenitra-Marrakech line began in April 2025. A separate program for the Casablanca region, launched in September 2025, includes a multimodal station called Casablanca-South, new stations at Mohammed V Airport and the new Hassan II Grand Stadium, and more services between Mohammedia and Nouaceur. Purchase contracts also carry industrial compensation commitments to develop local manufacturing of regional express trains.
Recent results show revenue growth alongside losses. ONCF recorded turnover of about 2.479bn dirhams in the first half of 2026, up 2% year on year, but posted a net loss of 716m dirhams, while investment spending reached about 4.83bn dirhams. For the full year it expects turnover above 5.27bn dirhams, an operating profit of 216m dirhams and a net loss of 652m dirhams.
Investment is forecast at 18.2bn dirhams in 2026, about 4% less than in 2025, before exceeding 29bn dirhams in 2027 as major projects advance. Turnover is projected above 6.05bn dirhams in 2027, 6.56bn in 2028 and 7.04bn in 2029.