Skip to content Skip to Search
Skip navigation

UAE telco e& loses appeal in Moroccan antitrust case

Maroc Telecom fine Maroc Telecom
Maroc Telecom's HQ in Rabat. The telco had almost 20 million mobile subscribers at the end of 2023
  • Maroc Telecom must pay $626m to Inwi
  • Anti-competitive practices
  • Fine exceeds its 2023 profits

UAE telco e& (formerly Etisalat) has lost its appeal against an anti-competitive practices compensation payment in a Moroccan court.

Maroc Telecom, which is 53 percent owned by e&, is now required to pay AED2.3 billion ($626 million) to Casablanca’s Wana Corporate (Inwi).

It was first ordered to pay the compensation by the Commercial Court of Rabat in January 2024. The Court of Appeal in Casablanca affirmed that ruling on Wednesday.

A statement from e& to Abu Dhabi Securities Exchange said it was “disappointed” with the decision and that it will “exhaust all legal options” to challenge its impact.

It added that the decision would not affect e& Group’s consolidated results for the second quarter of 2024 “due to adequate coverage of international regulatory risks”.

The fine exceeds Maroc Telecom’s 2023 profit of 6.1 billion Moroccan dirhams ($0.6 billion), Reuters reported.

Inwi is the country’s third-largest telecom operator controlled by Morocco’s royal family’s private investment fund, Al Mada.

The verdict comes after Morocco’s telecom regulator, National Agency of Telecommunications Regulation, fined Maroc Telecom 3 billion Moroccan dirhams in 2020 for obstructing competitors’ access to unbundling on its network.

Maroc Telecom is Morocco’s largest operator with almost 20 million mobile subscribers at the end of December 2023, according to the African Press Agency. It also operates subsidiaries across northern and western Africa.

Latest articles

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Suriname oil

QatarEnergies buys into Suriname oil expansion

The state-owned giant QatarEnergy has signed a deal with US oil company Chevron to acquire a 20 percent interest in a production-sharing contract for an offshore concession in the South American country of Suriname. Chevron will keep a 40 percent interest in Surname’s block 5, as will Paradise Oil, an affiliate of Suriname’s national oil […]


Rakbank plans first bond to fund social projects

The National Bank of Ras Al Khaimah (Rakbank) is planning to launch its first social bond issuance, a news report has said. The Abu Dhabi-listed bank is seeking bids for the five-year benchmark-sized dollar-denominated bond, Reuters reported. The initial price was set at 170 basis points over US Treasuries, with the final pricing expected on confirmed […]

The proposed sharia standard 62, which aims to transition the industry towards asset-backed sukuk, will not affect 2024 issuance, says S&P

Sharia standard 62 may disrupt sukuk market, says S&P

Global sukuk issuances are likely to suffer next year if the proposed standard 62 sukuk changes to sharia guidelines are implemented, according to credit rating agency S&P. “Adopting Accounting and Auditing Organization for Islamic Financial Institutions standard 62 guidelines as they have been presented could disrupt the market,” it said in a new report. The […]