The National Railway Office (ONCF) held its Board of Directors meeting on Thursday, 27 November 2025, under the chairmanship of the Minister of Transport and Logistics, Abdessamad Kayouh. The session focused on reviewing the projected performance for the 2025 financial year and adopting the budgets planned for 2026.
Opening the meeting, the Minister highlighted the strong growth recorded in Morocco’s railway sector under the leadership of His Majesty King Mohammed VI. He noted that, supported by a long-term vision and major infrastructure projects, the national railway network had become a strategic pillar of sustainable, low-carbon mobility while delivering significant socio-economic benefits. He also reiterated the strategic significance of the 96 billion dirham investment programme launched by His Majesty on 24 April 2025, emphasising its role in strengthening sustainable mobility, economic competitiveness and balanced regional development.
The Director General of ONCF, Mohamed Rabie Khlie, stated that 2025 had been marked by the official launch of the Office’s largest investment programme. This major initiative includes the extension of the high-speed line to Marrakech, the acquisition of new rolling stock, the construction of new-generation stations, the development of a local rail network and the overall modernisation of existing infrastructure.
He then presented an overview of ONCF’s performance during the year, noting sustained growth across passenger and freight services. Passenger activity reached record levels, with 56 million passengers expected in 2025, including 5.6 million using Al Boraq, generating a projected turnover of 2.9 billion dirhams.
Phosphate transport showed strong performance as well, with projected turnover exceeding 1.2 billion dirhams for 13.9 million tonnes transported. Freight activity is expected to exceed 9 million tonnes by the end of 2025, producing 710 million dirhams in revenue. Overall, ONCF’s revenue for 2025 is projected to surpass 5 billion dirhams, driven by growth in both passenger and freight activities.
For 2026, the Director General indicated that the proposed budgets were prepared in line with the royal directives encouraging investment and supporting national economic growth. The forecasts reflect favourable prospects across all business segments. Passenger activity is expected to rise to 58.5 million travellers, up 4 percent from 2025. Freight and phosphate transport activities are projected to reach a combined 24 million tonnes in 2026, also representing a 4 percent year-on-year increase.
This consolidated growth trajectory is expected to result in turnover reaching 5.4 billion dirhams in 2026, an increase of 7 percent compared to 2025.
Investment for 2025 is projected to exceed 18 billion dirhams, while planned investment for 2026 is estimated at around 23 billion dirhams, marking an accelerated phase of ONCF’s development cycle. In support of this new cycle, ONCF is launching an enhanced ESG strategy aimed at strengthening sustainable performance and broadening its positive impact for communities.
