Public Institutions: The Promises of Transformation into a Public Limited Company

The year 2026 is shaping up to be pivotal for the organization and governance of several public institutions (PIs), specifically those engaged in commercial activities and falling under the scope of ANGSPE (the National Agency for the Strategic Management of State Holdings). The reason is that these PIs are required to be transformed into public limited companies (PLCs) by a legal deadline set for July 26, 2026.

Hence the unavoidable question: What is the interest for the State in carrying out this vast transformation movement? Another crucial question: Is the legal form of a PLC compatible with the public service mission that some PIs fulfill?

“La Vie éco” has questioned these aspects, and many others, with Zakaria Fahim, an accountant, auditor, and managing partner of the firm BDO Morocco, who sees in this large-scale reform a decisive step for the modernization of the public apparatus.

Repositioning the State in the Economy

For now, it must be admitted that the transformation into PLCs of the first group of public institutions (Ompic, Onhym, ONDA, ANP) is on track, as evidenced by the introduction of various draft laws into the approval circuit.

“This long-awaited and carefully considered structural reform calls for a strategic reading: it is not a simple change of legal form, but a repositioning of the State’s role in the economy, as an architect of development, a catalyst for performance, and a guarantor of the general interest,” analyzes our interlocutor, recognized for his great expertise in corporate governance.

In short, the head of BDO Morocco considers that the transformative movement undertaken by the State responds to a triple requirement: efficiency, transparency, and attractiveness.

“For PIs, switching to a PLC amounts to aligning with the governance and performance standards of private companies, while maintaining, if necessary, strategic control through capital ownership,” he explains, regarding efficiency.

In other words, on the same note, this transition allows for the introduction of independent committees, management by objectives, clear performance indicators, and, above all, a results-oriented culture. In summary, according to our expert, it is about evolving these institutions from a logic of means to a logic of impact.

Regarding the aspect of transparency, note that the PLC status imposes reporting obligations, external audit, and publication of accounts, which strengthens accountability to the State as shareholder, citizen-users, and financial partners.

Furthermore, in the opinion of many corporate governance specialists, the legal status of a PLC is both a tool and a guarantee of trust in a context where exemplary public action is strongly expected.

Finally, the attractiveness of PIs (to investors) is set to increase, since by becoming PLCs, they would become more agile and could thus more easily acquire holdings, mobilize financing on the markets, form strategic partnerships with the private sector, and, above all, integrate innovation logics.

“This is an open door towards regional and continental competitiveness, particularly in the perspective of the AfCFTA,” predicts our source.

Structuring Projects in the Pipeline

The transformation of Onhym into a PLC is embodied by draft law number 56.24. The latter, introduced into the legislative circuit, was adopted by the Council of Government in late June 2025.

Recall that this large-scale reform is taking place in a highly strategic context for Onhym. Concretely, the public office is working to strengthen research on precious metals and those related to the energy transition. Furthermore, within the framework of Midstream activity, Onhym is continuing the development of two crucial projects, namely the African Atlantic Gas Pipeline (AAGP) Nigeria-Morocco and the Maghreb-Europe Gas Pipeline (GME).

Financially, the public entity’s investments are expected to reach 428 million dirhams in 2025, while debt would reach 328 million dirhams to cover the needs of the investment program concerning the Nigeria-Morocco Gas Pipeline project and the Tendrara gas project. Note, however, that the net result is expected to show a deficit of 109 million dirhams.

Moreover, the transformation of ONDA into a PLC is in the pipeline, as the public office begins an essential phase for the modernization and strengthening of the Kingdom’s airport capacities, notably with the implementation of the Airports Strategy 2030.

The structure led by Adel El Fakir is currently piloting several structuring and capital-intensive projects, among which are increasing the capacity of Casablanca Mohammed V Airport from 14 to 35 million passengers by 2029 and the extension and modernization of the airports of Marrakech, Agadir, Tangier, and Fez, in order to double their capacities.

On the financial record, note that for the period 2025-2030, ONDA’s forecast investment program, which is expected to generate a net result of 975 million dirhams in 2025, is substantial. It is estimated at 38 billion dirhams (of which 25 billion dirhams are dedicated to airport reception capacity).

As for ANP, whose draft law governing its transformation has begun its legislative journey (with its adoption by the Council of Government in December 2025), it is recording a continuous increase in overall traffic handled by the various ports under its management.

The public agency must deploy a structuring investment program (2026-2028) of 3.3 billion dirhams, nearly 75% of which is dedicated to infrastructure, in order to increase port capacities and strengthen resilience against climate risks.

Differentiated Governance

When asked if the PLC status is perfectly compatible with the public service mission, Fahim answers affirmatively, but on the condition, according to him, of clarifying the strategic contract between the State and the company in question. “The duo of commercial mission/public role is not contradictory. It simply requires differentiated governance,” he observes.

Note that tools exist to frame this duality, such as multi-year performance contracts that can set social and territorial indicators in addition to economic indicators.

Furthermore, the State can also establish cross-subsidization mechanisms or universal service obligations, similar to practices in Europe.
For our expert, the real question is whether citizens want rigid, over-administered, and under-efficient institutions, or agile entities, driven by performance, but held to their social commitments.

In short, the PLC status allows for orchestrating this articulation, but on the condition of keeping a firm hand on strategy and a flexible one on operations.

Toward a New Pact of Trust

Regarding public institutions like ONEE and AASLM (the Agency for the Development of the Marchica Lagoon Site), strategic repositioning studies have been launched to clarify the scope of intervention of the future PLCs and their articulation with their ecosystem.
“The upcoming reform for ONEE and AASLM is more than a status change: it foreshadows a renewed model of public intervention,” confides the head of the firm BDO Morocco.

Evidently, for these entities (see box) operating in sensitive sectors (energy, territorial planning, climate resilience), their transformation must be accompanied by a clear redefinition of their scope of intervention, their responsibilities towards the populations, and the guarantees they offer in terms of sustainability and inclusion.

“It must be understood that it is not about privatizing public service through the transformation dynamic of the concerned PIs into PLCs, but about giving them back the means to act at the level of 21st-century expectations,” concludes our expert.

Between a New Investment Cycle and the Challenge of Energy Independence

The Agency for the Development of the Marchica Lagoon Site (AASLM) was at the heart of economic news in late December 2025, notably with the announcement of its new investment cycle (2026-2027) consisting of mobilizing 900 million dirhams.

And this, for financing the development of the economic, urban, and tourist ecosystem, as well as improving the infrastructure and territorial, logistical, and digital connectivity of Marchica and Nador.

Regarding ONEE, whose scope of intervention will be redefined as part of its transformation into a PLC, it is important to emphasize that the Office, which was in deficit in 2025, is piloting several highly strategic structuring projects for the Kingdom’s energy independence and water sovereignty.

The continuation of inter-basin water transfer infrastructure (capacity of 800 million cubic meters/year), the construction of seawater desalination plants (900 million cubic meters/year) powered 100% by renewable energy, the establishment of the 1,400 km electrical line (HVDC) linking the South and the Center, as well as the development of natural gas combined-cycle power plants (1,500 MW) are all cardinal projects carried by the public entity. The latter will need to invest over 35.4 billion dirhams between 2026 and 2028.