Boeing, Alphavest Capital to Establish Five Aerospace Centers in Morocco
The agreement, announced on Friday, aims to strengthen the North African country's position in the global aerospace industry. According to the MoU terms, the two companies will work together to develop logistics capabilities and establish specialized centers in five key areas.
The five aerospace excellence centers will focus on engineering; tubes, ducts, hoses and fittings; complex mechanical parts and sheet metal activities; secondary structures, particularly composite parts; and metal and raw materials processing and distribution.
Majid Benmlih, President and CEO of Alphavest Capital, stressed the significance of the partnership. 'This historic agreement with Boeing marks Morocco's arrival on the global aerospace scene, confirming the Kingdom's position as an aerospace destination offering the best value for money, particularly in terms of risk, quality, cost and time,' he remarked.
He noted that the agreement builds on years of collaboration between Alphavest Capital and Boeing, notably through the creation and development of TDM Aerospace.
Ihssane Mounir, Senior Vice President of Global Supply Chain and Fabrication at Boeing Commercial Airplanes, expressed pride in the partnership. 'We are proud to partner with Alphavest Capital to continue developing Moroccan aerospace supply chain capabilities and fostering a highly skilled and high-performing workforce,' he declared.
'This agreement reinforces our commitment to the Kingdom's vision of positioning Morocco as a key player in the global aerospace industry,' Mounir concluded.
Alphavest Capital is among the thematic and sectoral fund management companies selected by the Mohammed VI Investment Fund to support the aerospace sector.
The company mobilizes Moroccan and international capital in two key transformation areas: Industrial Innovation through the Aerospace Fund (MAIC OPCC), and Technological Disruption via the Tech I Fund 'Startup Nation Morocco.'
This Boeing-Alphavest alliance emerges as Morocco's aerospace sector gains substantial momentum. In a separate development last month, French group Figeac Aéro entered a strategic partnership with Boeing on June 16 during the Paris Air Show, to manufacture machined parts for the 737 Max in Morocco.
Speaking at the same event, Minister of Industry and Commerce Ryad Mezzour revealed that Morocco's aerospace sector now encompasses 150 companies generating €2.5 billion (approximately $2.5 billion) in annual revenue while employing 26,000 people full-time.
He outlined ambitious growth plans including expansion into cabin fittings and landing gear manufacturing. 'Within ten years, we think we can offer a final assembly line for commercial aircraft,' Mezzour projected, expressing confidence in doubling the sector's turnover by 2030.
He stressed Morocco's competitive advantage with production costs at €25 per hour compared to €100-120 in Europe or the US, supported by 23,000 engineering graduates annually, of whom 400 enter the aerospace field.
According to recent data from the Exchange Office, Morocco's aerospace sector exports exceeded MAD 9.5 billion (approximately $950 million) by the end of April, marking a 14% increase compared to the same period last year.
Additionally, Royal Air Maroc (RAM) is reportedly preparing a major aircraft order from Boeing, potentially including about two dozen 787 long-haul aircraft and up to 50 737 medium-haul planes, deepening the strategic aerospace relationship between Rabat and the American manufacturer. Tags: aerospace industry in moroccoBoeing
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