An expanding broadband network, growing competition for video and greater political stability than neighbouring states, have positioned Morocco as the most attractive regional investment.

"Whether it be VOIP [voice over internet protocol] providers, broadband internet repackaging, or pay-TV installers, the smaller companies will be called to duty and therefore present a viable option for investors looking to capture a share of the projected US$1.44bn data segment by 2015, or other promising indicators," said Majd Hosn, analyst at Pyramid Research.

Overall Morocco’s telecommunications revenue will increase by 4.1% compound annual growth rate (CAGR) over the next five years, from a projected $4.47 billion in 2010 to $5.47 billion in 2015, says the consultancy - in spite of the political tumult across the Arab world this year.

"The leadership changes and popular uprisings that have spread in North Africa will take their toll on the stability and growth of Morocco," says Mr Hosn. However, the consultancy expects Morocco to maintain a strong position compared to other Middle Eastern and North African communications markets.

The shift in March 2011 from an absolute to a constitutional monarchy also, believes Pyramid, signal some positive change in Morocco, which has been ruled for over two decades by King Mohammed VI.

"The mobile segment, comprised of voice and data, made up 71.6% of total revenue in 2010, a figure Pyramid Research expects to increase slightly over the forecast period, reaching 76.3% by 2015, thanks to tremendous growth in mobile broadband uptake and increased competition amongst the three mobile providers," added Mr Hosn.

Morocco’s three major telecommunications operators – Maroc Telecom, Inwi’s Wana Telecom and Meditel - are reportedly all set for growth, while there is also a “deep well of possibilities and opportunities” for specialised television and data service providers thanks to a greater proliferation of broadband networks.

"A sluggish agricultural sector and a slight drop in the telecom sector revenue led to a 2.7% drop in real GDP growth in 2010, down from the promising 2009 rise of 4.7%. The Economist Intelligence Unit has projected that the Moroccan economy will grow by 4.1% by year-end 2011 as the country regains some of its political stability amidst a more peaceful regional environment," concludes Mr Hosn.