A.P Moller Capital Invests $240 million in Morocco’s Transport Sector

A.P. Moller Capital’s Morocco Fund has raised $243 million to back transport and logistics infrastructure projects in Morocco, the company announced. The fund, managed locally by APM Capital Morocco, secured significant institutional interest including a $65 million commitment from the Emerging Markets Infrastructure Fund II (EMIF II), a Danish fund also managed by A.P. Moller Capital. The financing round positions the vehicle to support port development, green hydrogen-linked port infrastructure and regional logistics expansion.

Top-line commentary

"Morocco is a priority market for A.P. Moller Capital, supported by strong macroeconomic fundamentals, rising near-shoring activity and sustained investment in transport and logistics infrastructure," said Kim Fejfer, CEO of A.P. Moller Capital.

Context and details

The Morocco Fund — raising $243 million in its latest close — attracted capital from both Moroccan and foreign institutional investors and won visible backing from Morocco’s leadership, including support tied to King Mohammed VI. The fund was selected to be part of the Mohammed VI Investment Fund, a vehicle designed to catalyze long-term investments in sectors that include transport and renewable energy.

A.P. Moller Capital (also written as APM Capital in its local operations) has an established track record in Moroccan port and logistics assets. In 2020 the firm acquired a 49% shareholding in Casablanca-based grain operator Mass Céréales al Maghreb (MCM), which operates grain storage terminals at Casablanca and Jorf Lasfar. According to the company account, over the last decade MCM handled more than half of Morocco’s bulk grain imports. A.P. Moller Capital exited its MCM shareholding in May 2025 after supporting the group’s regional expansion, notably the launch of a grain terminal at the Port of Bargny-Sendou in Senegal.

• Fund size: $243 million raised for Morocco-focused investments.
• Anchor commitment: $65 million from EMIF II, managed by A.P. Moller Capital.
• Past investment example: 49% stake in Mass Céréales al Maghreb (MCM) acquired in 2020 and exited in May 2025.
• Regional expansion: supported MCM’s terminal at Bargny-Sendou, Senegal.

Beyond grain terminals, A.P. Moller Capital is part of a consortium developing the Chbika green hydrogen project in Morocco’s Guelmin-Oued Noun region. The Chbika initiative targets production of 200,000 tons of green ammonia for export to Europe, with A.P. Moller Capital leading development of port and associated infrastructure critical to the green hydrogen value chain.

Outlook

The new fund close is likely to accelerate port and logistics projects that align with Morocco’s strategic positioning as a Mediterranean gateway and a potential green bunkering hub. The World Bank projects that fuel demand expressed in hydrogen-equivalent at Moroccan ports could rise from about 0.2 million tons by 2030 to roughly 2.83 million tons by 2050, underlining the scale of infrastructure that may be required. With $243 million in new capital and strategic ties to the Mohammed VI Investment Fund, A.P. Moller Capital’s Morocco Fund is positioned to play a significant role in channeling institutional capital into transport and energy-linked port projects across the country and the region.