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This is a 30% YoY increase over Q1 2025.

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Net income rose to $36.4 million, a 17% YoY increase.

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Morocco to acquire two Italian multipurpose frigates

    • The vessels Morocco is interested in are European multi-purpose frigates, better known as FREMM, an acronym derived from their French-language name

    • Morocco is already in talks with Fincantieri, an Italian shipbuilding company based in Trieste in the European country, in this regard

    Morocco is reportedly interested in buying two multi-purpose frigates from Italy, said local reports on Friday, July 9.

    The vessels Morocco is interested in are European multi-purpose frigates, which are better known as FREMM, an acronym derived from their French-language name.

    The reports said Morocco is already in talks with Fincantieri, an Italian shipbuilding company based in Trieste in the European country, in this regard.

    The African nation already has one frigate in service, but it is built in the French style. It cost around $620 million when it was delivered to the country in 2014.

    The reports said Morocco wants the two new ones to be different than what they have: It wants them in the Italian configuration.

    Morocco has in recent years upped its military spending, making more and more defense purchases from the United States.

    Its defense expenditure was estimated to be $4.8 billion last year, which was a 29% increase from that in 2019. Reports also said Morocco doubled its military buying from the US in 2020.

    As of now, Morocco buys 90% of its arms from the US, 9.2% from France, and 0.3% from the UK, said the reports.