10 Businesses of Moroccan Prime Minister Aziz Akhannouch

Morocco’s Prime Minister and major businessman, Aziz Akhannouch, exemplifies the complexity of balancing business and politics through a journey and influence that go far beyond his stature and economic interests.

Akhannouch is a wealthy individual in Morocco, with Forbes estimating his fortune to be $1.7 billion. Akhannouch commands both respect and influence as the driving force behind the Akwa Group, a massive conglomerate created in 1932 by his father and a business partner.

His journey from philosophy graduate to business magnate began in 1993, when he joined the family business, which was primarily focused on petrol stations. Since then, his leadership has moved Akwa Group into a variety of areas, including chemicals, mining, tourism, and media, cementing the company’s position as a Moroccan economic powerhouse.

Akhannouch’s political involvement adds to his significance. During his 14-year tenure as Minister of Agriculture, he oversaw agricultural reforms, increased exports, and welcomed technical improvements, receiving universal praise. His eventual nomination as Prime Minister in 2021 demonstrates his political acumen and power.

Akhannouch, the wealthiest investor on the Casablanca Stock Exchange, believes that foreign investment, infrastructural development, and digitalization will drive Moroccan economic growth. His emphasis on renewable energy and climate change mitigation is consistent with worldwide trends, while the long-term effects of his policies are questionable.

In addition to his business and political pursuits, Akhannouch is a philanthropist, as seen by Afriquia’s $103.5 million contribution to a COVID-19 pandemic management fund. His influence extends beyond Akwa Group, as he is involved with five companies featured on Billionaires.Africa, demonstrating his strategic genius and various ventures.

1. Akwa Group

Akwa Group was founded in 1932 by Akhannouch’s father and a partner, Ahmed Wakrim, and is a multibillion-dollar Moroccan company. Under Akhannouch’s leadership, the group operates in several industries, including petroleum, gas, retail, tourism, media, real estate, and chemicals through publicly traded companies such as Afriquia Gaz and Maghreb. The Akhanouch and Wakrim families have the ownership rights.

2. Afriquia Gaz SA

Afriquia Gaz, headquartered in Casablanca, is a major operator in the refining and distribution of liquefied petroleum gas (LPG). Akwa Group owns 30% of the company, which is supervised by Akhannouch. It operates under five separate names and serves both home and professional energy needs. Subsidiaries such as Sodipit, Dragon Gaz, and Salam Gaz contribute to a strong network across multiple sectors.

3. Maghreb Oxygene

Maghreb Oxygene, founded in 1974, is a major Moroccan chemical industry player focusing in industrial and medical gases. The corporation is mainly owned by the Akwa Group, a conglomerate founded by Akhannouch, a famous businessman who became Morocco’s prime minister in September 2021.

4. Total Mauritania

Total Mauritania, a subsidiary of the French multinational TotalEnergies and influenced by Akhannouch, has had a strong involvement in the Mauritanian oil and gas sector since 1999. Its extensive distribution network, which includes 40 retail sites strategically positioned throughout Mauritania, demonstrates its regional effect.

5. Résidences Place Des Zaers

This real estate development project, spearheaded by Akhannouch, promises to produce magnificent residential units in the Zaers region, demonstrating the company’s dedication to Morocco’s infrastructure and housing sector.

6. Mini-Brahim

Mini-Brahim, a retail subsidiary of the Akwa Group, operates a shop chain in Morocco that sells groceries, snacks, beverages, and household necessities. Mini-Brahim stores, owned by the Akwa Group and, by extension, Akhannouch, are strategically located in both urban and rural locations.

7. Hôtel Fairmont Taghazout Bay

Hôtel Fairmont Taghazout Bay is a luxury hotel in Taghazout Bay, Morocco, recognized for its upmarket amenities, breathtaking ocean views, and world-class service. It caters to both leisure and business guests.

8. La Vie économique

La Vie économique, a French-language business journal based in Morocco, displays Akhannouch’s impact and reach within the country’s economic scene. It covers a wide range of economic, financial, and business themes in Morocco and around the region.

9. Société d’Aménagement et de Promotion de la Station Taghazout (SAPST)

SAPST, which is involved in the development and promotion of Morocco’s Taghazout resort, aims to improve tourism infrastructure while also contributing to Morocco’s economic growth and development.

10. Nissae Min Al Maghrib

Nissae Min Al Maghrib, an initiative founded by Akhannouch, is dedicated to women’s economic development and entrepreneurship in Morocco. This initiative intends to eliminate gender disparity in the business sector through training, mentorship, and financial support, while also contributing to Morocco’s socioeconomic development.

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