Morocco’s economic system is notably liberal, and is governed by way of the regulation of deliver and call for. The state is a primary player in African economic affairs. Tourism is one of the maximum essential sectors in Moroccan economy. The country has additionally visible a number of Hollywood films set within the country in current years including the intercourse and the city franchise and Disney’s prince of Persia.
These are the richest people in Morocco according to Forbes magazine.
1) Othman Benjelloun – $2.8 Billion
Othman Benjelloun has business interests in banking, insurance and telecom in Morocco through his holding company, FinanceCom. He is the CEO of BMCE Bank, one of the country’s largest banks, which is active in 20 African countries. Its oversea operations contribute more than 40% of the bank’s net income.
Earlier in the year 2014, Benjelloun announced plans to build a rocket-shaped tower more than 30 stories high as BMCE‘s new headquarters; it will loom over Casablanca. FinanceCom also runs Paris-based money management firm FinanceCom Asset Management, which has vested interests in companies in Nigeria, South Africa, Morocco, Kenya, and Ghana, among others.
2) King Mohammed VI – $2.1 Billion
In July 2014, King Mohammed VI of Morocco celebrated his 15th year on the throne. He inherited an estimated 40% stake in Societe Nationale d’Investissement (SNI); a large, formerly state-owned Moroccan investment company that has controlling stakes in the country’s largest bank – Attijariwafa, mining company – Managem Group, sugar producer – Cosumar, dairy firm – Centrale Laitiere and other assets from his father; the late King Hassan II. Several of these companies are publicly traded. He is one of the richest presidents in Africa.
3) Aziz Akhannouch – $1.8 Billion
Aziz Akhannouch is the majority owner of Akwa Group, a multibillion-dollar Moroccan conglomerate with vested interests in petroleum, gas and chemicals through its publicly-traded subsidiaries; Afriquia Gas and Maghreb Oxygene. He is also into media, real estate development and hotels. Akwa Group was founded by Akhannouch’s father, who later took on a partner – Ahmed Wakrim.
While in the service of his country as Morocco’s Minister of Agriculture and Fisheries, he handed over the day-to-day management of the business to Ahmed Wakrim’s son – Ali Wakrim. His wife, Salwa Idrissi, runs her own company, which develops malls. Her company also holds the Moroccan franchises for outfits companies; Gap, Zara, and Galeries Lafayette, among other fashion brands.
4) Miloud Chaabi – $1.3 Billion
Miloud Chaabi’s Ynna Holdings are real estate and fast moving consumer goods magnates. It holds interests in real estate, hotels and supermarkets, and is the majority owner of SNEP, a chemical manufacturer in Morocco. In the Moroccan press last year, rumors began to surface that Ynna was facing financial difficulties, prompting Chaabi’s son – Omar to deny that the group was hard hit by a real estate slump, due to its diversified investments. (He however hasn’t responded to Forbes’ inquiries on the same matter).
As though in agreement with the rumors,, Chaabi’s net worth went down compared to a year ago due to lower multiples for comparable publicly-traded companies. In a chat with weekly magazine; Jeune Afrique in July, Omar didn’t disclose revenue figures, but shared his father’s passion for super sports cars; Ferraris and Maseratis. Miloud is also reported to collect works of Art by Moroccan artists and he is also an avid golf player.
5) Anas Sefrioui – $1.1 Billion
Anas Sefrioui, head of publicly traded homebuilder – Groupe Addoha, enjoyed cordial relationship with the Government, winning government contracts to develop low-cost housing in Morocco. However, government cutbacks have recently hurt Groupe Addoha. In 2013, net earnings dropped 11% to $189 million. The company announced in March it would buy back stock to stave the drop, but shares fell nonetheless.
In an attempt to grow his business and recover from his losses, Addoha is accelerating expansion all over Africa. In the past year alone, the company announced plans to build a cement factory and low income housing in Mali, Ghana, and Chad.
6) Mohamed Bensalah – $700 Million
Mohamed Bensalah is the CEO, Holmarcom Group – a family holding company founded by his late father. His mother and three sisters occupy positions within the group, which own stakes in leading Moroccan insurer – Atlanta, water bottler – Oulmes, and airline – Air Arabia Maroc.
Holmarcom boosted its stake in Atlanta in April 2014 by 30%, making the insurance company its single biggest holding with its current 70% stake worth more than 350 million dollars. Sorbonne-educated Bensalah took over the reins of Holmarcom Group upon his father’s death in 1993 at the age of 23.