At a Glance
- Anas Sefrioui’s Groupe Addoha reshapes Morocco’s real estate market and housing investments.
- Othman Benjelloun leads Bank of Africa, fueling pan-African banking expansion and investor confidence.
- Aziz Akhannouch’s Akwa Group strengthens Morocco’s energy, industrial gas, and luxury hospitality sectors.
Morocco’s economic growth is heavily shaped by its powerful business tycoons, whose influence spans banking, real estate, energy, retail, and pharmaceuticals.
Leading figures such as Anas Sefrioui of Groupe Addoha, Othman Benjelloun of Bank of Africa, and Aziz Akhannouch of Akwa Group control major conglomerates with operations across North Africa and beyond.
Their enterprises fuel stock market activity, create thousands of jobs, and drive large-scale investments in housing, finance, and infrastructure.
From affordable housing projects in Abidjan to luxury retail developments in Casablanca, these business leaders are redefining Morocco’s corporate landscape while boosting investor confidence and regional economic growth.
These 10 Moroccan business leaders are not only driving domestic economic growth but also shaping regional investment trends and investor confidence.
Their combined influence spans finance, real estate, energy, retail, and healthcare, positioning Morocco as a leading business hub in North Africa. Shore Africa presents these businesses alongside the tycoons backing them.
1. Groupe Addoha – Anas Sefrioui
Founded in 1988 by Anas Sefrioui, Groupe Addoha is Morocco’s largest real estate developer, controlling social and luxury housing projects across the country and North Africa. Sefrioui owns a 64.78 percent stake in the company, marking his comeback to Morocco’s billionaire ranks after market fluctuations between 2017 and 2024. Groupe Addoha has expanded internationally, including a $27 million International Finance Corporation-backed project to build 5,600 affordable homes in Greater Abidjan. Sefrioui’s daughter, Kenza, serves as deputy chairman, cementing the family’s influence.
2. Attijariwafa Bank– Morocco’s Alaouite royal family
Attijariwafa Bank, Morocco’s largest banking group, has played a central role in the country’s financial landscape. Founded in 1904 as Banque Commerciale du Maroc and transformed through mergers, it now operates in more than 25 African countries. The bank provides retail, corporate, and investment banking services while driving economic growth through regional expansion, innovation, and strategic partnerships. The royal family holds an indirect 46.5 percent interest, around 100.1 million shares, through its investment vehicle, Société Nationale d’Investissement, also known as Al Mada. Its leadership, strong governance, and diversified financial services have positioned Attijariwafa Bank as a key player in Morocco’s banking and finance sectors, shaping investment trends and creating jobs across the continent.
3. Bank of Africa Group – Othman Benjelloun
Bank of Africa, under Moroccan billionaire Othman Benjelloun, is a pan-African banking powerhouse operating in over 20 countries. Benjelloun’s holding company, O Capital Group, controls key stakes in banking, insurance, telecom, and real estate. He led BMCE Bank’s transformation into a $4.44 billion market-cap multinational and oversees Morocco’s $500 million Mohammed VI Tower in Rabat. Benjelloun is a philanthropist, funding education and cultural heritage projects through the Benjelloun-Meziane Foundation. He is $1.9 billion rich according to Forbes.
4. Akwa Group – Aziz Akhannouch & Ali Wakrim
Akwa Group traces its roots to Afriquia SMDC, founded by Ahmed Ouldhadj Akhannouch and Haj Ahmed Wakrim. Today, the company is largely owned by their families, including Moroccan Prime Minister Aziz Akhannouch. Akhannouch leads publicly traded subsidiaries such as Afriquia Gaz, a dominant LPG provider, and Maghreb Oxygene, a leading industrial and medical gas company. His wealth also extends to luxury hospitality and international energy investments. Co-owner Ali Wakrim serves as chairman of Afriquia Gaz, contributing to Morocco’s energy sector growth.
5. Groupe Alliances – Alami Lazraq
Founded in 1994, Groupe Alliances is a major Moroccan real estate developer building luxury residences, hotels, and middle- and low-income housing. Chairman Alami Lazraq also oversees expansion into Ivory Coast and Senegal through publicly traded subsidiary ADI. Despite stock market fluctuations, Lazraq’s 51.7 percent stake underscores the family’s sustained influence in Moroccan real estate.
6. Saham Group – Moulay Hafid Elalamy
Saham Group, Morocco’s largest insurance and financial services company, was founded in 1995 by Moulay Hafid Elalamy. The group operates across insurance, banking, healthcare, and outsourcing sectors. In 2018, Elalamy sold Saham’s insurance arm to South Africa’s Sanlam for $1.05 billion. He also served as Morocco’s Minister of Industry and Commerce, demonstrating his economic and political influence.
7. Sanam Holding – Said Alj
Sanam Holding, led by Said Alj, spans agribusiness, real estate, distribution, and manufacturing. Through Zalar Holding, Alj manages one of Morocco’s largest poultry producers and a modernized integrated supply chain. His influence in real estate includes luxury hotels and commercial projects, while industrial ventures boost Morocco’s economic infrastructure.
8. Société de Thérapeutique Marocaine (Sothema) – Lamia Tazi
As CEO of Sothema, Lamia Tazi leads Morocco’s largest pharmaceutical manufacturer with an $851 million market valuation. The company produces 60 million units annually and operates 35 labs worldwide. Tazi launched Africa and Middle East’s first Galenic development platform, cementing Morocco’s role in pharmaceutical innovation.
9. Groupe Aksal – Salwa Idrissi Akhannouch
Aksal Group dominates Morocco’s retail and luxury market with exclusive franchises like Gucci, Fendi, and Zara. Founder Salwa Idrissi Akhannouch also developed Morocco Mall, Africa’s second-largest shopping center. Through her foundation, she supports education, women’s empowerment, and social development, combining business success with philanthropy.
10. Holmarcom Group – Mohamed Hassan Bensalah
Holmarcom Group, chaired by Mohamed Hassan Bensalah, operates in finance, agro-industry, logistics, and real estate across six African countries. The group controls firms like Les Eaux Minérales d’Oulmès, AtlantaSanad Assurance, and Crédit du Maroc. Bensalah’s leadership enhances Morocco’s financial sector, while board memberships extend influence over national economic policy.
