Rabat – Moroccan billionaire and politician, Miloud Chaabi, died on Saturday in Germany, a source close to his family told Morocco World News. He was 86.
The Essaouira-born businessmen was considered among Morocco’s richest men. In 2015, he was named Africa’s richest real estate magnate, according to the 2015 Forbes Billionaires list.
The owner of Ynna Holding topped the list of Africa’s richest businessmen whose real estate assets have contributed significantly to making their fortunes.
He was the founder and owner of Ynna Holding company, and its property division, Chaabi Lil Iskane. He was also the owner of the Ryad Mogador hotel chain, which opened its first hotel in the city of Essaouira in 1999, and the Aswak Assalam supermarket group.
He was a member of the Moroccan parliament until his resignation in December 2014, when he was forced to step down from his position in the House of Representatives due to ill health.
