New York - Three Moroccan billionaires ranked among the latest list of the world’s 50 wealthiest Arabs, according to Arabian Business magazine.
New York – Three Moroccan billionaires ranked among the latest list of the world’s 50 wealthiest Arabs, according to Arabian Business magazine.
The Emirati weekly magazine published its 12th annual ranking of “The World’s 50 Richest Arabs” for 2016, in which it lists three Moroccan personalities.
The list was compiled by the Dubai-based publication with data from other international magazines such as U.S. Forbes’ lists of the wealthiest people worldwide.
The three Moroccan men in the 2016 ranking are: businessman Othman Benjelloun, Minister of Agriculture Aziz Akkhannouch and businessman Miloud Chaabi.
CEO of BMCE Bank (Banque Marocaine du Commerce Extérieur) Othman Benjelloun ranked 35 in the Arabian magazine’s 2016 list with a fortune estimated at US $2 billion.
Benjelloun is then considered the richest person in the North African country and also Africa’s 12th richest, according to the same source.
The banking mogul has made the majority of his fortune from his banking group, which has over 500 branches throughout Morocco and 20 subsidiaries across Africa.
Benjelloun is also the majority shareholder of insurance company RMA Watanya through his holding company FinanceCom. He holds a minority stake in Meditelecom, Morocco’s second largest mobile phone operator.
According to Forbes Middle East, Othman Benjelloun’s net worth in 2015 was $2.3 billion and he ranked 19 in the list of “The World’s Richest Arabs 2015.”
With a fortune estimated at $1 billion, Morocco’s Minister of Agriculture and Fisheries Aziz Akkhanouch ranks 47. He is the majority shareholder of Akwa Group headquartered in Casablanca.
The Akkhanouch family fortune is diversified through its public-listed subsidiaries Afriquia Gas and Maghreb Oxygene with interests in oil, gas and chemicals. He also has businesses in real estate, telecoms, media, and hotels.
His wife, Salwa Idrissi runs Aksal Group, a mall developer owner of Moroccan fashion brand franchises, such as Gap, Zara and Galeries Lafayette.
According to Forbes Middle East, Aziz Akkhanouch and family ranked 28 in last years’ richest Arabs list with a net worth estimated at $1.7 billion.
Just below the Minister of Agriculture, is businessman Miloud Chaabi, who ranked 48, with a wealth of $1 billion in 2016.
Chaabi is the founder of Ynna Holding and owner of the Riad Mogador hotel chain and Aswak Assalam supermarkets in Morocco. His fortune is also diversified in ceramics, electronics, as well as petrochemicals. He is the majority shareholder of chemical manufacturer, SNEP.
Chaabi’s charity, the Miloud Chaabi Foundation, is one of the largest philanthropic organizations in the North African country. He reportedly has a passion for sports cars, golf and collects works made by Moroccan artists.
According to the Dubai magazine, the richest Arab personality is Prince Al Waleed Bin Talal of Saudi Arabia with a fortune estimated at a whopping $25 billion.