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Rabat – American business magazine Forbes Middle East unveiled on Tuesday its “Top 100 Arab Family Businesses 2023,” which featured three Moroccan companies – O Capital Group in 21st position, Groupe Holmarcom in 87th position, and Diana Holding in the 92nd spot.
The annual list aims to spotlight the MENA region’s “most exceptional legacy businesses that have not only endured through generations but are now making waves on the region’s stock markets,” said Forbes Middle East in a press release.
The ranking was based on the size and performance of each company’s holdings, as well as their business activity, age, legacy, and geographical and sector diversification.
O Capital Group
Of the three Moroccan firms featured in the list, the 2021-founded O Capital Group stands out as the youngest listee, the statement noted, adding that this indicates the “boundless potential and ambition of Arab family businesses.”
Led by billionaire founder and chairman Othman Benjelloun, O Capital Group has investments spanning various sectors, including banking, renewable energy, agriculture, logistics, real estate, IT, and insurance, among others.
The group’s strategic partnerships with Air Arabia Maroc, Aman Resorts Group, and the Bank of Africa further solidify its market influence, according to Forbes.
As of July 2023, Othman Benjelloun and his family had a net worth of $1.3 billion (MAD 12.8 billion).
Moroccan millionaire Othman Benjelloun
Groupe Holmarcom
Groupe Holmarcom, which was founded by Abdelkader Bensalah in 1978, holds a strong presence in six African countries, including Morocco, Senegal, Cote d’Ivoire, Benin, Burkina Faso, and Kenya.
Boasting businesses in finance, agro-industry, logistics, and real estate, Groupe Holmarcom has three companies listed on the Casablanca Stock Exchange.
The group made headlines in December 2022 when it finalized a deal to acquire a 78% stake in Credit Agricole, further cementing its position in the financial sector.
CEO of Holmarcomm Group Mohamed Hassan Bensaleh
Diana Holding
Meanwhile, Diana Holding, established by Brahim Zniber in 1956 as an agro-industrial company, has grown exponentially over the years.
With 8,300 hectares of land under its management and over 7,200 employees, Diana Holding is a significant contributor to Morocco’s agricultural sector.
The company’s olive-growing division alone covers 1,000 hectares, with a substantial storage capacity of 3,500 tons, Forbes said.
Head and CEO of Diana Holding, Rita Maria Zniber
Read also: Four Moroccan Firms Shine in Forbes Middle East ‘Top 100 Listed Companies’
Saudi family businesses have once again dominated the ranking, with 33 companies, holding four of the top 10 spots. Meanwhile, the UAE ranks second with a total of 29 entries, followed by Egypt (nine entries) and Qatar (eight entries).
More than 60% of the family businesses featured in the ranking are major shareholders in a company listed on a regional stock exchange.
