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Moroccan Moguls Akhannouch and Benjelloun Soar in Forbes' Middle East Billionaires Ranking
In the latest wealth rankings by the esteemed American finance publication Forbes, two prominent Moroccan business magnates have solidified their positions among the richest individuals in the Middle East. Aziz Akhannouch, the current head of government in Morocco, and Othman Benjelloun, the venerable CEO of BMCE Bank of Africa, have once again showcased their economic prowess and substantial net worths.
Akhannouch, at the seasoned age of 63, secured the 22nd spot on the prestigious list, boasting a formidable net worth of $1.7 billion. As the majority shareholder of the Akwa Group, a multibillion-dollar conglomerate founded by his father and a partner in 1932, Akhannouch oversees a vast empire spanning petroleum, gas, and chemical industries through publicly traded entities like Afriquia Gaz and Maghreb Oxygen.
While his political career has spanned over two decades, Akhannouch's recent appointment as the head of the Moroccan government in September 2021 has further elevated his stature. Previously, he served as the president of the Council of the Souss-Massa-Draa Region from 2003 to 2007 and held advisory roles in various organizations, including the think tank of the late King Hassan II and the Mohammed VI Foundation for Environmental Protection.
Not far behind on the Forbes ranking is the illustrious Othman Benjelloun and his family, securing the 25th position. At the venerable age of 91, Benjelloun continues to helm BMCE Bank of Africa, a financial powerhouse with a significant presence across more than 20 African nations.
Benjelloun's legacy can be traced back to his father's role as a shareholder in RMA, one of Morocco's first insurance companies, which he subsequently transformed into a leading national insurer. Through his holding company FinanceCom, Benjelloun has diversified his investments, including a stake in the Moroccan arm of the French telecom giant Orange.
In a bold move in 2014, Benjelloun announced plans to invest a staggering half a billion dollars in the construction of the 55-story Mohammed VI Tower in the capital city of Rabat. Upon completion, this towering structure is poised to rank among the tallest buildings on the African continent, further cementing Benjelloun's status as a visionary entrepreneur.