Nezha Hayat: The architect of Morocco's investment future

From the trading floors of Madrid to the pinnacle of Moroccan sovereign finance, Nezha Hayat’s four decade career has reshaped the Kingdom’s approach to investment, capital markets, and economic growth. Her journey, marked by groundbreaking achievements, culminated in her appointment as Director General of the Mohammed VI Investment Fund in May 2025.

A royal mandate decades in the making

On May 12, 2025, His Majesty King Mohammed VI chaired a pivotal Council of Ministers meeting at the Royal Palace in Rabat. Among the high profile decisions made that day was Nezha Hayat's appointment to lead the Mohammed VI Investment Fund, FM6I. This fund, conceived under royal guidance, plays a critical role in mobilizing private capital to drive national development. For those familiar with Hayat’s career, her appointment was a natural progression and a recognition of her decades of expertise in regulation, finance, and leadership.

The FM6I was established to address the economic challenges posed by the Covid 19 pandemic. It aims to accelerate productive investments, support small and medium enterprises, SMEs, and convert Morocco’s sovereign ambitions into tangible economic opportunities. Its focus spans key sectors like energy, infrastructure, innovation, agriculture, and tourism. The complex nature of this mission requires a leader with deep knowledge of capital markets and a strong grasp of sovereign development strategies. Hayat embodies these qualities, commanding respect for her ability to align public goals with private investment.

“The Fund is not a simple financing mechanism. It acts as a catalyst and an accelerator, aligning national strategies with private capital and turning public ambition into bankable opportunity,” Hayat explained during the Africa Investment Forum in 2025.

Casablanca to Madrid: The formative years

Born in Casablanca in 1963, Nezha Hayat was the eldest of seven children in a household that valued education and culture as equal opportunities for all, including girls. Her father, a senior civil servant, instilled in his children the importance of academic excellence and multilingualism. The family’s frequent relocations across Moroccan cities like Casablanca, Marrakech, and Tangier exposed her to the country’s cultural diversity from an early age.

After earning her baccalauréat at the French Mission school, Hayat completed preparatory classes at Lycée Sainte Geneviève before attending ESSEC Business School in Paris, one of France’s most prestigious institutions. Graduating in 1984, she opted to build her career abroad, entering Spain’s evolving banking sector at a transformative time.

Seven years in Spain, two decades at Société Générale

Hayat’s early career in Spain proved instrumental in shaping her financial expertise. At Banco Atlántico in Madrid, she specialized in international risk and debt restructuring, gaining invaluable experience in high stakes financial operations. Between 1988 and 1990, she worked in corporate finance at Madrid based brokerage firms Inverfinanzas and Bravo y Garayalde. These years honed her ability to navigate complex financial structures.

Her transition to private banking began as branch manager at Banco Inversión in Marbella, followed by her role as Deputy Director of the BNP offshore unit in Tangier. By 1995, she returned to Morocco to join Société Générale Marocaine de Banques during a critical juncture as the Casablanca Stock Exchange underwent privatization. Hayat was tasked with launching the bank’s brokerage and asset management operations, earning her a reputation for building robust financial infrastructure.

In 2007, she became the first woman to sit on the management board of a Moroccan bank, a historic milestone reflecting her influence and expertise. Over two decades with Société Générale, she held senior roles that bridged Morocco’s private and public financial sectors.

Regulator, reformer, and global voice

In 2016, His Majesty King Mohammed VI appointed Hayat as President and CEO of the Moroccan Capital Market Authority, AMMC, making her the first woman to hold this position. The AMMC, established three years earlier, replaced the CDVM with a broader mandate for market regulation and independence. Hayat’s leadership transformed the AMMC into a globally respected institution, introducing innovative financial instruments like green, social, and gender bonds to Morocco’s markets. These initiatives positioned Casablanca as a hub for ESG aligned investment in North Africa.

Her tenure at the AMMC coincided with the volatile financial environment of the Covid 19 pandemic. Hayat ensured market stability and continuity, enabling companies to access financing despite global disruptions. Morocco’s stock market recovered quickly, a testament to the resilience fostered under her regulatory guidance.

Internationally, Hayat served as Chair of the Africa and Middle East Committee of the International Organization of Securities Commissions, IOSCO, for three consecutive terms, earning recognition from financial leaders worldwide.

Breaking glass, building bridges

Beyond her professional achievements, Hayat is a trailblazer for gender equality in Morocco’s business and governance sectors. In 2000, she co founded the Association of Women Business Leaders in Morocco, AFEM, the first women’s professional association in the country to achieve ISO 9001 certification. Twelve years later, she founded the Club des Femmes Administrateurs au Maroc, CFA Maroc, which focuses on increasing female representation in corporate boardrooms.

Her advocacy earned her multiple accolades. Forbes Middle East has repeatedly ranked her among the most powerful Arab businesswomen. In 2025, she was named one of the top 20 Arab women in government, reflecting her sustained commitment to advancing gender parity.

The Mohammed VI Fund: A national priority

The Mohammed VI Investment Fund stands as a cornerstone of Morocco’s post Covid recovery strategy. Unlike traditional sovereign wealth funds, it acts as a catalytic mechanism to attract private capital. By co investing with management companies, the FM6I amplifies its financial impact, generating far reaching investment effects across the economy.

During its initial phase, the Fund mobilized 14.5 billion dirhams of private capital alongside 4.5 billion dirhams in public funding. Hayat’s leadership aims to accelerate this model, targeting investments worth 120 to 150 billion dirhams over the next five years. Key priorities include supporting SMEs, promoting regional development, and activating sectoral funds in water, energy, and tourism.

Why this appointment matters now

Hayat’s appointment comes at a pivotal moment for Morocco. The Kingdom is gearing up for the 2030 FIFA World Cup, an event that demands significant investments in infrastructure, urban development, and tourism. The FM6I’s role in mobilizing capital aligns perfectly with these national priorities.

Minister of Economy and Finance Nadia Fettah Alaoui, who oversaw Hayat’s formal installation, emphasized her confidence in Hayat’s ability to strengthen the Fund’s position within Morocco’s private equity ecosystem. Hayat’s career trajectory, spanning private banking, regulation, and sovereign finance, uniquely equips her to meet these challenges.

Nezha Hayat’s leadership at the FM6I reflects decades of preparation. As Morocco positions itself as a gateway for African investment, her work will shape not only the Kingdom’s future but also its influence on the global stage.