The American magazine Forbes has ranked Morocco’s Prime Minister and owner of the Akwa Group, Aziz Akhannouch, 27th on its list of the richest Arabs, with an estimated net worth of $1.5 billion.
Akhannouch, 64, amassed his fortune primarily from fuel distribution through Akwa Group, founded by his father and partner Ahmed Wakrim in 1932, and now valued in the billions of dollars. The group operates in the petroleum, gas, and chemicals sectors through Afriquia Gaz and Maghreb Oxygène, both listed on the stock exchange.
Since his appointment as Morocco’s head of government in September 2021, Akhannouch has seen his wealth grow significantly, with his group engaging in major ventures. He became a partner in the UK-based Sound Energy, which discovered natural gas near Tendrara in eastern Morocco, and his company was part of a consortium awarded a $1.3 billion seawater desalination project for the Casablanca-Settat region. Under this contract, the consortium will “sell” desalinated seawater to the state for the next quarter-century before it is distributed to residents of Morocco’s largest region.
Akhannouch’s portfolio also includes real estate and restaurants located within Afriquia fuel stations, as well as retail outlets.
Meanwhile, Forbes ranked Othman Benjelloun 25th among the richest Arabs, with a net worth of $1.6 billion.
Benjelloun, 92, built his fortune in finance and investments in insurance, transport, and telecommunications. He serves as Chairman and CEO of Bank of Africa, which operates in more than 20 African countries. His father was a shareholder in the Moroccan Royal Insurance Company (RMA), which Benjelloun transformed into a leading insurance firm.
Through his holding company, FinanceCom, Benjelloun owns a stake in the Moroccan arm of French telecom operator Orange.
He is also the owner of the 55-story Mohammed VI Tower, the second-tallest building in Africa, into which he invested half a billion dollars to serve as the headquarters of Bank of Africa. The tower also hosts luxury hotels, shops, international corporate offices, and residential apartments that sold for $120,000 per square meter.
In the same ranking, Forbes listed Moroccan billionaire Anas Sefrioui as the second wealthiest businessman in the country, with a net worth of $1.6 billion.
Sefrioui, 67, built his fortune in real estate, particularly in social housing, after securing multi-billion-dollar agreements with the state under a program to combat inadequate housing through his group Addoha.
He is the founder, chairman, and CEO of Douja Promotion Groupe Addoha, a publicly traded homebuilding company that grew rapidly thanks to lucrative government contracts.
Sefrioui’s wealth expanded as he moved into cement manufacturing, luxury housing, and golf course development. He has directed much of his investment toward Africa, operating in more than five African countries.
