3) Aziz Akhannouch – $1.8 Billion
Aziz Akhannouch is the majority owner of Akwa Group, a multibillion-dollar Moroccan conglomerate with vested interests in petroleum, gas and chemicals through its publicly-traded subsidiaries; Afriquia Gas and Maghreb Oxygene. He is also into media, real estate development and hotels. Akwa Group was founded by Akhannouch’s father, who later took on a partner – Ahmed Wakrim.
While in the service of his country as Morocco’s Minister of Agriculture and Fisheries, he handed over the day-to-day management of the business to Ahmed Wakrim’s son – Ali Wakrim. His wife, Salwa Idrissi, runs her own company, which develops malls. Her company also holds the Moroccan franchises for outfits companies; Gap, Zara, and Galeries Lafayette, among other fashion brands.
4) Miloud Chaabi – $1.3 Billion
Miloud Chaabi’s Ynna Holdings are real estate and fast moving consumer goods magnates. It holds interests in real estate, hotels and supermarkets, and is the majority owner of SNEP, a chemical manufacturer in Morocco. In the Moroccan press last year, rumors began to surface that Ynna was facing financial difficulties, prompting Chaabi’s son – Omar to deny that the group was hard hit by a real estate slump, due to its diversified investments. (He however hasn’t responded to Forbes’ inquiries on the same matter).
As though in agreement with the rumors,, Chaabi’s net worth went down compared to a year ago due to lower multiples for comparable publicly-traded companies. In a chat with weekly magazine; Jeune Afrique in July, Omar didn’t disclose revenue figures, but shared his father’s passion for super sports cars; Ferraris and Maseratis. Miloud is also reported to collect works of Art by Moroccan artists and he is also an avid golf player.