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King Mohammed VI of Morocco isn’t just Africa’s wealthiest monarch—he is also one of its most discreet tycoons. His fortune, often estimated in the billions, doesn’t sit in personal accounts or offshore trusts. Instead, it flows through Al Mada, the royal family’s powerful holding company once known as Société Nationale d’Investissement (SNI).
Al Mada brands itself as a “pan-African investment fund,” but in reality it is much more: a sprawling industrial empire whose tentacles run from banking and insurance to mining, retail, telecoms and energy. Its influence touches nearly every corner of Morocco’s economy and extends far beyond the kingdom’s borders into West and Central Africa.
For years, the king’s business holdings have stirred debate. Some observers credit Al Mada with helping to modernize Morocco’s industries and push the kingdom outward into African markets. Others worry the group’s size concentrates too much wealth and power in a single corporate bloc. What’s indisputable is the breadth of the portfolio: Al Mada isn’t a niche family office—it is a heavyweight corporate group that often sets the tone for entire sectors.
Through Al Mada, King Mohammed VI commands stakes in a range of companies. Here’s a look at some of the major holdings.
1. Banking & insurance
King Mohammed VI controls Attijariwafa Bank, Morocco’s largest bank by assets. Al Mada owns about 46.4–46.5% of Attijariwafa, giving the palace decisive influence over its direction.
The bank’s reach extends into insurance. It controls Wafa Assurance, one of Morocco’s biggest insurers, and AGMA Lahlou-Tazi, an insurance brokerage in which Al Mada holds just over 50%. These financial interests anchor the group’s balance sheet and give it unmatched sway in Morocco’s capital markets.
2. Retail and consumer goods
Moroccan shoppers know the royal holding company every time they visit a Marjane hypermarket or Acima supermarket. Al Mada controls Marjane Group outright, making it Morocco’s top retailer.
Beyond groceries, Al Mada runs Optorg, which operates the Tractafric Equipment and Tractafric Motors brands—major distributors of Caterpillar machinery and multi-brand automobiles across Africa. In beverages, Al Mada owns Sotherma, the producer of bottled water brands such as Aïn Saïss and Sidi Harazem.
3. Mines and heavy industry
Mining is another pillar. Through Managem Group, in which Al Mada owns about 76.7%, the royal holding is one of Africa’s most important mid-tier mining players. Managem runs gold projects in Guinea (Tri-K), copper and cobalt in the Democratic Republic of Congo (Pumpi), and multiple operations in Morocco.
In construction materials, Al Mada owns 50% of LafargeHolcim Maroc through a joint venture with Holcim Group, dominating Morocco’s cement industry. It also has a foothold in steel through Sonasid, controlled via a joint venture with ArcelorMittal.
4. Energy and telecoms
The energy arm, Nareva Holding, is fully owned by Al Mada. It has developed some of Morocco’s largest renewable projects, including the 300 MW Tarfaya wind farm, Akhfenir, and the fast-expanding Aftissat wind complex. Nareva also once held a major stake in the Safi coal-fired power plant, a controversial but strategic project.
In telecoms, Al Mada controls inwi, Morocco’s third-largest operator, with a 69% stake. The rest is split between Kuwait’s Zain and Morocco’s Al Ajial investment fund. Inwi is a key competitor in mobile, internet and data services.
5. Real Estate & Tourism
Through Ametys, Al Mada develops housing, office parks and leisure sites under brands like IMMOLYS and MAROGOLF. The group also owns Atlas Hospitality, operator of The View and A Collection Hotels, with Flavours Food Company covering catering and dining services.
6. “Future sectors”: venture bets and EV batteries
Unlike many royal holding companies, Al Mada is also looking forward. Al Mada Ventures serves as its venture arm, investing in African startups across fintech, logistics and healthtech. Recent deals include stakes in YoLa Fresh (Moroccan agritech), Money Fellows (Egyptian fintech) and Gozem (a “super app” in francophone Africa).
Perhaps the boldest move yet is the COBCO joint venture with China’s CNGR Advanced Materials, which launched an EV battery materials plant in Jorf Lasfar in June 2025. Al Mada owns 49.97%, making the Moroccan royal family a direct player in the global electric vehicle supply chain.
The empire in perspective
Taken together, King Mohammed VI’s holdings via Al Mada span everything from groceries to gigawatts. It is this blend—stable cash-flow industries like banking and retail alongside long-horizon bets in renewables and electric mobility—that makes Al Mada one of Africa’s most powerful conglomerates.
For Morocco, the royal stake in so many industries is both a stabilizer and a lightning rod. Supporters see Al Mada as a champion of African expansion, modern corporate governance and global partnerships. Skeptics see too much power concentrated in too few hands.
Either way, the richest king in Africa is as much a corporate titan as he is a monarch. And the empire he commands through Al Mada will shape not only Morocco’s economy but also its role in Africa’s industrial future.
