Moroccan tycoon Moncef Belkhayat builds $10.7 million logistics hub in Agadir

La Voie Express Group, the logistics arm of Moroccan businessman Moncef Belkhayat's H&S Group, will invest 100 million dirhams, about $10.7 million, in a new logistics platform in Lqliaa, south of the coastal city of Agadir.

The company said on Friday that it had signed an agreement with the Moroccan Logistics Development Agency to buy a 25,000-square-meter plot in the Lqliaa Logistics Zone. It will be the group's second logistics site in the Agadir region.

The facility will combine warehousing, order preparation, transport, regional distribution and other logistics services for manufacturers, distributors and retailers. The company expects it to create about 100 direct and indirect jobs.

"We are proud to realize this investment in Lqliaa," the group said. "Agadir and the Souss-Massa region occupy a strategic place in the national economy, and we want to build a modern platform there, serving businesses and the region."

Building a national network

The Agadir site is part of a plan to place logistics hubs closer to where goods are produced and consumed across Morocco. La Voie Express already operates facilities in Oujda, Nador, Tangier and Khouribga, along with its Casa Hub and Lakhyayta Hub near Casablanca.

The Souss-Massa region around Agadir is one of Morocco's main centers for agriculture, fishing and distribution. The Lqliaa zone's first phase covers 45 hectares, with plots for warehouses and a truck terminal for 200 vehicles, and the zone is designed to eventually handle up to 2 million tons of goods a year.

The logistics business has grown mainly through acquisitions. Belkhayat's holding company first built it through deals for Logiprod and Transload, then bought La Voie Express itself in October 2025, along with property company Espacim and La Voie Express Messagerie. At the time, Belkhayat described the result as the first integrated logistics operator in Morocco.

A conglomerate built on deals

Belkhayat, a former government minister, founded H&S in 2005 with starting capital of 1.5 million dirhams. In 21 years, he has grown it into a group with consolidated revenue of 6.5 billion dirhams, and it is targeting 10 billion dirhams this year.

The group now includes more than 60 companies and employs over 5,500 people. In January, H&S Invest Holding renamed itself H&S Group and reorganized into six divisions. Its flagship is Dislog Group, a distributor of consumer goods and health products. The others are La Voie Express Group in logistics, WB Group in media and communications, Gidna and Kaya Immobilier in construction and real estate, Chari in e-commerce and fintech, and One Retail, which holds the master franchise for the Monoprix and Franprix supermarket brands in Morocco.

Belkhayat has turned private equity into a central part of his strategy. The European Bank for Reconstruction and Development and the International Finance Corporation have both taken stakes in Dislog and La Voie Express. "It is better to own part of a large group than to remain alone at the head of a company that stalls," he said in an interview this year.

A string of planned IPOs

The next step is the stock market. When the group was renamed in January, it said it would prepare six initial public offerings between 2026 and 2030, one for each of its business platforms. In a more recent interview, Belkhayat named five likely candidates: Dislog Group, Dislog Medical Devices, La Voie Express, One Retail and Gidna, with H&S Group itself possibly following.

He has said La Voie Express is aiming for a listing in 2030, which would make it the first logistics company on the Casablanca Stock Exchange.

The timetable has already slipped once. The first IPO, for Dislog Group, was originally announced for 2024 and then pushed to 2025, and it has still not taken place. Each new investment, such as the Agadir platform, adds scale to the businesses Belkhayat hopes to take public.