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Economy

Moroccan Billionaires Akhannouch and Benjelloun Hold Strong on Forbes Global List Amid Political Tensions

Wednesday 01 January 2025 - 16:10

Morocco's Head of Government Aziz Akhannouch and banking magnate Othman Benjelloun maintain their positions among global billionaires, according to Forbes' latest rankings. Akhannouch's net worth stands at $1.6 billion, securing the 1999th position globally and 14th in Africa, while Benjelloun follows at 2112th place with $1.5 billion.

Akhannouch, majority owner of Akwa Group, oversees substantial interests in gas, chemicals, and petroleum through Afriquia Gaz and Maghreb Oxygène. His wealth peaked at $2.2 billion in 2018 before reaching its lowest point of $1 billion in 2020. Currently, his net worth shows a modest increase of $0.61 million (0.04%).

Benjelloun, CEO of BMCE Bank of Africa, operates in over 20 African countries and holds stakes in RMA, a Moroccan insurance company. His wealth reached its zenith at $2.8 billion in 2014 before stabilizing at $1.3 billion in 2022-2023. His current $1.5 billion net worth reflects a recent 0.24% increase. His notable investments include the $500 million Mohammed VI Tower project in Rabat.

However, Akhannouch faces mounting political pressure, with opposition party PJD calling for his resignation. Former Head of Government Abdelilah Benkirane has publicly urged him to step down. Critics particularly focus on alleged conflicts of interest, specifically regarding his company's involvement in a desalination project, while public concerns about inflation and commodity prices persist.

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