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MOROCCO

Royal manager Hassan Mansouri diversifies into construction

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“Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage”
MOROCCO

Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage

Mohammed VI's private holding company Al Mada is not the only one of its kind! Although Al Mada plays an ever more important role in the Moroccan economy, other members of the royal family are battling for leading roles in an increasing number of different economic sectors, including property, tourism, higher education and even aviation. The king's private secretary, Mounir el-Majidi, who also heads Al Mada, is notmissing out either. He has built up a little telecommunications empire, while members of his clan have gone into construction and security, often as sub-contractors to the companies of the royal family.
The manager of the royal holding company Siger, Hassan Mansouri, is to go into the building business with his firm Techbuilding. [...] (322 words)
Issue dated 25/06/2020 Reading time 2 minutes
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Further reading
King Mohammed VI of Morocco. © Niviere David/ABACAPRESS.COM/Reuters
In Focus
MOROCCO Business 01/06/2020

Mohammed VI to recapitalise his Al Mada holding company with funds from farmers' mutual insurance group 

Faced with the worst economic crisis of his reign, the king plans to refinance his private holding company Al Mada via a $500m bond issue. The main subscriber is likely to be mutual smallholders' insurance group MAMDA-MCMA, which has already got him out of difficulty on several occasions in the past.

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