The London-based, Ethiopia-focused fund has recruited Jamila Dahib to run its legal affairs. One of the top priorities of the former employee of Mohammed VI's holding company Al Mada will be to clear up the status of Addis Pharmaceutical Factory, which the war in Tigray has brought to a standstill.
Finance Minister Mohamed Benchaâboun has secretly instructed his favourite investment banks, Upline Corporate Finance and Attijari Corporate Finance, to structure the €4bn Mohammed VI Investment Fund which aims to revive Morocco's economy in the wake of the Covid-19 pandemic.
Mounir El Majidi, the king's private secretary and business manager, is building a business empire of his own through contracts with royal holding company Al Mada. His brother Mahdi El Majidi and his former aide Zouhair Fassi-Fehri are following his example.
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.