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MOROCCO

From Ritz-Carlton to Namaskar, cracks appear in Zenagui clan's luxury hotel empire

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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. [...]
Namaskar palace, Marrakesh.
Namaskar palace, Marrakesh. © Dorin Marius Balate/Alamy Stock Photo
Ex-tourism minister Yassir Zenagui and his brothers are struggling to achieve their grand ambitions in the luxury tourism sector and could even end up losing the Ritz-Carlton overlooking the royal golf course in Rabat. Though he remains an adviser to Mohammed VI, Zenagui's star at the palace has faded. [...] (947 words)
Issue dated 12/05/2022 Reading time 4 minutes
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