Moroccan Prime Minister Aziz Akhannouch has seen a significant decline in his net worth since the start of the year due to a persistent drop in the market value of his industrial investments in Morocco.
According to data compiled by Forbes, Akhannouch’s net worth has decreased by $400 million since the start of 2022, declining from $2.2 billion to $1.8 billion.
Akhannouch, a leading businessman who was appointed prime minister of Morocco in September 2021, derives the majority of his fortune from Akwa Group, a multibillion-dollar conglomerate founded in 1932 by his father and a partner, Ahmed Wakrim.
Through the multibillion-dollar behemoth Akwa Group, he indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygene. He is one of Morocco’s wealthiest businessmen and the richest investor on the Casablanca Stock Exchange.
The $400-million year-to-date decline in his net worth can be partially attributed to the slump in the share price of Afriquia Gaz SA since the year began, in addition to the depreciation of the Moroccan dirham against the U.S. dollar, which significantly impacted the market value of his investments in Morocco.
Afriquia Gaz SA is a Morocco-based group engaged in refining and marketing liquefied petroleum gas. It also offers high-performance energy solutions covering domestic and professional needs.
The group is 30-percent owned by Akwa Group.
Afriquia Gaz’s share price on the Casablanca bourse has dropped notably since the start of the year, from MAD5,300 ($484) at the start of the year to MAD4,600 ($420) as of the time this report was being written.
The market value of Akhannouch’s 30-percent stake in Afriquia Gaz decreased by 157.8 million, from more than $590 million at the beginning of the year to $433.4 million as a result of the share price slump and the weakening of the local currency against the U.S. dollar.
