Moroccan Prime Minister Aziz Akhannouch has seen a notable increase in his net worth over the last 72 hours, driven by a substantial uptick in the market value of his industrial investments in Morocco. This adds to the considerable growth in his wealth earlier this year.
According to data compiled by Forbes, Akhannouch’s net worth has increased by $100 million in just two days, climbing from $1.6 billion on Feb. 10 to $1.7 billion as of report writing.
Akhannouch, a prominent businessman — 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.
$100-million gains tied to Akwa Group’s holdings and oil and gas interests
Through the multibillion-dollar Akwa Group, he indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygene, establishing him as one of Africa’s wealthiest businessmen and the top investor on the Casablanca Stock Exchange.
Afriquia Gaz SA, in which Akwa Group holds a 30 percent stake, operates in Morocco, specializing in refining and marketing liquefied petroleum gas. It provides efficient energy solutions for both domestic and professional purposes.
The $100 million increase in his net worth is attributed to the strong performance of his investments in Akwa Group, a diverse Moroccan conglomerate with significant interests in the oil and gas sector.
Afriquia Gaz share price boost propels Akhannouch to $1.7-billion net worth
Since Feb. 10, the share price of Afriquia Gaz SA, a Morocco-based group engaged in refining and marketing liquefied petroleum gas, has climbed from MAD4,120 ($410.39) on Feb. 10 to MAD4,190 ($417.36) at the time of writing. This increase has caused the market value of Akhannouch’s indirect interest in Afriquia Gaz to surge above $430 million.
The multimillion-dollar increase in Akhannouch’s net worth has cemented his position as the wealthiest billionaire in Morocco, ahead of billionaire banker Othman Benjelloun. With a net worth of $1.7 billion, he stands as one of Africa’s most affluent billionaires.