Home » Companies owned by Morocco Prime Minister Aziz Akhannouch

Companies owned by Morocco Prime Minister Aziz Akhannouch

Uncover the diverse portfolio of companies under his influence, spanning from energy and chemicals to real estate and media

by Yusuf Abdulfatai
Aziz Akhannouch

Morocco’s Prime Minister and leading businessman Aziz Akhannouch embodies the complexities of navigating business and politics with a journey and impact that extend far beyond just his status and business interests. 

In Morocco, Akhannouch stands as a titan of wealth, boasting a fortune valued at $1.7 billion by Forbes. As the dominant force behind Akwa Group, a colossal conglomerate founded by his father and a partner in 1932, Akhannouch commands both respect and influence.

His journey from a philosophy graduate to a business magnate began in 1993 when he joined the family business, initially centered around gas stations. Since then, his leadership has propelled Akwa Group into diverse sectors such as chemicals, mining, tourism, and media, solidifying its status as a powerhouse in the Moroccan economy.

Akhannouch’s foray into politics further underscores his impact. Serving as Minister of Agriculture for 14 years, he spearheaded agricultural reforms, boosted exports, and embraced technological advancements, earning widespread acclaim. His subsequent appointment as prime minister in 2021 underscores his political acumen and influence.

As the wealthiest investor on the Casablanca Stock Exchange, Akhannouch advocates for foreign investment, infrastructure development, and digitalization to drive Moroccan economic growth. His focus on renewable energy and climate change mitigation aligns with global trends, although the long-term impact of his policies remains uncertain.

In addition to his business and political endeavors, Akhannouch is a philanthropist, exemplified by Afriquia’s $103.5 million donation to a COVID-19 pandemic management fund. His influence extends beyond Akwa Group, with his involvement in five companies showcased by Billionaires.Africa, reflecting his strategic brilliance and diverse investments:

  • Akwa Group
    Founded in 1932 by Akhannouch’s father and a partner, Ahmed Wakrim, Akwa Group stands as a multibillion-dollar Moroccan. Under Akhannouch’s leadership, the group spans petroleum, gas, retail, tourism, media, real estate, and chemicals through publicly traded entities like Afriquia Gaz and Maghreb. Ownership is rooted in the Akhanouch and Wakrim families.
  • Afriquia Gaz SA
    Headquartered in Casablanca, Afriquia Gaz is a pivotal player in refining and distributing liquefied petroleum gas (LPG). With a 30% stake owned by Akwa Group and overseen by Akhannouch, the company operates under five distinct brands, catering to both domestic and professional energy needs. Subsidiaries like Sodipit, Dragon Gaz, and Salam Gaz contribute to a robust network across various sectors.
  • Maghreb Oxygene
    Established in 1974, Maghreb Oxygene is a prominent Moroccan chemical industry player specializing in industrial and medical gases. The company is majority-owned by Akwa Group, a conglomerate led by Akhannouch, a prominent businessman who assumed the role of Morocco’s prime minister in September 2021.
  • Total Mauritania
    As a subsidiary of the French multinational TotalEnergies, Total Mauritania, under Akhannouch’s influence, has been a significant presence in the Mauritanian oil and gas sector since 1999. Its expansive distribution network, with 40 retail points strategically located across Mauritania, underscores its regional impact.
  • Résidences Place Des Zaers
    Spearheaded by Akhannouch, this real estate development project aims to create luxurious residential properties in the Zaers region, showcasing Akhannouch’s commitment to contributing to Morocco’s infrastructure and housing sector.
  • Mini-Brahim
    A retail subsidiary of Akwa Group, Mini-Brahim is a store chain in Morocco, offering groceries, snacks, beverages, and household essentials. Owned by the Akwa Group and, by extension, Akhannouch, Mini-Brahim outlets are strategically distributed across urban and rural areas.
  • Hôtel Fairmont Taghazout Bay
    Hôtel Fairmont Taghazout Bay is a luxury hotel located in Taghazout Bay, Morocco known for its upscale amenities, stunning ocean views, and world-class service, catering to both leisure and business travelers.
  • La Vie économique
    La Vie économique, a French-language business magazine based in Morocco, reflects Akhannouch’s influence and reach in the economic landscape of the country. Its coverage spans a wide range of topics related to economics, finance, and business in Morocco and the broader region.
  • Société d’Aménagement et de Promotion de la Station Taghazout (SAPST)
    Involved in the development and promotion of the Taghazout resort in Morocco, SAPST, under Akhannouch’s guidance, seeks to enhance tourism infrastructure and contribute to economic growth and development in Morocco.
  • Nissae Min Al Maghrib
    An initiative personally launched by Akhannouch, Nissae Min Al Maghrib focuses on women’s economic empowerment and entrepreneurship in Morocco. Through training, mentorship, and financial support, this initiative aims to address gender inequality in the business sector, contributing to the socio-economic development of Morocco.

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