Connect with us

Hot News

Here are five super-rich Algerians worth knowing aside from Issad Rebrab who is worth $4.8 billion

Algeria is expected to be home to more than 6,000 millionaires by the end of the decade.



Algerian billionaire Issad Rebrab. ©Billionaires.Africa

Algeria is one of the most prosperous countries on the African continent behind Nigeria, Egypt and South Africa. It is home to ultra-wealthy individuals who are worth more than $30 million and billionaires with personal wealth in excess of $1 billion.

Despite having a 44-million population, Algeria ranks higher than Tunisia, Morocco and Nigeria in terms of individual wealth, as the country ranks 11th with a GDP per capita of $3,330.

Algeria is home to more than 4,000 wealthy businessmen. There are expected to be over 6,000 millionaires in the country by the end of the decade if current wealth growth trends are sustained.

Aside from Issad Rebrab, Algeria’s richest man, little is reported on the many other super-rich Algerians, some of whom are centi-millionaires and billionaires in their own right.

According to recent research conducted by Billionaires.Africa, here is a list of some of these wealthy individuals.

As wealth estimates rely on quantitative elements such as personal fortune and company size, Billionaires.Africa refrained from publishing their net worth as the companies owned by these individuals are privately held.

#1 Ali Haddad

Ali Haddad is an Algerian billionaire who shies away from media attention. He is the founder of ETRHB Haddad Group, an Algeria-based construction company that generates multimillion-dollar annual revenues.

Haddad founded the company when he was 32 after completing his civil engineering studies in 1988. Since then, ETRHB Haddad has grown into a leading player in the Algerian construction industry.

Aside from his investments in the construction industry, the billionaire is also the controlling shareholder of USM Alger, an Algerian club that plays in the Algerian Premier League. In addition, he owns two television channels: Dzair TV and Dzair News.

#2 Djilali Mehri

Djilala Mehri is the chairman and CEO of Pepsi Algeria, a leader on the soft drink market in Algeria and the sole bottler of Pepsi in the country.

As an investor, he founded GIMMO (Group of Investors of the Maghreb and Middle East) holding company, of which he is the main shareholder. 

The Algerian businessman has investments in the trade, real estate, tourism, hospitality and agriculture sectors through Mehri Groupe.

He also owns properties in the Oued Souf province and a luxurious residence in Pre-Bois in Yvelines, France.

#3 Mohamed Laid Benamor

Mohammed Benamor has been the chairman and CEO of Amor Benamor Group since 2003, an Algerian agri-food group founded by his father, Amor, in 1984.

The group specializes in pasta, durum wheat and couscous production. Benamor Group is also famed for producing canned tomato paste, fruit jams, culinary aids and spices.

Since its founding in Algeria, the group has grown into a leading manufacturer of packaged food products in the country, generating an annual revenue of more than $100 million.

Aside from his role in Amor Benamor Group, Benamor is the president of the Algerian Chamber of Commerce and Industry.

#4 Mahieddine Tahkout

Mahieddine Tahkout is one of the richest men in Algeria. The automobile tycoon is often called the nation’s “Bus King.” He owns one of the largest bus parks in Algeria, with about 3,000 buses and vehicles.

In an effort to diversify his wealth, he founded Sarl Tahkout Manufacturing Company in 2016, with a core focus to operate in the automobiles and auto parts sector.

The businessman generates the majority of his wealth from his transportation business, which provides easy movement for thousands of people in the country.

Aside from his investments in the transportation industry, Tahkout is a shareholder in the French airline, Air Méditerranee.

He is currently being prosecuted for corruption alongside former officials.

#5 Abdel Madjid Kerrar

Abdel Madjid Kerrar is a pioneer investor who invested in the early 1990s in the Algerian pharmaceutical sector.

The Algerian businessman founded Biopharm, Algeria’s flagship pharmaceutical company, in 1992. Under his leadership, the group has grown into a leading producer and distributor of pharmaceutical products.

Kerrar sold a 49-percent stake in the company to a consortium of investors that included Mediterrania Capital Partners in 2013.

Aside from his role in Biopharm, Kerrar is the president of Med investment Holding. 

Med Investment Holding was created in 2013 as a Biopharm spin-off, with an initial capital of $66 million.

Biopharm is focused on its core pharmaceutical business. 

Med Investment Holding was restructured as an asset management holding.

Hot News

Namibian tycoon Quinton van Rooyen’s Trustco wins round in court against JSE

Shares in the group rose 35.56 percent as a result.



Quinton van Rooyen.

Trustco Group, an investment holding majority owned by Namibian businessman Quinton van Rooyen and his family, has won a round in court against the Johannesburg Stock Exchange (JSE).

The Pretoria High Court ruled that the company may not be suspended from the JSE until the hearing of its review application in September.

The presiding judge, Nicoline Janse van Nieuwenhuizen, pre-dismissed every argument made against Trustco. The judge issued a decision, in which she ordered the JSE to be interdicted and restrained from suspending Trustco shares from trading on the local bourse.

“The grounds of review are all deserving of a proper hearing in due course, and I am satisfied that Trustco has asserted a prima facie right to fair and just administrative action,” she said in her decision.

In response to the news, shares in the group rose 35.56 percent to R0.61 ($0.0367), from a price of R0.45 ($0.0271) at the start of trading this morning.

The increase in Trustco’s share price pushed its market capitalization above R985 million ($60 million) and the value of van Rooyen’s 63.94-percent stake above R630 million ($38 million).

The court also prohibited the JSE from implementing or attempting to implement the decision that Trustco restate its annual financial statements for the fiscal year ending March 31, 2019, as well as the interim results for the six months ending Sept. 30, 2019.

The legal battle between Trustco and the JSE began on Nov. 11, 2020, when the exchange’s authorities claimed that the company had not met the listing requirements for its 2019 annual financial statements and 2020 interim results.

As part of the allegations, the JSE accused Trustco of violating international accounting standards by misrepresenting features of two loans and reclassifying land that it owns.

Trustco questioned the JSE’s authority to order corporations to amend their financial statements. It claimed that only boards have that authority and stated that all transactions had been “exactly accounted for, reported, and disclosed.”

Amid the legal battle between Trustco and the JSE, wary local bourse investors sold their stakes in the company, fearing a potential delisting of its shares, which caused the share price to crash to an all-time low in July before rebounding recently by double digits.

Continue Reading

East Africa

Ugandan tycoon Charles Mbire to pocket $1.15-million interim dividend from MTN Uganda

Mbire owns a significant 3.98-percent stake in the Ugandan telecom outfit.



Charles Mbire.

Ugandan multimillionaire businessman Charles Mbire is on track to receive an interim dividend of Ush4.48 billion ($1.155 million) from his stake in MTN Uganda after the telecom group reported a double-digit percent increase in earnings in the first half of 2022.

MTN Uganda is Uganda’s leading telecom service operator.

Mbire, the chairman of MTN Uganda and one of Uganda’s wealthiest businessmen, owns a significant 3.98-percent stake in the Ugandan telecom outfit, which operates as the fourth operating subsidiary of the South African multinational mobile telecom company, MTN Group.

The interim dividend will be paid electronically into his bank account at a later date from the group’s retained earnings of Ush902 billion ($232.4 million) at the end of its 2022 fiscal year. It is his first dividend from the telecom company since its shares were listed more than eight months ago.

The dividend payment follows a significant rise in the group’s earnings in the first half of 2022 despite a 4.9-percent decline in voice revenue, as it looks set to replicate its stellar performance in 2021.

As a result of the company’s strong financial performance, the board of directors approved the payment of an interim dividend of Ush5 ($0.00128) per share for the six months ending June 30, totaling Ush11.95 billion ($28.9 million), which is subject to withholding taxes.

According to data retrieved from the company’s earnings report for the first six months of 2022, its profit increased by 48.1 percent to Ush193.6 billion ($50.2 million) in the first half of 2022, compared to Ush130.7 billion ($33.7 million) in the first half of 2021.

The double-digit increase in profit can be attributed to a 10-percent surge in the company’s service revenue, which was driven by a significant increase in data and fintech revenue, which were more than sufficient to offset the 4.9-percent decline in voice revenue.

Continue Reading

Hot News

Billionaire Robert Smith’s Vista to acquire Avalara business software for $8.4 billion

Smith directs Vista’s investment strategy.



Robert Smith.

Avalara Inc., a leading tax compliance automation provider for businesses, has agreed to be bought by Vista Equity Partners for $8.4 billion.

Vista Equity Partners is a leading global investment firm led by America’s richest Black person, Robert Smith.

The transaction received unanimous approval from the Avalara board of directors and is expected to close in the second half of 2022, subject to customary closing conditions such as shareholder and regulatory approval.

Under the terms of the deal, Vista will acquire all outstanding shares of Avalara common stock for $93.50 per share in an all-cash transaction valued at $8.4 billion, including Avalara’s net debt.

According to a source familiar with the situation, Vista has secured a total of $2.5 billion in loans from private lenders as part of the move to bring in institutional investors as co-investors.

The purchase price represents a 27-percent premium over the company’s closing share price on July 6, the last trading day prior to the announcement of the deal.

“For nearly two decades, Avalara has ambitiously pursued its vision of automating global compliance, making tax less taxing for businesses and governments around the world,” Avalara Co-Founder and CEO Scott McFarlane said.

“As a category leader, we believe that continuing to invest in innovation and experience is exciting for our customers, partners, and employees,” he said. “We are excited to work with Vista and will benefit from their enterprise software expertise as we build and improve our cloud compliance platform.”

After the conclusion of the deal, Avalara shares will no longer trade on the New York Stock Exchange. Avalara will become a private company managed by Vista.

Smith has an $8-billion stake in Vista and directs its investment strategy.

He also serves on its executive committee, the company’s governing and decision-making body for all matters affecting overall management and strategic direction. He has supervised more than 570 completed transactions, with a total transaction value of more than $265 billion.

Continue Reading