© Photomontage - Illustration: Julien Pacaud; Han Jiajun/IC photo/AFP, New York Forum Africa/Richard Attias & Associates

In Focus | Morocco
The incessant fall of flour milling company Forafric

By Alexia Van Rij

Published on 07.07.2025 at 04:40 GMT Reading time 8 minutes

Ten years after Forafric was bought by Franco-Moroccan financier Yariv Elbaz, the group is fighting for survival. Its strategy of investing across the board, combined with opaque management, has plunged the company into debt that has reached alarming levels.

The Moroccan flour milling company Forafric, a once-thriving heavyweight of the kingdom's agri-food industry, has lost its shine and is now deep in crisis.

Franco-Moroccan businessman Yariv Elbaz, who controls the strategic company in Morocco and sub-Saharan Africa (AI, 21/02/25), may be close to the palace of King Mohammed VI, former Gabonese president

This article may be accessed by subscribers

In order to ensure high-quality and independent journalism, Africa Intelligence relies solely on subscriptions from its readers, with no advertising, no events and no consulting work.

Several offers are available depending on your particular reading needs

Consult our offers

Do you want a free trial before subscribing?

Create your free account

Discover our work by making use of the following possibilities: daily newsletters, a selection of free articles, keyword alerts.

Do you want a free trial before subscribing?

create a free account

Morocco
Swiss grain trader Millcorp scrambles to stay afloat after Forafric drops out

Headed by Yariv Elbaz, the company is trying to ensure its survival as its sister company and main client, the milling company Forafric, is about to be acquired by a competitor. The head of Millcorp recently moved to Casablanca to oversee the delicate transition.

Subscribers only Commodity Traders 28.05.2026

Morocco
Businessman Chakib Alj restarts Yariv Elbaz's old mills for Ramadan

The boss of all bosses is strengthening his grip on Forafric's assets. He is restocking the industrial units in Meknes and Marrakesh with grain for the holy month.

Subscribers only Commodity Traders 18.02.2026

Spotlight | Morocco
Big wig businessman Chakib Alj comes to the rescue of Forafric

On the brink of bankruptcy, the Moroccan milling group is about to be bought out by one of its main competitors, Cap Holding. This is an ambitious move for its CEO, who also chairs Morocco's employers' organisation, the CGEM, and will now have to pay off the colossal debts of Yariv Elbaz's group.

Subscribers only Commodity Traders 20.01.2026

Head of Moroccan employers federation CGEM, Chakib Alj, in Rabat on 26 April 2024.

Morocco
Yariv Elbaz's grain trading company and cooperative Copag part ways

The local agricultural co-operative Copag is bringing its alliance with the Swiss grain trader Millcorp to an end, with the latter set to transfer its stakes in the joint ventures Copamill Logistics and Écosphère Grains to Copag.

Subscribers only Commodity Traders 14.01.2026

Spotlight | Morocco
The enigmatic businessman targeted by the Emirati sovereign fund

Abu Dhabi's Mubadala sovereign wealth fund has taken legal action against representatives of a subsidiary of Kelix Bio, a pharmaceutical investment platform it acquired in 2024. The financial dispute centres on a young Moroccan-British facilitator.

Subscribers only Business 23.12.2025

Morocco
To bail out Forafric, Yariv Elbaz calls on his trading company

Prodela, a subsidiary of the flour milling firm dedicated to animal feed, has been taken over by Swiss grain trading company Millcorp. The move is intended to pay off the Moroccan company's huge debts.

Subscribers only Commodity Traders 04.12.2025

Spotlight | Morocco
The under-the-radar businessman connected to Israeli arms firms

A low-profile Franco-Moroccan entrepreneur who trades in tyres and military equipment maintains close ties with several Israeli defence companies. His network of contacts puts him in a key position between Tel Aviv and Rabat.

Subscribers only Defence 12.11.2025

A BlueBird ThunderB drone exhibited at Tel Aviv airport in 2019.

In Focus | Gabon
The secrets behind the FGIS, a sovereign wealth fund set adrift

Gabon's sovereign wealth fund, endowed with nearly €300m, is now on its last legs. It is undermined by power struggles and financial mismanagement, and has failed in its mission to develop a non-oil economy for the country.

Subscribers only Finance 03.11.2025

© Photomontage - Illustration: Julien Pacaud; L. Marin/AFP ; D. Beloumou Olomo/AFP

Morocco
New business council with UK reels in prominent stakeholders

Moroccan and British entrepreneurs are facilitating trade thanks to the creation of a council that already includes several leading business figures from both countries.

Subscribers only Business 29.09.2025

Morocco
The 'comeback' expansion of Agadir desalination plant

This summer, Spanish group Cox announced with great fanfare that it would be financing the second phase of the Agadir desalination plant project. This phase should have been covered by the initial budget of 4.4 billion dirhams, which was approved in 2019.

Subscribers only Energy, Business 08.09.2025

Inner Circle | Morocco
Inside the empire of ultra-discreet Moroccan tycoon Yariv Elbaz

The mining magnate relies on family connections and trusted associates to run Forafric, and is now concentrating on overseeing a sprawling holding company. A key player in the signing of the Abraham agreements between Rabat and Tel Aviv, Elbaz makes sure his network benefits from them.

Subscribers only Commodity Traders 21.02.2025

Yariv Elbaz, in Abidjan, Ivory Coast, August 2020.

Morocco
Troubled Forafric owner Yariv Elbaz turns to his old CEO

After several years of alarming results, flour milling giant Forafric has just recruited its former CEO to try to get things back on track. The group is also getting rid of certain assets that have been problematic for its balance sheet.

Subscribers only Commodity Traders 29.01.2025

Africa
Trump's Africa task force takes shape

As the US president-elect prepares for office, several people are being lined up to fill key posts related to Africa.

Free access Diplomacy 17.01.2025

Spotlight | Morocco
Morocco quietly continues cooperation with Israel despite tension over Gaza

The war waged by the Jewish state against Hamas since last October has dampened the dynamism of its relations with the African kingdom. But cooperation continues, albeit discreetly.

Subscribers only Business 10.06.2024

The head of the Israeli Liaison Office in Morocco, David Govrin, in Rabat, 24 October 2021.

In Focus | Morocco
Elbaz opens up Forafric's capital to Trumpists and Kazakh oligarch Machkevitch via Nasdaq listing

Financier Yariv Elbaz, who specialises in complex financial operations, particularly for the Gabonese sovereign fund, is putting the final touches to a stock exchange operation that will turn his Forafric milling group into a leading force in the cereals "diplomacy" stakes with powerful financial and political allies.

Subscribers only Commodity Traders, Business 31.01.2022

Yariv Elbaz, president of Forafric, during a meeting with the Autonomous Port of Abidjan on 25 August 2020.

In Focus | Morocco
The incessant fall of flour milling company Forafric

Ten years after Forafric was bought by Franco-Moroccan financier Yariv Elbaz, the group is fighting for survival. Its strategy of investing across the board, combined with opaque management, has plunged the company into debt that has reached alarming levels.

This article may be accessed by subscribers

Do you want a free trial before subscribing?

Create your free account

create a free account

Related topics to this article

Read also

Morocco
Swiss grain trader Millcorp scrambles to stay afloat after Forafric drops out

Morocco
Businessman Chakib Alj restarts Yariv Elbaz's old mills for Ramadan

Spotlight | Morocco
Big wig businessman Chakib Alj comes to the rescue of Forafric

Morocco
Yariv Elbaz's grain trading company and cooperative Copag part ways

Spotlight | Morocco
The enigmatic businessman targeted by the Emirati sovereign fund

Morocco
To bail out Forafric, Yariv Elbaz calls on his trading company

Spotlight | Morocco
The under-the-radar businessman connected to Israeli arms firms

In Focus | Gabon
The secrets behind the FGIS, a sovereign wealth fund set adrift

Morocco
New business council with UK reels in prominent stakeholders

Morocco
The 'comeback' expansion of Agadir desalination plant

Inner Circle | Morocco
Inside the empire of ultra-discreet Moroccan tycoon Yariv Elbaz

Morocco
Troubled Forafric owner Yariv Elbaz turns to his old CEO

Africa
Trump's Africa task force takes shape

Spotlight | Morocco
Morocco quietly continues cooperation with Israel despite tension over Gaza

In Focus | Morocco
Elbaz opens up Forafric's capital to Trumpists and Kazakh oligarch Machkevitch via Nasdaq listing

Africa, Morocco, Switzerland
Amid Ramadan demand surge, grain trader Millcorp supplies Morocco via Switzerland

Morocco
How Mohcine Jazouli landed a front-row seat in Israel normalisation deal

In Focus | Gabon
How Ycap became the Gabonese sovereign fund's favorite asset manager

About Africa Intelligence

Subscription

Africa Intelligence on social media

Indigo Publications' websites

About Africa Intelligence

Subscription

Indigo Publications' websites

In Focus | Morocco The incessant fall of flour milling company Forafric

Ten years after Forafric was bought by Franco-Moroccan financier Yariv Elbaz, the group is fighting for survival. Its strategy of investing across the board, combined with opaque management, has plunged the company into debt that has reached alarming levels.

This article may be accessed by subscribers

Do you want a free trial before subscribing?

Create your free account

create a free account

Related topics to this article

Read also

Morocco Swiss grain trader Millcorp scrambles to stay afloat after Forafric drops out

Morocco Businessman Chakib Alj restarts Yariv Elbaz's old mills for Ramadan

Spotlight | Morocco Big wig businessman Chakib Alj comes to the rescue of Forafric

Morocco Yariv Elbaz's grain trading company and cooperative Copag part ways

Spotlight | Morocco The enigmatic businessman targeted by the Emirati sovereign fund

Morocco To bail out Forafric, Yariv Elbaz calls on his trading company

Spotlight | Morocco The under-the-radar businessman connected to Israeli arms firms

In Focus | Gabon The secrets behind the FGIS, a sovereign wealth fund set adrift

Morocco New business council with UK reels in prominent stakeholders

Morocco The 'comeback' expansion of Agadir desalination plant

Inner Circle | Morocco Inside the empire of ultra-discreet Moroccan tycoon Yariv Elbaz

Morocco Troubled Forafric owner Yariv Elbaz turns to his old CEO

Africa Trump's Africa task force takes shape

Spotlight | Morocco Morocco quietly continues cooperation with Israel despite tension over Gaza

In Focus | Morocco Elbaz opens up Forafric's capital to Trumpists and Kazakh oligarch Machkevitch via Nasdaq listing

Africa, Morocco, Switzerland Amid Ramadan demand surge, grain trader Millcorp supplies Morocco via Switzerland

Morocco How Mohcine Jazouli landed a front-row seat in Israel normalisation deal

In Focus | Gabon How Ycap became the Gabonese sovereign fund's favorite asset manager

About Africa Intelligence

Subscription

Africa Intelligence on social media

Indigo Publications' websites

In Focus | Morocco
The incessant fall of flour milling company Forafric

Morocco
Swiss grain trader Millcorp scrambles to stay afloat after Forafric drops out

Morocco
Businessman Chakib Alj restarts Yariv Elbaz's old mills for Ramadan

Spotlight | Morocco
Big wig businessman Chakib Alj comes to the rescue of Forafric

Morocco
Yariv Elbaz's grain trading company and cooperative Copag part ways

Spotlight | Morocco
The enigmatic businessman targeted by the Emirati sovereign fund

Morocco
To bail out Forafric, Yariv Elbaz calls on his trading company

Spotlight | Morocco
The under-the-radar businessman connected to Israeli arms firms

In Focus | Gabon
The secrets behind the FGIS, a sovereign wealth fund set adrift

Morocco
New business council with UK reels in prominent stakeholders

Morocco
The 'comeback' expansion of Agadir desalination plant

Inner Circle | Morocco
Inside the empire of ultra-discreet Moroccan tycoon Yariv Elbaz

Morocco
Troubled Forafric owner Yariv Elbaz turns to his old CEO

Africa
Trump's Africa task force takes shape

Spotlight | Morocco
Morocco quietly continues cooperation with Israel despite tension over Gaza

In Focus | Morocco
Elbaz opens up Forafric's capital to Trumpists and Kazakh oligarch Machkevitch via Nasdaq listing

Africa, Morocco, Switzerland
Amid Ramadan demand surge, grain trader Millcorp supplies Morocco via Switzerland

Morocco
How Mohcine Jazouli landed a front-row seat in Israel normalisation deal

In Focus | Gabon
How Ycap became the Gabonese sovereign fund's favorite asset manager