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Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage
The king's private secretary and Al Mada boss Mounir el-Majidi. © uFDaburon/CC by-SA 4.0/Wikimedia Commons

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Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage

Mohammed VI's private holding company Al Mada is not the only one of its kind! Although Al Mada plays an ever more important role in the Moroccan economy, other members of the royal family are battling for leading roles in an increasing number of different economic sectors, including property, tourism, higher education and even aviation. The king's private secretary, Mounir el-Majidi, who also heads Al Mada, is notmissing out either. He has built up a little telecommunications empire, while members of his clan have gone into construction and security, often as sub-contractors to the companies of the royal family.

Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage
The king's private secretary and Al Mada boss Mounir el-Majidi. © uFDaburon/CC by-SA 4.0/Wikimedia Commons

Morocco
Mohamed el-Hadi Chemaou joins board of Orbis Promotion

The discreet businessman has for several years been managing the luxurious two-storey flat of Mohammed VI's cousin, Prince Moulay Ismail. He has now joined the board of the prince's property company.

LogoSubscribers only Business 16.03.2023

Morocco
Abdelkader Boukhriss expected to replace king's favourite trustee Moulaye Abdallah Lalami at SFM

Moulaye Abdallah Lalami died last month. He was head of Société Fiduciaire du Maroc (SFM) and keeper of the royal holding Al Mada and the royal family's financial secrets. Abdelkader Boukhriss is slated to replace him.

Abelkader Boukhriss is expected to take over the leadership of the Société Fiduciaire du Maroc (SFM).
LogoSubscribers only Business 05.09.2022
Abelkader Boukhriss is expected to take over the leadership of the Société Fiduciaire du Maroc (SFM).

Morocco
Boeing supplier Moulay Rachid sets sights on Airbus and military market

Originally created by Mohammed VI's brother to manufacture Boeing 787 spare parts, TDM Aerospace has developed more global ambitions in the aerospace sector.

Prince Moulay Rachid, founder of TDM Aerospace.
LogoSubscribers only Defence 25.07.2022
Prince Moulay Rachid, founder of TDM Aerospace.

Morocco
Jean-Baptiste Barian appointed boss of royal residence firm Primarios

Barian, a specialist in Arab-Andalusian architecture who has worked for the Moroccan monarchy for half a century, has been appointed to run Primarios, the company tasked with furnishing and maintaining the country's royal palaces and residences.

LogoSubscribers only Business 21.07.2022

Morocco
King's favourite construction company CMS sets sights on Inwi data centres and Attijari's HQ

Bought in 2016 by the former "king's steward" Zouhair Fassi Fehri, Construction Management Services is creating a branch dedicated to telecom infrastructures and has already approached Inwi, the operator owned by the royal holding company Al Mada.

LogoSubscribers only Infrastructure 19.07.2022

Morocco
Princess Lalla Asmae continues hotel dreams in Rabat

Mohammed VI's sister Lalla Asmae is preparing to buy a hotel in the centre of the capital. This is very likely to be the Oumlil, an establishment ideally located opposite the Jardin d'essais and close to the royal palace.

LogoSubscribers only Business 15.06.2022

Morocco
Mohammed VI's holding company Al Mada dishes out lavish dividends

Despite sharply falling results, the royal family's holding company plans to pay its shareholders a record dividend to catch up the very modest restraint shown the year before at the height of the Covid-19 crisis.

King Mohammed VI of Morocco.
LogoSubscribers only Business 16.05.2022
King Mohammed VI of Morocco.

Morocco
From Ritz-Carlton to Namaskar, cracks appear in Zenagui clan's luxury hotel empire

Ex-tourism minister Yassir Zenagui and his brothers are struggling to achieve their grand ambitions in the luxury tourism sector and could even end up losing the Ritz-Carlton overlooking the royal golf course in Rabat. Though he remains an adviser to Mohammed VI, Zenagui's star at the palace has faded.

Namaskar palace, Marrakesh.
LogoSubscribers only Business 12.05.2022
Namaskar palace, Marrakesh.

Israel, Morocco
Al Mada, Providence... royal companies shun first business mission to Tel Aviv

None of the leading Moroccan groups owned by royal holding company Al Mada took part in the first business mission to Israel organised by the CGEM, indicating that the crisis between the employers' body and the Palace is not yet over.

LogoSubscribers only Business 17.03.2022

Morocco
Princesses Hasna and Asmae give assets a Dutch home

King Mohammed VI's sister, Princess Lalla Hasna has created a foundation in the Netherlands to transfer some of her global assets there. Her older sister Princess Lalla Asmae has had a similar structure in the country since 2019.

Princess Lalla Hasna, sister of King Mohammed VI of Morocco
LogoSubscribers only Business 04.03.2022
Princess Lalla Hasna, sister of King Mohammed VI of Morocco

Morocco
Mohammed VI's beauty line marocMaroc goes on sale in trendy Paris district

Several traditional ingredients produced in Morocco's royal estates have found a new outlet in the French capital in the form of a brand owned by the monarch himself.

marocMaroc store in Paris.
LogoSubscribers only Business 28.02.2022
marocMaroc store in Paris.

Morocco
Princess Lalla Asmae cedes Sicopa cannery to longtime associate Rachid Fahmane

King Mohammed VI's younger sister has ceded her shares in the Sicopa cannery to the businessman close to the royal family. Fahmane remains in partnership with the princess in the Atlas Agrumes agricultural company.

LogoSubscribers only Business 15.06.2021

Morocco
Crisis? What crisis? Al Mada rides Covid storm to record profits

Later this month the royal holding company will present glowing 2020 figures at a shareholders' annual general meeting, with unprecedented net profits and generous dividends.

LogoSubscribers only Business 13.05.2021

Morocco
CMS gets set for king's vast Boujdour wind farm

The construction and engineering firm will help build a huge array of turbines in Western Sahara owned by royal holding company Al Mada. Since its acquisition by the king's former steward, Zouhair Fassi Fehri, CMS's turnover has increased fortyfold.

LogoSubscribers only Energy, Business 07.04.2021

Morocco
Moulay Rachid casts himself as aviation industry's business angel following Boeing deal

Prince Moulay Rachid, the brother of Mohammed VI, is looking to open up his MAIC fund, set up to finance the creation TDM Aerospace, to Moroccan institutional investors with a view to expanding subcontracting opportunities with Boeing and Airbus.

Morocco's Prince Moulay Rachid.
LogoSubscribers only Finance, Business 18.03.2021
Morocco's Prince Moulay Rachid.

Morocco
Mohammed VI's cherished contractor CMS bags Marjane malls

Construction Management Services, run by the king's former steward Zouhair Fassi-Fehri, is to build two giant shopping centres for the Marjane hypermarket chain, a subsidiary of the Al Mada royal holding company.

CMS also clinched a contract in Casablanca to renovate Marjane California.
LogoSubscribers only Business 19.02.2021
CMS also clinched a contract in Casablanca to renovate Marjane California.

Morocco
'Red prince' Moulay Hicham hopes to mend royal fences for the sake of his businesses

Long-time regime critic Prince Moulay Hicham, whose renewable energy projects have fizzled, wants to improve his relations with the kingdom, where he owns land and a very profitable agricultural estate.

Prince Moulay Hicham, King Mohammed VI's cousin.
LogoSubscribers only Business 29.01.2021
Prince Moulay Hicham, King Mohammed VI's cousin.

Morocco
"Makhzen" capitalist Abed Yacoubi Soussane set to supply parts to PSA

Abed Yacoubi Soussane, the long-serving chairman of mutual agricultural insurance group Mamda-MCMA and stalwart of royal holding company Al Mada, is to become a key supplier to the new PSA-Peugeot-Citroën plant in Kenitra.

LogoSubscribers only Business 07.01.2021

Morocco
Princess Lalla Asmae soon to be queen of private universities thanks to Yamed Capital

King Mohammed VI's sister has injected 207m dirhams into Yamed Education 01, a company that invests in the high-potential market of university campuses and student accommodation.

LogoSubscribers only Business 08.12.2020

Morocco
The king's brother, Moulay Rachid, is first aboard in Boeing industrial ecosystem

Mohammed VI's younger brother, who is the majority shareholder in TDM Aerospace, is set to become Boeing's first direct supplier in Morocco, thus claiming a prime position in Morocco's nascent aviation industry.

Prince Moulay Rachid, Mohammed VI's brother.
LogoSubscribers only Business 26.11.2020
Prince Moulay Rachid, Mohammed VI's brother.

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The king's private secretary and Al Mada boss Mounir el-Majidi.

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Makhzen Inc. or the ever more prosperous business empire of Mohammed VI's entourage

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