Close
15 CEOs to watch in 2015: Moulay Hafid Elalamy

15 CEOs to watch in 2015: Moulay Hafid Elalamy

Moulay Hafid Elalamy, President and Founder, Saham Insurance; Minister of Industry, Trade, Investment and Digital Economy, MoroccoInvestment and Digital Economy, Morocco

Entrepreneur and politician Moulay Hafid Elalamy is one of the wealthiest men in Africa, with a fortune estimated at $500m built in the insurance business. He founded Saham Group in 1995 after years as CEO of the African Insurance Company of Morocco.

Today, Saham is one of Morocco’s largest privately held service companies, with activities including call centres and clinics.

The growing asset-owning middle class and expansion of international and local commercial enterprises in Africa has created an enormous market for insurance products, and the sector is routinely discussed as one of the continent’s most lucrative investment opportunities.

Saham has tapped into it, operating in 19 African countries. The company bought controlling stakes in Corar-AG in Rwanda, Mercantile Insurance in Kenya and AG Angola Seguros in Angola.

In October 2013, Elalamy was appointed to the Moroccan cabinet as Minister of Industry, Trade, Investment and Digital Economy, a role where his experience in sub-Saharan Africa could be significant.

Morocco has emerged as a major source of foreign direct investment into the rest of the continent, and is making a play to become a gateway to the wider continent with the establishment of a financial services hub in Casablanca. Elalamy has a strong appreciation of Africa’s potential, and 2015 could be a year where Moroccan business leans heavily on his expertise.

Related Posts

  • Remaking Africa’s tax system

    A digital overhaul of Africa’s tax system is needed to boost revenue collection, regional coordination and financing, UN experts tell African member states.

  • Rwanda’s export drive reaps success

    How the country is focusing efforts on building a vigorous export sector in a bid to bring down the trade deficit, diversify the economy and sustain its growth momentum.

  • Meeting of African Ministers Opens In Marrakech

    The 52nd Conference of African Ministers of Finance, Planning and Economic Development opens in Morocco with an agenda to overhaul fiscal policy, trade & the private sector in a new digital age.

  • Reviving tourism in West Africa

    West Africa has huge tourist potential, but factors such as poor transport, security concerns and the ebola virus have held it back.

Join our mailing list

If you would like Independent, Informative and Invaluable news analysis on the African continent, delivered straight to your inbox, join our mailing list.

Help us deliver better content