Inside The Rise Of Morocco's 35-year-old Billionaire Heir Moulay Mhamed Elalamy

When billionaire insurance magnate Moulay Hafid Elalamy stepped into Moroccos cabinet as Minister of Industry in 2013, he had to let go of day-to-day control of Saham, the group he had spent decades building into one of Africas most visible conglomerates. The move created a vacuum at the top of the company, and it was his son, Moulay Mhamed, who was called back from Istanbul to fill it. At the time, the younger Elalamy was 23 and working with the now defunct Abraaj Capital. He had studied in Vancouver at the University of British Columbia, then passed through Le Rosey in Switzerland and the American School of Casablanca. On paper, the pedigree looked solid in practice, he had never run anything of consequence. To ensure continuity, the board placed him under the watchful eye of Sad Bendidi, one of Moroccos most experienced corporate operators. That apprenticeship would last several years and lay the foundation for his rise. Within two years, Mhamed was running Saham Assistance, pushing the company into sub-Saharan markets where emergency services and insurance were still fragmented. In 2015, he was promoted to Secretary General. By 2017 he had taken the reins of Saham Assurance, a flagship arm of the group that was then the countrys largest insurer. Those years coincided with Bendidis departure, leaving him with real authority for the first time. Landmark deals and a careful handover The defining moment came when Saham sold its insurance division to South Africas Sanlam in 2018 for 1.05 billion, one of the continents largest financial services transactions of the decade. Not long after, Majorelthe customer experience arm built with Bertelsmannwas sold to Teleperformance for 3 billion. Both transactions had the fingerprints of Moulay Hafid, but people inside the group say his son was central to execution, dealing directly with lawyers, bankers, and government regulators. By then, Nadia Fettah Alaoui, now Moroccos Minister of Finance, had taken a role in smoothing the succession. Her stewardship, combined with his fathers counsel, allowed Mhamed to gain credibility as more than just an heir. In December 2024 he was named Vice President of Saham Bank and President of Eqdom, the consumer credit subsidiary acquired from Socit Gnrale. At just 35, he now oversees one of Moroccos most ambitious banking ventures. For the elder Elalamy, who left government in 2021, the banking move represented a return to business life. He has exited real estate holdings in Paris and redeployed capital into finance, betting that Moroccan banking, technology, and renewable energy offer longer runways for growth. His son has become the executor of that visionmanaging the grind of integration, building digital products, and aligning the bank with Sahams other businesses in education, agriculture, and real estate. A new generation, same preference for discretion People close to the family say the handover is nearly complete. The succession is assured, one Casablanca-based businessman said. Hes learned the business block by block. Another remarked, only half in jest: He may even be better than his father. Mhamed himself avoids the limelight. Unlike his father, whose ministerial career made him a household name, he prefers to keep a low profile. Yet his influence is visible in the reshaping of Sahams portfolio. Last year he led the decision to wind down Saham Europe, a holding vehicle for overseas assets, in order to bring focus back to Morocco and West Africa. The numbers support the strategy. Saham Bank, built on the 745 million purchase of Socit Gnrales Moroccan operations, has quickly become a cornerstone of the group. Eqdom is pushing into consumer finance with new digital products aimed at younger clients. And the sale of legacy businesses has left the family with fresh capital for reinvestment. Ranked fourth in the Choiseul Top Africa 2024 list of emerging leaders, Mhamed is now recognized well beyond Morocco. The quiet handover has turned into a case study in how African business dynasties can prepare heirs for real leadership rather than symbolic roles. For Saham, the next decade will test whether a discreet 35-year-old can carry forward an empire his father built with force of will.