King Mohammed VI of Morocco isnt just Africas wealthiest monarchhe is also one of its most discreet tycoons. His fortune, often estimated in the billions, doesnt sit in personal accounts or offshore trusts. Instead, it flows through Al Mada, the royal familys powerful holding company once known as Socit Nationale dInvestissement SNI. Al Mada brands itself as a pan-African investment fund, but in reality it is much more: a sprawling industrial empire whose tentacles run from banking and insurance to mining, retail, telecoms and energy. Its influence touches nearly every corner of Moroccos economy and extends far beyond the kingdoms borders into West and Central Africa. For years, the kings business holdings have stirred debate. Some observers credit Al Mada with helping to modernize Moroccos industries and push the kingdom outward into African markets. Others worry the groups size concentrates too much wealth and power in a single corporate bloc. Whats indisputable is the breadth of the portfolio: Al Mada isnt a niche family officeit is a heavyweight corporate group that often sets the tone for entire sectors. Through Al Mada, King Mohammed VI commands stakes in a range of companies. Heres a look at some of the major holdings. 1. Banking insurance King Mohammed VI controls Attijariwafa Bank, Moroccos largest bank by assets. Al Mada owns about 46.446.5 of Attijariwafa, giving the palace decisive influence over its direction. The banks reach extends into insurance. It controls Wafa Assurance, one of Moroccos biggest insurers, and AGMA Lahlou-Tazi, an insurance brokerage in which Al Mada holds just over 50. These financial interests anchor the groups balance sheet and give it unmatched sway in Moroccos capital markets. 2. Retail and consumer goods Moroccan shoppers know the royal holding company every time they visit a Marjane hypermarket or Acima supermarket. Al Mada controls Marjane Group outright, making it Moroccos top retailer. Beyond groceries, Al Mada runs Optorg, which operates the Tractafric Equipment and Tractafric Motors brandsmajor distributors of Caterpillar machinery and multi-brand automobiles across Africa. In beverages, Al Mada owns Sotherma, the producer of bottled water brands such as An Sass and Sidi Harazem. 3. Mines and heavy industry Mining is another pillar. Through Managem Group, in which Al Mada owns about 76.7, the royal holding is one of Africas most important mid-tier mining players. Managem runs gold projects in Guinea Tri-K, copper and cobalt in the Democratic Republic of Congo Pumpi, and multiple operations in Morocco. In construction materials, Al Mada owns 50 of LafargeHolcim Maroc through a joint venture with Holcim Group, dominating Moroccos cement industry. It also has a foothold in steel through Sonasid, controlled via a joint venture with ArcelorMittal. 4. Energy and telecoms The energy arm, Nareva Holding, is fully owned by Al Mada. It has developed some of Moroccos largest renewable projects, including the 300 MW Tarfaya wind farm, Akhfenir, and the fast-expanding Aftissat wind complex. Nareva also once held a major stake in the Safi coal-fired power plant, a controversial but strategic project. In telecoms, Al Mada controls inwi, Moroccos third-largest operator, with a 69 stake. The rest is split between Kuwaits Zain and Moroccos Al Ajial investment fund. Inwi is a key competitor in mobile, internet and data services. 5. Real Estate Tourism
Through Ametys, Al Mada develops housing, office parks and leisure sites under brands like IMMOLYS and MAROGOLF. The group also owns Atlas Hospitality, operator of The View and A Collection Hotels, with Flavours Food Company covering catering and dining services. 6. Future sectors: venture bets and EV batteries Unlike many royal holding companies, Al Mada is also looking forward. Al Mada Ventures serves as its venture arm, investing in African startups across fintech, logistics and healthtech. Recent deals include stakes in YoLa Fresh Moroccan agritech, Money Fellows Egyptian fintech and Gozem a super app in francophone Africa. Perhaps the boldest move yet is the COBCO joint venture with Chinas CNGR Advanced Materials, which launched an EV battery materials plant in Jorf Lasfar in June 2025. Al Mada owns 49.97, making the Moroccan royal family a direct player in the global electric vehicle supply chain. The empire in perspective Taken together, King Mohammed VIs holdings via Al Mada span everything from groceries to gigawatts. It is this blendstable cash-flow industries like banking and retail alongside long-horizon bets in renewables and electric mobilitythat makes Al Mada one of Africas most powerful conglomerates. For Morocco, the royal stake in so many industries is both a stabilizer and a lightning rod. Supporters see Al