Moulay Hafid Elalamy Shifts Focus To Banking Expansion, Exits Paris Real Estate

Moulay Hafid Elalamy is focusing on Saham's acquisition of Socit Gnrale's Moroccan unit, liquidating his Paris real estate arm to sharpen focus on Morocco.

In late 2024, Saham acquired a 57.67 stake in Socit Gnrale Marocaine de Banques and La Marocaine Vie for 745 million 842 million.

Elalamys strategic pivot centers on banking, education, agriculture, and real estate, particularly in Morocco and Africa, after selling Saham Assurance in 2018.

Moulay Hafid Elalamy, the Moroccan businessman behind Saham Group and the countrys largest insurer, is pulling back from his real estate ventures in Paris to concentrate on his bigger plans at home.

Hes clearing the decks ahead of Sahams planned acquisition of Socit Gnrales Moroccan unit, a move that calls for a sharper focus. As part of this shift, Saham Groups Paris-based real estate arm, which Elalamy set up in 2020, has gone into voluntary liquidation, with the process now being handled from the groups headquarters in Casablanca.

This strategic move is part of a larger pivot in Elalamys business direction. In late 2024, Saham took a significant step when Saham Finances acquired a 57.67 percent controlling stake in Socit Gnrale Marocaine de Banques, alongside the full purchase of La Marocaine Vie. The 745 million 842 million deal, approved by Moroccos central bank, underscores the groups renewed focus on banking.

For Elalamy, this acquisition represents a return to the financial sector after stepping back in 2018, when he sold Saham Assurance to South Africas Sanlam. This time, rather than diversifying into various sectors, he is concentrating on banking, education, agriculture, and real estateparticularly in Morocco and across Africa.

Elalamys journey with Saham began in 1995, when he founded the group with a small insurance firm. Over time, he expanded Saham into a diversified conglomerate, branching into banking, healthcare, and customer service outsourcing. Under his leadership, CNIA Saada grew into Moroccos largest insurer, cementing his position as one of the countrys most influential business figures.