Salwa Idrissi Akhannouch is often described as Moroccos richest woman. The 56-year-old sits atop Aksal Holding, a retail empire that changed the way Moroccans shop and how global brands see the country. Her background gave her an early push. Born in Casablanca, she grew up in a family already tied to commerce. Her grandfather, Haj Ahmed Benlafkih, made his fortune in the tea trade decades earlier. But heritage alone doesnt explain where she ended up. In the mid-1990s, before Aksal was even an idea, Salwa was already experimenting. She launched a distribution company called Espacia in 1994, testing the waters of Moroccos fast-changing consumer scene. It wasnt glamorous, but it gave her the map she would later draw on. Opening the doors to global brands The real break came in 2001 when she struck a deal with Spains Inditex, the giant behind Zara. It was bold at the timefast fashion was just beginning to ripple across North Africa. Three years later, she opened Moroccos first Zara flagship store, and from there she never looked back. By 2004, Aksal Holding was born. She didnt just sign Zara. Over the years, she brought in Banana Republic, Gap, Pull Bear, Massimo Dutti, Gucci, Fendi, Ralph Laurenthe sort of mix that turned Casablancas shopping districts into a miniature global runway. Salwa wasnt chasing numbers alone she curated carefully, betting on the labels that could hook Moroccos growing middle class and its aspirational shoppers. Morocco Mall: Her landmark statement Nothing made her ambition clearer than Morocco Mall. The sprawling glass and marble complex opened in 2011 at a cost of roughly 250 million. Half owned by Aksal, it remains one of the largest shopping centers in Africa. More than a mall, it was a statement. Casablanca suddenly had a destination where shoppers could browse Louis Vuitton, sip coffee overlooking the Atlantic, and watch an indoor aquarium in the same afternoon. For tourists, it became a stop on the itinerary for locals, it redefined what retail could look like. Creating her own brands
Importing labels wasnt enough. In 2017, she launched Yan One, her own beauty and cosmetics brand. The stores were designed as smart shops, blending digital screens with try-it-yourself counters, pushing the idea that Morocco could export style, not just import it. Yan One was her way of proving that Moroccan creativity belonged on the same stage as the brands she had brought in. Building skills, giving back Running luxury operations requires more than money it needs people trained to deliver the experience. Thats why she set up the Aksal Academy, a training ground for managers, designers, and retail staff. On the philanthropic side, the Aksal Foundation channels money and resources into programs for women, youth, and cultural projects. For Salwa, those investments werent charity as much as infrastructurepreparing a workforce and community to sustain the glossy world she was building. The business reality Of course, the empire isnt bulletproof. High-end retail is fragile, tossed around by global supply chain snarls, shaky currencies, fickle consumer tastes, and the endless rise of online competitors. Convincing Moroccan consumers to choose luxury purchases at home instead of abroad demanded determination and clever marketing moves. She has hammered out franchise terms, pushed through knotty real-estate deals, and then done the unglamorous day-to-day worktenant mix, events, upkeepto keep a sprawling mall buzzing. Still, despite those challenges, Aksals breadth and influence stand out clearly. The group employs more than a thousand people, holds exclusive rights for over 40 major international brands, and brings in billions of dirhams in annual sales. Analysts put turnover in the neighborhood of 5 billion MADroughly half a billion dollars. The Morocco Mall alone draws millions through its doors every year. Recognition and Influence Salwas personal life often makes headlinesshes married to Aziz Akhannouch, Moroccos prime minister and a wealthy businessman in his own right. But her business achievements stand on their own. She chooses the brands, shapes the mall designs, and signs off on strategy. Thats why her name shows up consistently on Forbes Middle Easts lists of the regions most powerful businesswomen. The next chapter Lately, her focus has been shifting. The old modelsigning more franchises, opening more physical storesisnt enough in a market where shoppers live on their phones. Shes steering Aksal into digital commerce, lifestyle ventures, and expanding her own beauty lines. Online luxury shopping is rattling the traditional playbook, but for someone like Salwa, its also an opening. Younger Moroccans, raised on global culture, expect to move seamlessly from browsing in a mall to buying on a screen. Aksals investments in smart retail and digital platforms show she plans to meet them there. For women in business across North Africa, Salwa has become a symbol. The path hasnt been