Moroccan Prime Minister Aziz Akhannouch has seen a notable increase in his net worth over the past 72 hours, driven by a substantial increase in the market value of his industrial investments in Morocco. This comes on top of his considerable wealth growth earlier this year.
According to data compiled by ForbesAkhannouch’s net worth increased by $100 million in just two days, from $1.6 billion on February 10 to $1.7 billion at the time of reporting.
Akhannouch, a prominent businessman — named Prime Minister of Morocco in September 2021 — makes the majority of his fortune from Akwa Groupa multi-billion dollar conglomerate founded in 1932 by his father and his business partner, Ahmed Wakrim.
Gains of $100 million linked to Akwa Group’s oil and gas holdings and interests
Through the multi-billionaire Akwa group, he indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygène, making him one of the richest businessmen in Africa and the world’s leading investor. . Casablanca Stock Exchange.
Afriquia Gaz SA, in which the Akwa group holds a 30 percent stake, operates in Morocco and specializes in the refining and marketing of liquefied petroleum gas. It offers efficient energy solutions for domestic and professional purposes.
The $100 million increase in his net worth is attributed to the strong performance of his investments in the Akwa Group, a diversified Moroccan conglomerate with significant interests in the oil and gas sector.
Afriquia Gaz share price rise propels Akhannouch to $1.7 billion net worth
Since February 10, the share price of Afriquia Gaz SA, a Moroccan group specializing in the refining and marketing of liquefied petroleum gas, has fallen from 4,120 dirhams ($410.39) on February 10 to 4 190 dirhams ($417.36) at the time. Writing. This increase pushes the market value of Akhannouch’s indirect stake in Afriquia Gaz above $430 million.
The multimillion-dollar increase in Akhannouch’s net worth solidified his position as Morocco’s richest billionaire, ahead of billionaire banker Othman Benjelloun. With a net worth of $1.7 billion, he is one of Africa’s richest billionaires.