Key Factors
- Moulay Hafid Elalamy is specializing in Saham’s acquisition of SociĂ©tĂ© GĂ©nĂ©rale’s Moroccan unit, liquidating his Paris actual property arm to sharpen deal with Morocco.
- In late 2024, Saham acquired a 57.67% stake in Société Générale Marocaine de Banques and La Marocaine Vie for €745 million ($842 million).
- Elalamy’s strategic pivot facilities on banking, training, agriculture, and actual property, notably in Morocco and Africa, after promoting Saham Assurance in 2018.
Moulay Hafid Elalamy, the Moroccan businessman behind Saham Group and the nation’s largest insurer, is pulling again from his actual property ventures in Paris to focus on his larger plans at residence.
He’s clearing the decks forward of Saham’s deliberate acquisition of Société Générale’s Moroccan unit, a transfer that requires a sharper focus. As a part of this shift, Saham Group’s Paris-based actual property arm, which Elalamy arrange in 2020, has gone into voluntary liquidation, with the method now being dealt with from the group’s headquarters in Casablanca.
Elalamy’s daring new banking journey
This strategic transfer is a component of a bigger pivot in Elalamy’s enterprise path. In late 2024, Saham took a major step when Saham Funds acquired a 57.67 % controlling stake in Société Générale Marocaine de Banques, alongside the total buy of La Marocaine Vie. The €745 million ($842 million) deal, authorised by Morocco’s central financial institution, underscores the group’s renewed deal with banking.
For Elalamy, this acquisition represents a return to the monetary sector after stepping again in 2018, when he offered Saham Assurance to South Africa’s Sanlam. This time, slightly than diversifying into numerous sectors, he’s concentrating on banking, training, agriculture, and actual property—notably in Morocco and throughout Africa.
From insurer to billion-dollar empire
Elalamy’s journey with Saham started in 1995, when he based the group with a small insurance coverage agency. Over time, he expanded Saham right into a diversified conglomerate, branching into banking, healthcare, and customer support outsourcing. Beneath his management, CNIA Saada grew into Morocco’s largest insurer, cementing his place as one of many nation’s most influential enterprise figures.
Saham’s enlargement went past Morocco’s borders. By 2013, the corporate was working in 26 international locations throughout Africa and the Center East, catching the eye of French funding agency Wendel, which invested $100 million for a 13 % stake. By 2014, Saham’s revenues had reached almost $1.1 billion, securing its place as one among Africa’s high monetary gamers.
Strategic partnerships had been key to Saham’s success. In 2015, Elalamy joined forces with Moroccan billionaire Othman Benjelloun’s FinanceCom to develop into Africa’s insurance coverage market. That very same yr, Saham entered healthcare and outsourcing via a partnership with Germany’s Bertelsmann, reworking the group right into a multi-sector powerhouse and showcasing Elalamy’s means to identify new alternatives.
Moulay Hafid Elalamy’s increasing legacy
In 2018, Moulay Hafid Elalamy made a landmark determination: promoting Saham Funds to Sanlam for $1.05 billion. The deal, which began with the sale of a 46.6 % stake, finally resulted in Sanlam’s full possession, marking a pivotal second for Morocco’s monetary sector.
Elalamy’s affect continues to develop. In August 2024, he was appointed chairman of Teleperformance, the French multinational specializing in buyer expertise administration. His appointment made him one of many first African enterprise leaders to chair a publicly traded firm in France, additional solidifying his legacy of visionary management.
In 2015, Forbes estimated Elalamy’s net worth at $620 million, reflecting his success throughout insurance coverage, banking, and know-how. Right now, as Sanlam expands throughout Africa and Saham refines its focus, Elalamy’s affect on Morocco’s financial system and the broader African enterprise panorama stays important.
