Since January 24, the share price of Afriquia Gaz SA, a Morocco-based group specializing in the refining and marketing of liquefied petroleum gas, has increased from 4,000 MAD ($401.52) on January 24 to 3,950 MAD ($396.51) at the time of writing this article.
Tags: Morocco, Aziz Akhannouch, Billionaires, wealth, fortune, Forbes, millionaires, Akwa, Afriquia Gaz SA and Maghreb Oxygene, Casablanca Stock Exchange,
Moroccan Prime Minister Aziz Akhannouch experienced a significant drop in his net worth in just 5 days due to a sharp drop in the market value of his industrial investments in Morocco, reports Billionaires.
Citing data compiled by Forbes, the South African site indicates that “Akhannouch’s net worth fell by $100 million in just five days, from $1.7 billion on January 24 to $1.6 billion.”. “This decline can be attributed to the revaluation of its holdings in the Akwa group.”
Akhannouch, a prominent businessman appointed Prime Minister of Morocco in September 2021, derives most of his fortune from the Akwa Group, a multifaceted conglomerate founded in 1932 by his father and an associate, Ahmed Wakrim.
Through the multi-billion dollar giant, Akwa Group, he indirectly owns shares in Afriquia Gaz SA and Maghreb Oxygene, making him one of Africa’s richest businessmen and the richest investor in the Casablanca Stock Exchange.
Afriquia Gaz SA – of which Akwa Group holds 30% – is a group based in Morocco specializing in the refining and marketing of liquefied petroleum gas. It offers efficient energy solutions for domestic and professional needs.
“Despite recent declines in his wealth, Akhannouch dominates the list of Morocco’s richest,” notes Billionaires.
The value of its stake in Afriquia Gaz SA has fallen sharply due to recent declines in the company’s shares on the Casablanca Stock Exchange. This drop brought the market value of Akhannouch’s indirect interest in Afriquia Gaz to less than $410 million.
Since January 24, the share price of Afriquia Gaz SA, a Morocco-based group specializing in the refining and marketing of liquefied petroleum gas, has increased from 4,000 MAD ($401.52) on January 24 to 3,950 MAD ($396.51) at the time of writing this article.
Despite this drop, “Akhannouch remains the richest billionaire in the country, surpassing the billionaire banker Othman Benjelloun,” he recalls. He “is among the richest billionaires in Africa”.
Akhannouch was ranked by Forbes as the 1,779th richest businessman globally, highlighting his position on the global wealth stage, the source concludes.
