Morocco Has a New Billionaire Forbes Has Yet to Spot

M’hammed Kabbaj personally holds 22.2 million shares in Société générale des travaux du Maroc (SGTM), corresponding to 37% of the capital. At Friday’s closing price of 715 dirhams on the Casablanca Stock Exchange, this stake is worth exactly 15.87 billion dirhams.

Converted at the exchange rate used by Billionaires.Africa, this single block of shares is worth approximately 1.72 billion dollars. Yet SGTM’s chairman appears neither on Forbes’ global ranking nor on Bloomberg’s billionaire index.

This absence becomes all the more notable because the latest Forbes ranking devoted to Morocco’s wealthiest individuals features three names: Othman Benjelloun, Aziz Akhannouch and Anas Sefrioui. Based solely on the value of his listed stake, M’hammed Kabbaj would fall into the same category.

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The comparison must nevertheless be treated with caution. The 1.72 billion dollars do not constitute a complete estimate of his personal net worth. This calculation takes into account neither his potential other assets nor his personal debts, which are not public. It establishes only the value of his known stake in SGTM at a given point in time.

Behind Morocco’s largest construction projects

Founded in 1971 by M’hammed Kabbaj and his brother Ahmed, SGTM long remained a particularly discreet family business. Yet its name is behind a large share of the Kingdom’s most visible infrastructure.

The group took part in the construction of Hassan II Mosque, OCP’s headquarters, Dar As-Sikkah, Twin Center, Morocco Mall, several airports and the viaducts of the Al Boraq high-speed rail line. It is also involved in Nador West Med, Dakhla Atlantique port and the Grand Stade Hassan II in Benslimane.

SGTM’s listing on the Casablanca Stock Exchange in December 2025 made this wealth much easier to measure. The company had then sold 12 million shares, representing 20% of its capital, in a transaction that could reach 5.04 billion dirhams. Demand exceeded 171 billion dirhams, or approximately 34 times the amount offered, with more than 171,000 subscribers.

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Since the listing, the share price has risen from the 420 dirhams set for part of the offering to 715 dirhams. The value of M’hammed Kabbaj’s stake has thus increased by several billion dirhams on paper, without him having to sell a single share.