Al Mada (holding)

Moroccan holding company

Al Mada

Al Mada logo

Industry| Conglomerate
Founded| 1966; 59 years ago (1966)
Founder| Moroccan state and royal family
Headquarters|

60, rue d'Alger
20000 Casablanca

Morocco

Key people

| Hassan Bouhemou
Mounir Majidi (Director of SIGER)
Mohammed VI
Revenue|  US$ 3.7 billion (2017)

Net income

|  US$ 508 million (2017)[1]
Total assets|  US$12.2 billion (2017)  [2]
Total equity| MAD 42.528 billion (2012)[2]
Owner| Mohammed VI
Members of the Alaouite royal family
Website| almada.ma

Al Mada, formerly the Société Nationale d'Investissement (SNI, lit. 'National Investment Company') is a large private Moroccan holding company mainly owned by the Moroccan royal family.[3] Headquartered in Casablanca, the company was established in 1966. Al Mada operates in different fields such as banking, telecommunications, renewable energy businesses and food industry among others.[4]

The conglomerate also holds stakes in the country's largest private companies: Attijariwafa Bank, Managem (mining), Nareva (energy firm), Lafarge Ciments, and Marjane (supermarket chain). Al Mada is investing in other African countries (Cameroon, Ivory Coast, Rwanda, Gabon, etc.).[3]

The holding company used to be the majority shareholder of the now defunct ONA Group, until the activities of the latter were absorbed into the SNI and subsequently disposed of.

In 2012, the company's consolidated turnover was MAD53 billion (US$5.3 billion) and its net income was MAD5 billion (US$500 million).

## History

[edit]

Created in 1966, SNI has been listed on the Casablanca Stock Exchange since 1994.

In 2009, The conglomerate registered a consolidated net income of MAD2.3 billion. The company invested nearly MAD5.52 billion, mainly by acquiring 10% of Attijariwafa Bank's capital from the Spanish bank Santander.[5]

Despite the unfavourable global context, the company's performance increased 365% in 2009, with a turnover of MAD3.42 billion, compared to the previous year.

### Restructuring and merger with ONA Group

[edit]

Graphic detailing ownership of the palace-controlled Société National d'investissement, as of June 2013

The company planned a merger with ONA (Omnium Nord-Africain), to diversify their investments’ portfolio, in 2009. The merger was only announced by the boards of the two companies on March 26, 2010.[6] With this merger, the group shifted from its conglomerate structure controlling the activities of its subsidiaries to an investment fund company incubating, developing and disposing of companies and projects present in the Moroccan economy. The reorganisation gave the group's subsidiaries a larger autonomy in the management of their affairs.[7]

As a result of the SNI-ONA merger, both companies have been delisted from the Casablanca stock market, forming a new investment holding company. They later list their subsidiaries on the stock exchange market once they reach maturity growth.

According to the Casablanca Stock Exchange chief executive, Karim Hajji, the SNI-ONA merger “will improve greatly the liquidity of Casablanca bourse and spur other companies to relinquish their majority controls and sell shares to investors via the bourse."[8]

On February 22, 2013, the group agreed to sell its stakes in Centrale Laitière (dairy firm) to French partner Danone for $727.23 million.[9]

On November 30, 2014, the SNI appointed Hassan Ouriagli as the new CEO to replace Hassan Bouhemou.[10]

In 2015, the net profit attributable to shareholders rose from MAD3.31 billion to MAD3.56 billion.[11]

In 2016, the group registered a 34% rise in net profit, following the merger with Lafarge Ciments and Holcim Maroc.[12]

### Renaming to Al Mada

[edit]

On 28 March 2018, the SNI adopted its current name, Al Mada (Arabic: المدى), as well as a new slogan, "Positive Impact", as it planned to expand its presence throughout the African continent.[13][14]

In March 2020, Al Mada donated 2 billion dirhams to a COVID-19 emergency fund created by King Mohammed VI.[15]

On 8 September 2023, an earthquake with a magnitude of 6.8 Mw hit Marrakesh-Safi region of Morocco.[16][17] 6 Days after the earthquake has struck, Al Mada under the instructions of King Mohammed VI donated 1 Billion dirhams for relief operations of quake-hit regions.[18][19]

## Activities and partnerships

[edit]

The group has a large footprint in the Moroccan economy, estimated to be worth 3% of its GDP. It holds investments in companies holding #1 positions in banking and mass retail. Its main activities encompass financial services with Attijariwafa Bank, mass distribution with Marjane, telecommunications with Inwi and mining with Managem Group. Societe Nationale d'Investissement has invested as well in renewable energy, tourism and real estate. It has partnered as well with foreign investors such as Lafarge in Lafarge Maroc and Arcelor Mittal in Sonasid.[20]

It has exited in 2012 and 2013 from the historic ONA Group agri-business activities, by selling its stakes in leader companies in edible oil, milk and dairy, sugar and biscuits to international leaders such as Sofiprotéol [fr], Danone, Wilmar International and Mondelēz International.[21]

### Partnership with Lafarge & Holcim Maroc

[edit]

In 2016, SNI partnered with Lafarge Ciment and Holcim Maroc. The partnership is composed of two separate parts:[22]

* The merging of Lafarge Ciments and Holcim Maroc produced LafargeHolcim Maroc, the second listed cement-manufacturers in Africa.
* The creation of a common development subsidiary in Sub-Saharan French speaking Africa.

This operation is beneficial for both partners as they progress towards a Pan-African investment fund. It created the first industrial market capitalization in Casablanca for an amount of MAD40 billion (EUR3.7 billion).[22]

Partnership's implementation process:

* Merging of Holcim Maroc and Lafarge Ciment
* Assigning 50 percent to SNI of LafargeHolcim Maroc shares
* Contributing the new shares held by SNI and LafargeHolcim Maroc to Lafarge Maroc to retain the major part of the shares and control

The partnership also resulted in the creation of a common development subsidiary called LH Maroc Afrique, that targets the Sub-Saharan French speaking Africa (Burkina Faso, Ivory Coast, Gabon, Mauritania and Mali...).[22]

### Subsidiaries

[edit]

Attijariwafa Bank

SNI initially held 48% stake in Attijariwafa bank. In January 2015, The conglomerate hired the Goldman Sachs and Rothschild banks to advise them on finalizing the deal of selling 19% of Attijariwafa bank to reduce SNI's debt.[23]

Nareva

Nareva holding is fully owned by SNI and focuses on renewable and coal energy.[24]

Cosumar

In 2013, SNI started collaborating with Cosumar only to resell the majority of its shares in 2014. In 2015, the firm completely sold the remaining shares to the stock market.[25]

Centrale Laitière and Bimo

SNI sold its share of 37.7% in Centrale Laitiére to the French firm Danone. It also sold its 50% share of Bimo to Kraft Foods.[9]

Lesieur Cristal

In 2014, the group sold its remaining stakes of Lesieur in a public sale.[26]

Other Subsidiaries

Société Nationale d'Investissement (SNI) owns several other firms :[27][28]

* Agma Lahlou-Tazi
* Lafarge Maroc
* Managem
* Marjane
* Nareva
* ONAPAR
* OPTORG
* SOMED
* SONASID
* Sotherma
* Wafa Assurance
* Wafa Cash
* Wafa Capital
* Wana Corporate [fr] (Inwi)
* Aviation unit called Africaplane[29]

## Controversy

[edit]

The SNI and its former holding arm the ONA have been accused of monopolistic market practices and of corruption on several occasions. The fact that the holding's largest shareholder remains the Moroccan royal family has enabled it to exert significant political and economic pressure on its rivals and acquisition targets. A series of Wikileaks cables divulged in December 2010 revealed the reports of US diplomats casting doubts on the integrity of the dealings of the SNI (and ONA) and on the transparency of the King's business affairs.[30]

## See also

[edit]

* ONA Group
* List of Moroccan companies

## References

[edit]

1. ^ "Attijariwafa bank" (PDF). Archived from the original (PDF) on 3 March 2016. Retrieved 1 July 2013.
2. ^ a b "SNI_2012" (PDF). cdvm.gov.ma. Archived from the original (PDF) on 25 December 2013. Retrieved 24 December 2013.
3. ^ a b "Morocco's new African ambition | Morocco: The new Morocco report | The Report Company". the-report.com. Retrieved 19 May 2017.
4. ^ "Societe Nationale d'Investissement S.A.: Private Company Information – Bloomberg". bloomberg.com. Retrieved 19 May 2017.
5. ^ "Santander vend 10% de ses parts d'Attijariwafa Bank". yabiladi.com.
6. ^ "Radical shift in strategy". www.moroccobusinessnews.com. Archived from the original on 5 April 2010. Retrieved 24 August 2017.
7. ^ "ONA, SNI merger audacious operation". www.moroccobusinessnews.com. Archived from the original on 24 August 2017. Retrieved 19 May 2017.
8. ^ "Merger of ONA-SNI to energise Casablanca bourse: CEO". Reuters. 7 April 2017. Retrieved 22 May 2017.
9. ^ a b "Morocco's SNI sells stakes in dairy, biscuit companies". Reuters. 22 February 2017. Retrieved 22 May 2017.
10. ^ "SNI: L'empreinte Ouriagli". fr.le360.ma (in French). Retrieved 22 May 2017.
11. ^ "UPDATE 1-Moroccan royal holding firm SNI reports 7.7 pct drop in 2015 profit". Reuters. 31 March 2017. Retrieved 22 May 2017.
12. ^ "Morocco's SNI says 2016 profit up 34 pct - local media". Reuters. 29 March 2017. Retrieved 22 May 2017.
13. ^ "SNI devient Al Mada, et nourrit des ambitions panafricaines". Telquel (in French). 28 March 2018. Retrieved 3 August 2022.
14. ^ "La holding royale SNI change de nom et devient Al Mada". Le Desk (in French). 28 March 2018. Retrieved 3 August 2022.
15. ^ "La holding royale Al Mada accorde 2 milliards de dirhams au Fonds de lutte contre le coronavirus". H24info (in French). 17 March 2020. Retrieved 3 August 2022.
16. ^ "Morocco earthquake: More than 2,000 dead as tremors felt in several regions". BBC News. 8 September 2023. Retrieved 11 September 2023.
17. ^ "Over 2,000 dead as powerful earthquake hits Morocco near Marrakesh". www.aljazeera.com. Retrieved 11 September 2023.
18. ^ "Royal holding company donates 1 billion dirhams to quake fund". HESPRESS English - Morocco News. 14 September 2023. Retrieved 14 September 2023.
19. ^ Aamari, Oussama (14 September 2023). "King Mohammed VI Makes MAD 1 Billion Donation to Earthquake Victims". Morocco World News. p. 1. Retrieved 15 September 2023.
20. ^ "Arcelor Raises Interest in Morocco Steelmaker Sonasid in Association with SNI and Local Partners". www.businesswire.com. Retrieved 22 May 2017.
21. ^ DairyReporter.com. "Danone ups stake in Moroccan dairy Central Laitière to 90%". DairyReporter.com. Retrieved 22 May 2017.
22. ^ a b c "SNI Reinforces Historical Partnership with LafargeHolcim | Newsroom | Baker McKenzie". Retrieved 22 May 2017.
23. ^ "Morocco's SNI Plans to Sell Stakes at Attijariwafa Bank". Morocco World News. 9 February 2015. Retrieved 22 May 2017.
24. ^ "UPDATE 1-Nareva-led group wins $1.2 bln wind power deal". af.reuters.com. Retrieved 22 May 2017.[dead link‍]
25. ^ "La SNI: un holding (presque) sans sucre". Al Huffington Post. Archived from the original on 14 May 2015. Retrieved 22 May 2017.
26. ^ "Morocco's SNI to sell its 23.6 pct stake in Lesieur". Reuters. 17 May 2017. Retrieved 22 May 2017.
27. ^ "UPDATE 1-Moroccan royal holding firm SNI reports 7.7 pct drop in 2015 profit". Reuters. 31 March 2017. Retrieved 22 May 2017.
28. ^ "UPDATE 1-Moroccan royal holding firm SNI's 2014 profit falls 42 pct". Reuters. 30 March 2017. Retrieved 22 May 2017.
29. ^ "African Aerospace - SNI establishes own passenger charter unit". africanaerospace.aero. Retrieved 22 May 2017.
30. ^ "US embassy cables: Moroccan sacking exposes king's business role". the Guardian.

* v
* t
* e

MADEX companies of Morocco

* Attijariwafa Bank
* Banque Populaire du Maroc
* BMCE Bank
* BMCI
* Compagnie de Transports au Maroc
* Crédit du Maroc
* Crédit Immobilier et Hôtelier
* Holcim
* Lafarge Ciments
* Managem
* Maroc Telecom
* SAMIR
* Société Nationale d'Investissement
* Sonasid
* Wafa Assurance

* v
* t
* e

Mohammed VI

* King of Morocco (1999–present)
* Alaouite dynasty

Family and education|

| Immediate|

* Salma Bennani (former wife)
* Prince Moulay Hassan (son)
* Princess Lalla Khadija (daughter)
* Hassan II (father)
* Latifa Amahzoune (mother)
* Prince Moulay Rachid (brother)
* Princess Lalla Meryem (sister)
* Princess Lalla Asma (sister)
* Princess Lalla Hasna (sister)

|

Extended|

* Prince Moulay Abdallah (uncle)
* Prince Moulay Hicham (cousin)
* Prince Moulay Ismail (cousin)
* Princess Lalla Joumala Alaoui (cousin)
* Moulay Abdallah (cousin)
* Moulay Youssef (cousin)
* Moulay Driss (cousin)
* Mohammed El Alaoui (cousin)
* Princess Lalla Fatima Zohra (aunt)
* Princess Lalla Amina (aunt)
* Princess Lalla Nuzha (aunt)
* Princess Lalla Malika (aunt)
* Princess Lalla Aicha (aunt)

Education|

* Collège Royal
* Mohammed V University

Entourage|

| Advisors and/or
members of the royal cabinet|

* Fouad Ali El Himma
* Mounir Majidi
* Moulay Abdallah Alaoui
* Moulay Youssef Alaoui
* Moulay Driss Alaoui
* Mohammed El Alaoui
* Rochdi Chraibi
* Abdellatif Hammouchi
* Fadel Benyaich
* Noureddine Bensouda
* Taieb Fassi Fihri
* Omar Azziman
* Abdelaziz Meziane Belfqih
* Mohamed Moatassim
* André Azoulay
* Omar Kabbaj
* Mohammed Kabbaj
* Zoulikha Naciri
* Karim Bouzida
* Abdellatif Mennouni
* Mustpaha Sahel
* Mohamed Hassad
* Abdelhak Mrini
* Abbas Jirari
* Yassir Znagui
* Mohamed Taieb Naciri
* Mounir Chraïbi
* Driss Jettou
* Hassan Aourid

|

Security officials|

* Yassine Mansouri
* Hamidou Laanigri
* Chakib Benmoussa
* Abdelouafi Laftit
* Taieb Cherkaoui
* Mostapha Sahel
* Saad Hassar
* Mohamed Hassad
* Charki Draiss
* Bouchaib Rmail
* Ahmed Midaoui
* Abderrahmane Sbai
* Abdellatif Loudiyi
* Aziz Jaidi

Senior bureaucrats|

* Mustapha Bakkoury
* Aziz Akhannouch
* Ali Fassi Fihri
* Fathallah Sijilmassi
* Mostafa Terrab
* Ahmed Toufiq
* Ahmed Akhchichine
* Latifa Labida
* Latifa Akherbach
* Mohamed Benaissa
* Driss Dahak
* Khalihenna Ould Errachid
* Mohamed Cheikh Biadillah
* Driss Benhima
* Tarek Sijilmassi
* Nasser Bourita

No official position[1]|

* Mehdi Alaoui Mdaghri
* Khalid Cohen
* Hassan Bernoussi
* Karim Chakour

Senior media-bureaucrats|

* Faïçal Laraïchi
* Khalil Hachimi Idrissi
* Samira Sitail
* Ahmed Akhchichine
* Latifa Akherbach

Business interests|

* SIGER
* Les Domaines Agricoles

| Al Mada (SNI)|

| Current|

* Attijariwafa Bank
* Wafa Assurance
* Managem
* Inwi
* Marjane
* Acima
* Sonasid
* ONAPAR
* SOMED
* Nareva
* Agma Lahlou-Tazi
* Optorg [fr]
* Sotherma
* Sidi Harazem
* Ain Saiss
* Eco-Médias
* Assabah
* L'Économiste
* SOREAD (2M)

|

Former|

* ONA Group
* Brasseries du Maroc
* BCM (Banque Commerciale du Maroc)
* Cosumar [fr]
* Lesieur Cristal [fr]
* Centrale Laitière [fr]
* Bimo [fr]

Rule|

| Crises|

* Perejil Island crisis
* 2011-12 protests
* Daniel Galván scandal
* Hirak Rif Movement
* COVID-19 pandemic

|

Policy|

* Mudawana (new family code)
* Equity and Reconciliation Commission

Western Sahara conflict|

* Gdeim Izik protests
* Royal Advisory Council for Saharan Affairs
* Autonomy proposal

Elections & referendums|

* 2021 parliamentary election
* 2016 parliamentary election
* 2011 parliamentary election
* 2011 constitutional referendum
* 2007 parliamentary election
* 2002 parliamentary election

Patronage|

* Mawazine
* MEDays

* ← Hassan II

* Category

Authority control databases

International|

* ISNI
* VIAF

National|

* United States

Other|

* IdRef

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