Three Moroccan family-owned companies among the most influential in the Middle East, according to Forbes

The Middle East edition of Forbes, a distinguished magazine specialising in the world of finance and business, has published a list of the top 100 Arab family businesses of 2023. 

In this list, more than 60% are major shareholders of a company listed on a regional stock exchange, and most of these are among the founding shareholders of these listed companies. The dominance of Saudi Arabia stands out in this list, with 33 companies ranked in this list, four of which are in the top 10. Saudi Arabia is followed by the United Arab Emirates, with 29 companies, and Egypt in third place.  

For the drafting and classification of this list, it takes into consideration characteristics such as the total number of employees, the age and legacy of the company, the size and value of the company or how diversified its activities are in terms of the sectors in which it operates and its geographical location.   

Three Moroccan family-owned companies stand out in the ranking of this list: O Capital Group in 21st place, Holmarcom Group in 87th place, and Diana Holding in 92nd place in this list of 100 family-owned companies. 

O Capital Group, founded by the current chairman of the board, Othman Benjelloun, is established in the investment sector in various activities such as commerce, media, technology, insurance, financial services and others. Benjelloun, with assets of $1.3 billion, is also co-founder and CEO of BMCE Bank of Africa. O Capital Group has acquired over the years key partners such as Crédit Industriel & Commercial (CIC), CDC, Al Baraka Banking Group or Air Arabia and employs more than 20,000 people across various businesses.   

Founded in 1978 by Abdelkader Bensalah, Holmarcom is a privately owned Moroccan group operating through four main business lines: Finance, Agribusiness, Logistics and Real Estate. Holmarcom also owns several companies listed on the Casablanca Stock Exchange such as Les Eaux Minérales d'Oulmès, Le Comptoir Métallurgique Marocain or Orbonor Textile et Orbonor Céréales. The company is already present in six countries including Morocco, Senegal, Benin, Kenya, Burkina Faso and Côte d'Ivoire. At the end of 2022, the company finalised an agreement to acquire a 78% stake in Crédit Agricole. 

Lastly, Diana Holding, founded in 1986 by Moroccan businessman Brahim Zniber, who fostered the legacy of Moroccan viticulture, is now run by his wife Rita Maria Zniber. This agribusiness company manages 8,300 hectares of land, making it the second largest agricultural company in Morocco, and employs more than 7,200 people. It is fully committed to the economic development of the country through pillar values such as sustainability, innovation, ambition and nature.  

These three Moroccan companies serve as an example of the strength and diversity of the Moroccan family business system, which has a positive impact on the economic and social development of the Moroccan kingdom. Moreover, they show that these companies are able to innovate and adapt to changing market conditions, as well as to the possibilities presented by regionalisation and globalisation, thus making Morocco a regional power.