In a surprising development that has shaken Morocco’s business and financial world, M’hammed Kabbaj, founder and chairman of SGTM (Société Générale des Travaux du Maroc), has Becomes Morocco’s Richest Man with an estimated fortune of approximately 20 billion dirhams (equivalent to 2 billion US dollars), surpassing Othman Benjelloun, who has occupied the top of the wealth pyramid in the country for many years.
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A Meteoric Rise in Just 10 Days
This dramatic transformation came after the successful initial public offering (IPO) of SGTM shares on the Casablanca Stock Exchange on December 16, 2025, in an operation described as the largest in Moroccan financial market history.
The subscription operation witnessed unprecedented enthusiasm, with 34-times oversubscription, demands reaching more than 171 billion dirhams for an initial offering valued at only 5 billion dirhams. More than 173,000 subscribers participated in the operation, a record number never achieved in the history of Moroccan IPOs.
From 420 to 900 Dirhams: An Exceptional Leap
SGTM shares started at a price of 420 dirhams per share at the IPO, experiencing a meteoric rise reaching 899.70 dirhams in today’s trading, an increase of more than 114% in less than two weeks.
Forecasts indicate that the stock could continue its ascent to touch the 988 dirhams level in the coming days, which will further boost Kabbaj’s wealth.
The Numbers Speak: A 20 Billion Dirham Fortune
M’hammed Kabbaj owns 37% of SGTM shares, equivalent to 22.2 million shares out of a total of 60 million shares constituting the company’s capital.
By the numbers:
- Shares owned: 22.2 million shares
- Current price: 899.70 dirhams (MAD)
- Stake value: 19.97 billion dirhams (~$2 billion USD)
- Total SGTM market cap: 53.98 billion dirhams
If the stock reaches 988 dirhams as expected, Kabbaj’s fortune will jump to 21.94 billion dirhams ($2.19 billion USD).
Who is M’hammed Kabbaj?
M’hammed Kabbaj is a Moroccan entrepreneur from the city of Fez, who built his empire from scratch in the construction and public works sector (BTP – Bâtiment et Travaux Publics). He founded SGTM, which has transformed into one of the largest construction companies in Morocco and Africa.
SGTM operates in multiple fields including:
- Road and highway construction
- Major infrastructure projects
- Port and airport construction
- Real estate projects
The company holds a massive project portfolio in Morocco and several African countries, making it a major player in the sector.
Surpassing Othman Benjelloun
Othman Benjelloun, 93 years old, who chairs the Bank of Africa (BOA) group and RMA Watanya insurance company, was considered for decades Morocco’s richest man with a fortune estimated at approximately $2 billion USD.
But SGTM’s successful listing changed the equation, placing M’hammed Kabbaj in first position, at least in terms of his shares’ market value.
The Kabbaj Family Dominates SGTM
Besides M’hammed Kabbaj, his family holds significant stakes in the company:
- AKMH INVEST: 35.25%
- Mohammed Kabbaj (son): 1.44%
- Hamza Kabbaj: 1.44%
- Hicham Kabbaj: 1.44%
- Jihane Kabbaj: 1%
- Mohammed Ali Kabbaj: 1%
- Brahim Kabbaj: 1%
- Myriam Kabbaj: 0.44%
In total, the Kabbaj family owns more than 80% of the company’s shares, while only 20% are traded on the stock exchange (free float).
SGTM’s Success: A Remarkable Growth Story
SGTM has achieved exceptional growth in recent years, driven by:
1. Major Projects in Morocco:
- Participation in highway construction
- Plan Maroc Vert projects
- New port projects
2. African Expansion:
- Strong presence in several African countries
- Infrastructure projects in West and North Africa
3. Diversification:
- Entry into the real estate sector
- Investment in renewable energy projects
What Does This Mean for the Moroccan Economy?
SGTM’s successful listing carries several positive implications:
1. Investor Confidence: The massive interest in the subscription reflects strong confidence in the Moroccan economy and construction sector.
2. Financial Market Deepening: The entry of 173,000 new investors contributes to the development of the Casablanca Stock Exchange.
3. Model for Family Businesses: SGTM presents a successful example of family business transformation into publicly traded companies.
4. Investment Attraction: This success could encourage other companies to follow this path.
Challenges and Warnings
Despite this resounding success, several points should be noted:
1. Price Volatility: The sharp rise in share price may be temporary, and new stocks typically experience significant fluctuations in the first weeks.
2. Limited Liquidity: M’hammed Kabbaj’s fortune is “paper wealth” only – he cannot easily sell his shares without affecting the price.
3. Competition: Morocco’s construction sector is competitive, and SGTM faces competition from major local and international companies.
4. Economic Risks: The construction sector is sensitive to economic cycles and government policies.
What’s Next?
The big question now: Will M’hammed Kabbaj maintain the title of Morocco’s richest man?
The answer depends on:
- Stock price stability: If SGTM shares maintain current levels or increase
- Company performance: Upcoming financial results will be decisive
- Dividends: Could enhance stock attractiveness
- New projects: Expansion into new markets
Conclusion
In the span of just 10 days, M’hammed Kabbaj went from successful entrepreneur to Morocco’s richest man thanks to his company SGTM’s successful stock market debut.
With a fortune estimated at 20 billion dirhams ($2 billion USD), he has surpassed Othman Benjelloun, who dominated the top spot for long decades.
This success reflects the story of authentic Moroccan ambition, built on hard work, strategic vision, and capitalizing on growth opportunities in the construction and public works sector.
But the question remains: Will this ranking hold? The coming months will reveal whether this is a sustainable ascent or merely a temporary bounce in the volatile world of financial markets.
Note: This article relies on data available from the Moroccan Capital Market Authority (AMMC – Autorité Marocaine du Marché des Capitaux) and the Casablanca Stock Exchange (Bourse de Casablanca) as of December 26, 2025. Figures are subject to change based on market movements.