Miloud Chaabi Net Worth is$2.9 Billion
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Date of Birth: 1929
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What is Miloud Chaabi's net worth? Miloud Chaabi's net worth is $2.9 billion dollars which makes him the richest person in Morocco. Born near Essaouira in the western part of Morocco, Miloud Chaabi began working as a farmer and goat herder while in his early teens. He eventually saved up enough money to move to Kenitra. He launched his first construction company, Ynna Holdings, in the late 40s. He grew Ynna Holdings from a construction firm into the ownership firm of hotels, supermarkets, and renewable energy, among other holdings. He owns the Riad Mogador hotel chain and the Aswak Assalam chain of supermarkets. He is widely recognized for both his charitable and political work and donated 10% of his wealth to the establishment of Morocco's first American university. He also runs one of Morocco's most prolific charity groups, the Miloud Chaabi Foundation. He became a part of the Moroccan House of Representatives in 2002, and represented the city of Al-Suwaira in Parliament in 2007. He also marched to Parliament with protestors against corruption in politics and business in 2011.
Miloud Chaabi (Arabic:????? ??????) (born in 1929 in "Chiadma" near Essaouira) is a Moroccan businessman and politician. He is the founder of Ynna Holding and the owner of the Riad Mogador hotel chain and group of supermarkets "Aswak Assalam" in Morocco. He is known for his strong stance against alcohol which is banned from both his hotel chain and supermarkets. He was affiliated with the Party of Progress and Socialism under which he was elected MP for the city of Essaouira in the parliamentary elections in 2007 in Morocco. His daughter, Asma Chaabi has been mayor of the city of Essaouira since 2003.
His fortune is estimated at some 40 billion dirhams and one of the richest men in Morocco.[citation needed].
Chaabi is also known for his philanthropic and charity work and donated 10% of his fortune to build the first American university in Morocco in conjunction with the University of Maryland, College Park. He is the operator of one of the largest charity organisations in Morocco, the Miloud Chaabi Foundation.
As a child he was taught in a mosque and he started working alternatively as a goat herder and as a farmer. At 15, he saved up enough money and moved from Marrakech to kenitra where he started his first construction company in 1948. In a time when trading business in kenitra was restricted to the French, some Jewish businessmen and some of the well known Moroccan families Chaabi ventured into the field. His interest went toward the ceramic industry which made him start his own ceramic company in 1964. Soon the Chaabi gained enough experience in the business and began to seek for opportunities to purchase large companies. He offered to become an investor in a French company but the company refused his offer which drove him to keep pressuring the company by selling products with competitive prices until it had finally collapsed and was on the verge of bankruptcy. And in 1985, the company sold all of its properties to Chaabi himself. This success was a t

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Miloud Chaabi Latest News

Chaabi, The Goat Herder Who Is Now A Billionaire

VENTURES AFRICA — Miloud Chaâbi is Africa’s sixth richest man. In 2002, he was elected a member of the Moroccan House of Representatives. And in 2007, he won the parliament election to become the representative of the city of Al-Suwaira. At 82 ...
Posted: April 24, 2012, 5:00 pm

Latest Arab billionaires list is out; Wealth of UAE's rich soars

However, this year’s major headline was newcomer to the billionaires club, Morocco, which entered the ranking with three billionaires: Miloud Chaabi, Othman Benjelloun and Anas Sefrioui. Standing out amongst the success stories featured in the Forbes ...
Posted: April 7, 2012, 5:00 pm

Morocco's Ynna opens steel, ceramic plants

Ynna Chairman Miloud Chaabi had issued the threat early last year, saying the environment for investors in Morocco was giving an unfair advantage to his firm's competitors. "People take decisions in time of crisis. Now the situation is different and I ...
Posted: July 28, 2010, 8:19 am
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