Moulay Hafid Elalamy shifts focus to banking expansion, exits Paris real estate

Key Points

• Moulay Hafid Elalamy is focusing on Saham’s acquisition of Société Générale’s Moroccan unit, liquidating his Paris real estate arm to sharpen focus on Morocco.
• In late 2024, Saham acquired a 57.67% stake in Société Générale Marocaine de Banques and La Marocaine Vie for €745 million ($842 million).
• Elalamy’s strategic pivot centers on banking, education, agriculture, and real estate, particularly in Morocco and Africa, after selling Saham Assurance in 2018.

Moulay Hafid Elalamy, the Moroccan businessman behind Saham Group and the country’s largest insurer, is pulling back from his real estate ventures in Paris to concentrate on his bigger plans at home.

He’s clearing the decks ahead of Saham’s planned acquisition of Société Générale’s Moroccan unit, a move that calls for a sharper focus. As part of this shift, Saham Group’s Paris-based real estate arm, which Elalamy set up in 2020, has gone into voluntary liquidation, with the process now being handled from the group’s headquarters in Casablanca.

Elalamy’s bold new banking journey

This strategic move is part of a larger pivot in Elalamy’s business direction. In late 2024, Saham took a significant step when Saham Finances acquired a 57.67 percent controlling stake in Société Générale Marocaine de Banques, alongside the full purchase of La Marocaine Vie. The €745 million ($842 million) deal, approved by Morocco’s central bank, underscores the group’s renewed focus on banking.

For Elalamy, this acquisition represents a return to the financial sector after stepping back in 2018, when he sold Saham Assurance to South Africa’s Sanlam. This time, rather than diversifying into various sectors, he is concentrating on banking, education, agriculture, and real estate—particularly in Morocco and across Africa.

From insurer to billion-dollar empire

Elalamy’s journey with Saham began in 1995, when he founded the group with a small insurance firm. Over time, he expanded Saham into a diversified conglomerate, branching into banking, healthcare, and customer service outsourcing. Under his leadership, CNIA Saada grew into Morocco’s largest insurer, cementing his position as one of the country’s most influential business figures.

Saham’s expansion went beyond Morocco’s borders. By 2013, the company was operating in 26 countries across Africa and the Middle East, catching the attention of French investment firm Wendel, which invested $100 million for a 13 percent stake. By 2014, Saham’s revenues had reached nearly $1.1 billion, securing its place as one of Africa’s top financial players.

Strategic partnerships were key to Saham’s success. In 2015, Elalamy joined forces with Moroccan billionaire Othman Benjelloun’s FinanceCom to expand into Africa’s insurance market. That same year, Saham entered healthcare and outsourcing through a partnership with Germany’s Bertelsmann, transforming the group into a multi-sector powerhouse and showcasing Elalamy’s ability to spot new opportunities.

Moulay Hafid Elalamy’s expanding legacy

In 2018, Moulay Hafid Elalamy made a landmark decision: selling Saham Finances to Sanlam for $1.05 billion. The deal, which started with the sale of a 46.6 percent stake, eventually resulted in Sanlam’s full ownership, marking a pivotal moment for Morocco’s financial sector.

Elalamy’s influence continues to grow. In August 2024, he was appointed chairman of Teleperformance, the French multinational specializing in customer experience management. His appointment made him one of the first African business leaders to chair a publicly traded company in France, further solidifying his legacy of visionary leadership.

In 2015, Forbes estimated Elalamy’s net worth at $620 million, reflecting his success across insurance, banking, and technology. Today, as Sanlam expands across Africa and Saham refines its focus, Elalamy’s impact on Morocco’s economy and the broader African business landscape remains significant.