Al Mada

What Al Mada does

Al Mada is a private Moroccan investment holding company headquartered in Casablanca that operates as a long-term pan-African private equity investor under a "Positive Impact" philosophy integrating ESG criteria into its capital allocation. The entity traces its origins to 1966 as the Société Nationale d'Investissement (SNI), merged with Omnium Nord Africain (ONA) in 1994 and 2002, became ONA Holding, delisted from the Casablanca Stock Exchange in 2010, and was rebranded Al Mada in 2018 under CEO Hassan Ouriagli (appointed 2014). Al Mada is understood to be controlled by Morocco's royal family under King Mohammed VI and operates as the parent of a diversified portfolio spanning six sectors.

The portfolio includes Attijariwafa bank (banking and financial services, 12 million clients, 7,000+ branches across 27 countries, first commercial bank in Africa/MENA with UN Green Climate Fund accreditation since 2019), Wafa Assurance and Agma (insurance), Marjane Group (Morocco's leading modern retailer, 171+ points of sale, 440,000+ sqm of malls, 100+ million annual transactions), Optorg and Sopriam (equipment and automotive distribution across 25 African countries, Caterpillar distributor for 90+ years), Sotherma (bottled water), Managem Group (mining across 7 African countries producing gold, cobalt, copper, lead, zinc; $1.3 billion 2025 revenue, $322 million net profit), Holcim Maroc and Sonasid (construction materials and steel, 1.1 million tonnes capacity), Nareva (Morocco's first independent power producer with 3.15 GW capacity, 1,750 MW wind), inwi (telecoms, 44.3% Moroccan mobile internet share, Campus Connecte reaching 220 universities and 1.2 million students), Ametys (real estate), Atlas Hospitality (25 hotels, 3,500 employees), and Al Mada Ventures and TERALYS for future sectors. Recent activity includes a joint venture with CNGR on lithium-ion battery materials, the 2023 acquisition of Patisen (food processing), and the 2024 acquisition of Nutkao (food/confectionery).

Al Mada generates returns through dividends, capital gains, and value appreciation across this diversified portfolio; the fund itself charges no direct end-customer fees, while subsidiaries operate independent revenue models ranging from interest income and transaction fees (banking), retail sales (distribution), commodity extraction (mining), power purchase agreements (energy), and subscription/connectivity fees (telecom). Investments are screened against five strategic criteria — financial inclusion, South-South value chain integration, future industries, climate change adaptation, and pan-African autonomy — and the group reports alignment with UN Sustainable Development Goals through a 2024 ESG Charter.

Name

Al Mada

Legal name

Al Mada, Société anonyme

Website

https://almada.ma

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Al Mada is a Moroccan private pan-African investment fund managing a diversified portfolio across banking, insurance, retail, mining, energy, telecoms, and real estate, deploying long-term capital with ESG-integrated positive impact outcomes across the African continent.

Ownership category

akta.pro rank

Product category

Private Equity / Investment Fund

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Real Assets — Operating Platforms & Direct Investments (FSAAAKAL)

Keywords

• Private equity fund
• Pan-African investment
• Portfolio holdings
• Long-term capital
• Diversified holdings

Headquarters

HQ city

Casablanca

HQ country

Morocco

HQ region

Africa

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Returns and Dividends: Al Mada generates returns through its equity investments in portfolio companies across banking (Attijariwafa bank, Wafa Assurance, AGMA), distribution (Marjane Group, Optorg, Sotherma), mining and materials (Managem Group, Holcim Maroc, Sonasid), energy and telecoms (Nareva, inwi), and real estate/tourism (Ametys, Atlas Hospitality). Revenue comes from dividends, capital gains, and value appreciation across the diversified portfolio.
2. Renewable Energy Generation: Nareva generates revenue as Morocco's first independent power producer with 3,150 MW of projects (2,880 MW operational, 270 MW under construction), including 1,750 MW across 10 wind farms, contributing to the national target of 52% renewable energy by 2030.
3. Retail Distribution: Marjane Group operates as Morocco's leading modern retailer with 440,000+ square meters of shopping malls, 171+ points of sale in 40+ cities, serving 100 million+ annual transactions. Revenue from retail sales, e-commerce, and marketplace operations.
4. Banking and Financial Services: Attijariwafa bank operates as the leading financial group in the Maghreb and UEMOA with 12 million clients across 7,000+ branches, generating revenue from interest income, fees, commissions, and specialized financial services including real estate credit, consumer credit, leasing, asset management, and private banking.

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

Al Mada is a private pan-African investment fund that operates as a long-term equity investor in structuring sectors requiring high capital intensity. The fund manages a diversified portfolio across six main sectors: Banking & Insurance (Attijariwafa bank, Wafa Assurance, Agma), Distribution (Marjane Group, Optorg, Sotherma, Sopriam), Mining & Construction Materials (Managem Group, Holcim Maroc, Sonasid), Energy & Telecommunications (Nareva, inwi), Real Estate & Tourism (Ametys, Atlas Hospitality), and Future Sectors (Al Mada Ventures, TERALYS, CNGR battery joint venture).

Product overview

Al Mada is a private pan-African investment fund based in Casablanca, Morocco, operating under a 'Positive Impact' philosophy that integrates ESG criteria into its deep investment strategy. The fund manages a diversified portfolio across six main sectors: Banking & Insurance (Attijariwafa bank, Wafa Assurance, Agma), Distribution (Marjane Group, Optorg, Sotherma, Sopriam), Mining & Construction Materials (Managem Group, Holcim Maroc, Sonasid), Energy & Telecommunications (Nareva, inwi), Real Estate & Tourism (Ametys, Atlas Hospitality), and Future Sectors (Al Mada Ventures, TERALYS, battery joint ventures, green hydrogen initiatives). The company does not offer a single unified product but rather acts as an investment holding with portfolio companies operating independently in their respective industries, united by shared commitments to sustainability and positive social impact.

Differentiator

Problem solved

Functional benefit

Brands

• Al Mada Ventures: Venture capital fund supporting African tech startups in financial services, logistics, e-commerce, renewable energy, health, and education sectors.
• TERALYS

Products and services

• Attijariwafa bank First banking and financial group in the Maghreb and UEMOA regions, operating in 27 countries with 12 million clients, 20,000 employees, and over 7,000 agencies. Offers banking, real estate credit, consumer credit, leasing, asset management, stock exchange, private banking, consulting, long-term rental, and factoring services.
• Wafa Assurance National leader in Morocco's insurance sector offering health, automobile, savings, and life insurance products. Operating in 6 African countries through 11 insurance companies with 1,600 general agents and direct offices across Morocco.
• Agma

Quantifiable outcome

• 26% gold production increase in 2025, targeting 134% increase to 500,000 ounces by 2030
• +5 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and flagship.

• Holcim (LafargeHolcim)coreStrategic or Co-development PartnerJoint venture between Al Mada and Holcim (global leader in innovative construction solutions) to operate Holcim Maroc, Morocco's leading cement and building materials producer present since 1928, listed as the first industrial capitalization on Casablanca Stock Exchange.
• ArcelorMittalcoreStrategic or Co-development PartnerAl Mada co-invests with ArcelorMittal in Sonasid, Morocco's steel market leader and Africa's green steel pioneer with 1.1 million tonnes production capacity, serving international markets across Europe, Africa, North America, and Middle East.
• SantanderflagshipStrategic or Co-development PartnerAl Mada partners with global financial leader Santander, demonstrating international cooperation and expertise sharing in banking and financial services across African markets.
• CaterpillarcoreChannel Partner/ Reseller/ DistributorThrough Optorg subsidiary, Al Mada has been Caterpillar's official distributor for over 90 years, offering complete construction equipment (mining, oil, forestry, civil engineering, handling equipment, generators) across Morocco and Central Africa.
• ZainflagshipStrategic or Co-development PartnerAl Mada partners with Zain, a leading telecommunications operator, to develop telecom infrastructure and digital services across African markets.
• EngiecoreStrategic or Co-development PartnerThrough Nareva subsidiary, Al Mada partners with Engie (global energy leader) to develop renewable energy projects including wind farms, contributing to Morocco's 52% renewable energy target by 2030.
• CNGRcoreStrategic or Co-development PartnerJoint venture created in Morocco between Al Mada and CNGR (global leader in lithium-ion battery active materials) to develop battery electric vehicle sector, contributing to vehicle electrification and carbon emission reduction while valorizing local natural resources.

Scale indicators18 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• Ethiopian Investment Holdings: Ethiopian sovereign-backed investment holding company managing strategic state-owned enterprises across banking, telecom, industry, and agriculture. Directly comparable to Al Mada as another African government/sovereign-affiliated private investment holding operating a diversified portfolio of operating subsidiaries.
• Helios Investment Partners: Pan-African private equity firm making control and significant-minority investments across African financial services, telecommunications, energy, and consumer businesses. Closely comparable to Al Mada's pan-African, multi-sector investment mandate, though Helios operates as a traditional PE fund manager rather than a perpetual holding.
• Actis: Emerging-markets private equity firm focused on energy, infrastructure, and real estate across Africa, Asia, and Latin America. Comparable to Al Mada for its focus on long-duration capital-intensive African investments in renewables and infrastructure, though Actis operates as a closed-end PE fund.
• African Infrastructure Investment Managers (AIIM): Pan-African infrastructure-focused private equity fund manager investing in energy, transportation, and digital infrastructure across sub-Saharan Africa. Comparable to Al Mada for its focus on capital-intensive African infrastructure and renewable energy investments, though AIIM operates as a fund manager rather than a holding company.

Broad incumbents

• Public Investment Corporation (PIC): South Africa's largest asset manager and African institution managing pension and sovereign-linked capital across diversified equity, fixed income, and direct investments. Comparable to Al Mada as a major African state-affiliated institutional investor with pan-African reach, though PIC is primarily an asset manager rather than an operating holding.
• Qatar Investment Authority (QIA): Sovereign wealth fund making long-term direct investments globally including in African infrastructure, banking, and real estate. Comparable to Al Mada in mandate (long-duration sovereign capital, direct operating investments, pan-regional geographic reach), though QIA is far larger and more globally diversified.
• British International Investment (BII, formerly CDC Group): UK development finance institution and impact investor making long-term direct investments across Africa and South Asia in financial services, infrastructure, and climate. Comparable to Al Mada as a long-duration institutional investor focused on African financial inclusion, infrastructure, and energy transition, though BII operates as a fund manager rather than a holding.
• International Finance Corporation (IFC): World Bank Group member institution making direct equity and debt investments in private enterprises across emerging markets, particularly Africa. Comparable to Al Mada in mandate of long-term private capital for African financial inclusion, infrastructure, and climate projects, though IFC is a multilateral institution rather than a sovereign holding.
• Mubadala Investment Company: UAE sovereign wealth fund making long-term strategic investments across sectors including infrastructure, energy, healthcare, and technology with growing Africa exposure. Comparable to Al Mada in long-duration sovereign capital mandate and direct operating investments, though Mubadala is far larger and more globally diversified.

Emerging players

• Convergence Partners: Pan-African private equity and venture firm investing in African digital infrastructure, TMT, and fintech. Comparable to Al Mada Ventures and the inwi telecom subsidiary for its focus on African digital and telecom investments, though narrower in sector mandate and smaller in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/groupe-al-mada

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Al Mada