#38 Moulay Hafid Elalamy Previous Next Moulay Hafid Elalamy Net Worth $500 Million As of November 2013 Follow (2) Investor Age 54 Source Of Wealth insurance, Self Made Residence Casablanca, Morocco Citizenship Morocco Marital Status Married Education Bachelor of Arts / Science, Universite de Sherbrooke Moulay Hafid Elalamy on Forbes Lists #38 Africa's 40 Richest #31 in 2012 Moulay Hafid Elalamy formed Saham Group in 1995; it controls one of Morocco's biggest insurance companies, CNIA Saada. Saham is expanding rapidly throughout Africa, acquiring stakes in Ivory Coast and Angolan insurance companies over the past eight years. Earlier this year, it bought a Kenyan insurer, and now operates in 16 African countries. The group's other activities include call centers (in partnership with German media company Bertelsmann) and clinics, helping it generate almost $1 billion in revenue last year. In October, Elalamy was appointed Morocco's Minister of Industry and Commerce.