SNI, the largest stakeholder in the Moroccan economy, announced that it has changed its name into Al Mada in tandem with gearing its activity towards becoming a pan-African investment fund. Some 6.5 billion dirhams have been invested by former SNI, now Al Mada, in Africa, the company said, adding that now the bulk of the company’s activities are focused on Africa. Al Mada now plans to focus its growth strategy on sectors such as tourism, telecoms and renewable energy and to expand in Africa. Rabat has recently launched a major renewable energy development plan, designed to turn the North African country into a main supplier of clean electricity to Europe. SNI is the main shareholder in some of the country’s biggest firms, including AttijariWafa Bank, miner Managem, energy firm Nareva, cement company Lafarge Maroc and Marjane, Morocco’s main supermarket chain.

Source: The North Africa Journal March 28, 2018 15:11 UTC