M'hammed Kabbaj, a Moroccan businessman, has become a billionaire through his personal stake in Société Générale des Travaux du Maroc (SGTM), a construction and public works company listed on the Casablanca Stock Exchange. According to the company's filings, Kabbaj holds 22.2 million shares, representing 37% of the capital.
Based on the closing price of 715 Moroccan dirhams (MAD) per share on Friday, August 21, 2026, the value of Kabbaj's stake is approximately 15.87 billion MAD, which exceeds $1 billion at current exchange rates. This valuation places him among the wealthiest individuals in Morocco, yet he has not been included in Forbes' billionaire rankings.
SGTM has been a major player in Moroccan infrastructure, involved in projects such as the Tangier-Med port and various highway constructions. The company's stock has seen significant gains over the past year, driven by robust earnings and a strong pipeline of public works contracts.
Kabbaj, who has been associated with SGTM for decades, is known for his low-profile business approach. His wealth is primarily derived from his long-term investment in the company, which has benefited from Morocco's ongoing investment in infrastructure.
