Miloud Chaâbi: A Story of Perseverance and Success
Born on September 15, 1930, in the village of Aqermoud in the Essaouira province, Miloud Chaâbi‘s life is a testament to the power of determination and hard work. From humble beginnings as a shepherd boy to becoming one of Morocco’s most successful businessmen, Chaâbi’s journey is nothing short of remarkable.
Early Life and Hardships
Chaâbi grew up in extreme poverty, which he often compared to “the poverty of Somalia.” His family struggled with severe drought conditions, lack of agriculture, and no steady work. The harsh realities of life during the colonial era in Morocco were ever-present, and tragedy struck when Chaâbi’s younger brother died of starvation.
The Turning Point
At around 15 years old, a pivotal moment occurred in Chaâbi’s life. While tending to his family’s small flock of sheep, he fell asleep and woke to find one sheep missing, likely taken by a wolf. Fearing his strict father’s punishment, Chaâbi made the bold decision to run away to Marrakech, marking the beginning of his extraordinary journey.
The Road to Success
In Marrakech, Chaâbi worked various jobs, from construction to odd jobs, always saving what he could. His perseverance paid off in 1948 when, at just 18 years old, he managed to purchase a housing project in Kenitra for 20 million francs, marking his entry into the real estate and construction industries.
Building an Empire
Over the years, Chaâbi diversified his business interests. Some of his notable ventures included:
- Establishing a ceramics and pottery manufacturing company called “Super Cerame” in 1964
- Founding Ynna Holding in 2000, which became the parent company for all his business interests
- Investing in various sectors including paper manufacturing, cables, petrochemicals, car batteries, housing, and hospitality
- Creating SNEP, a petroleum and chemical company, in 1993
- Establishing Electra Maroc for electrical products in 1994
- Launching the Riyad Mogador chain of hotels in Essaouira and Marrakech in 1999
Political and Social Engagement
Chaâbi’s influence extended beyond business. He served as a member of the Moroccan parliament representing Essaouira and founded the Environment and Development Party in 2002. He was known for his strong stance against corruption, once calling for an investigation into the alleged illegal sale of state lands.
Philanthropy and Education
Despite his wealth, Chaâbi never forgot his roots. In 1965, he established the Miloud Chaâbi Foundation for Social Works and Solidarity, which provided food and housing for students. He built numerous schools in rural areas, including in his home village, giving children the educational opportunities he never had. He also founded a Higher Institute of Technology in Sala and university residences benefiting over 2,000 students annually.
Legacy and Final Years
By 2012, Chaâbi was ranked as the 43rd richest person in the Arab world. He was known for his modesty and his belief in helping others. He often said, “Why should I be arrogant? We are all children of nine months, and if one of us has money, he should always help those who don’t.”
Miloud Chaâbi passed away on April 16, 2016, in Hamburg, Germany, at the age of 86. At the time of his death, he was considered the richest man in Morocco and the fourth richest in Africa, with an estimated fortune of three billion dollars.
Today, his family continues to manage Ynna Holding, with his wife serving as the chairwoman of the board. The company boasts over one million square meters of property and investments exceeding $500 million.
Miloud Chaâbi’s life story remains an inspiration, proving that with vision, hard work, and a commitment to giving back, one can rise from the humblest beginnings to the pinnacle of success.