December 7, 2023

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Billionaire Akhannouch, the new Moroccan prime minister |  Abroad

Billionaire Akhannouch, the new Moroccan prime minister | Abroad

A billionaire now heads the Moroccan government with businessman Aziz Akhannouch. King Mohammed VI appointed the new prime minister and his 24 members of his cabinet at a ceremony in Fez. State message agency MAP. Among the ministers are seven women, including Nadia Al-Alawi, the country’s first female finance minister. Foreign Minister Nasser Bourita is still in office.

According to Forbes magazine, Akhannouch’s net worth is around $2 billion (€1.7 billion). He is a co-owner of the Moroccan oil and gas company Aqua Group and invests in the media and tourism sector. Akhannouch, after he was sworn in on Thursday, promised “positive results for the citizens and the country,” according to MAP.

Akhannouch’s RNI became the largest party after last month’s parliamentary elections. The RNI now governs with the royalist Authenticity and Modernity Party (PAM) and the conservative nationalist Istiqlal (Istiklal) party. The Islamist Justice and Development Party suffered an electoral defeat and lost 90 percent of its seats.

The biggest challenges in Morocco are corruption and youth unemployment, which currently stands at around 30 percent. The economy shrank by an estimated 7 percent in 2020. King Mohammed VI makes important decisions in the kingdom, which is still under the rule of authority.

Moroccan King Mohammed VI. © Reuters

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