Spotlight
Ynna Holding
Information last updated on 05 July 2022
Snapshot
Founding
Family Name:
Chaabi
Founder’s Name:
Miloud Chaabi
Earliest Documented Business Name:
Chaabi Lil Iskane[1]
Founding Year:
1948
Founding Location:
Colonial Morocco
Today
Current Operating Status:
Operating
Family Business Name:
Ynna Holding
Headquarters Location:
Casablanca, Morocco
Key Industries:
Heavy Industries, food processing, Construction, Real Estate, Hospitality, Retail, Renewable Energy
Number of Employees:
20,000 (approx.)[2]
ABOUT THE FOUNDER
Miloud Chaabi was born in 1930[3] in the village of Chaâba near Essaouira, Morocco.[4] He was the youngest of eight children,[5] and his family suffered poverty so extreme that he lost one of his brothers to starvation.[6] Miloud started a traditional Quranic education program at his village mosque,[7] but soon dropped out to help his father provide for the family,[8] leading him to grow up illiterate.[9] [10]
At the age of 12, Miloud began work as a shepherd.[11] One day, a sheep under his watch was eaten by a wolf; fearing his strict father’s certain punishment, he ran away to Marrakech. There he struggled to make a living, taking on multiple jobs and even trying to join the army, which rejected him as far too young.[12] Left with little choice, he tried his luck as a “nomadic vendor,” trading miscellaneous products between souks[13] around Marrakech and Salé.[14]
In 1945, Miloud settled in Kenitra, north of Rabat.[15] Known as “Port Lyautey” during the occupation, Kenitra was a permanent station of the French Naval Air Forces before it was taken over by the US military in 1942.[16] The city was also a focal point for the agricultural and fishing trades.[17] All this resulted in a bustling job market during the 1940s, especially in construction. Miloud worked as a day laborer for a construction company called AFCA that was French-owned, as Morocco was still a French protectorate. This was a challenging period for Miloud — he was homeless, sleeping most nights in the residences of family and friends. [18]
FOUNDING STORY
By 1948, Miloud Chaabi was well-versed in the local construction industry, and the 18-year-old established his own business with two employees under the name Chaabi Lil Iskane.[19] He took up small construction projects throughout the 1950s, eventually gathering sufficient capital to buy land and build modest housing units that he sold at affordable prices.[20]
In 1956, Morocco formally gained independence from France,[21] which was arguably the biggest turning point for Miloud’s business. Miloud’s one-time manager at AFCA, a French national, was in the middle of constructing the “biggest building in Kenitra.” During the independence process, however, he went bankrupt and had to sell the unfinished project, which Miloud was able to purchase at a deep discount. He completed the building, the first large-scale project in his portfolio, setting the cornerstone for his business’s massive future success.[22]
GROWTH PHASE
In the 1960s, under the reign of the country’s new king, Hassan II, “Moroccanization” policies were introduced, nominally aimed at breaking the domination of foreign capital and achieving national economic independence. In practice, a “Moroccan capitalism” model emerged in which only those close to the king were granted ownership of private businesses.[23] Given Miloud’s underprivileged background and lack of education, his attempts to acquire large concerns such as the Dimatit company were rebuffed.[24] He decided to shift his investment focus to Libya, Tunisia, and Egypt, where he succeeded in setting up multiple businesses in the construction and automobile sectors.[25] He also ventured into manufacturing, building a ceramics plant in 1964 and two construction materials factories later in the decade.[26] He ultimately became an outspoken opponent of the Moroccan regime.[27]
In 1985, Miloud finally managed to acquire Dimatit, a market leader in hydraulics, agriculture, and public construction projects.[28] This was a huge milestone for his business, both in sector diversification and operations scale, and he soon changed his company’s name from Chaabi Group to Ynna Holding.[29] “Ynna” — “my mother” in the Amazigh language — refers to the group’s development into a mother company and pays homage to Miloud’s own mother, whom he considered the source of his success.[30] During the 1990s, acquired SNEP,[31] a leading manufacturer of electrolysis products and petrochemicals,[32] and diversified as well into paper and battery production, retail, and hospitality.[33]
In 2000, all of Miloud’s business units were officially consolidated under Ynna Holding, which over the following decade expanded into banking and investments[34] and began to publicly list key subsidiaries such as SNEP.[35] In 2014, even as he became the first Moroccan businessman to be identified as a billionaire by Forbes,[36] Miloud distributed the ownership of his businesses among his children as his health deteriorated.[37]
In 2016, “Haj Miloud” passed away at the age of 86 and was buried in Rabat.[38] Having remained the group president until his death, he was succeeded by his wife, Mama Tajmouati, and after her death three years later, by their son Fayçal.[39] Most of Miloud’s five other sons and his daughter also joined the family business.[40]
TODAY
Today, Ynna Holding is led by members of the Chaabi family’s second generation — Omar, Faouzi, and Asma.[41] The third generation is also involved.[42] The company has a diverse profile with over 20 subsidiaries in 15 sectors, more than 20,000 employees, and operations that span Morocco, Tunisia, Equatorial Guinea, Egypt, and the UAE.[43]
Notes
Photo Credit: "Press article about Groupe Chaabi in the Moroccan newspaper La vie éco from December 2006. The article features Miloud Chaabi, founder of Groupe Chaabi. Image credit: Newspaper La vie éco. Source: Ynna Holding website.
[1] Notre Histoire | Ynna Holding. http://www.ynna.ma/fr/notre-histoire. Last Accessed 05 July 2022.
[2] Home Page | Ynna Holding. http://www.ynna.ma/. Last Accessed 05 July 2022.
[3] 1929 according to some sources
[4] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3. Last Accessed 05 July 2022.
[5] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3. Last Accessed 05 July 2022.
[6] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3.
Hassi, Abderrahman, and Giovanna Storti. “Authentic Leadership: The Case of Miloud Chaabi, a Shepherd Who Became a Business Legend.” Emerald Emerging Markets Case Studies, vol. 4, no. 6, Jan. 2014, pp. 1–12. Emerald Insight, https://doi.org/10.1108/EEMCS-10-2013-0204. Last Accessed 05 July 2022.
[7] “الشعبي..ملياردير بدأ راعيا للغنم ودخل قائمة الأثرياء.” العربية, 6 Aug. 2014, https://www.alarabiya.net/aswaq/special-interviews/2014/08/05/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D9%85%D9%8A%D9%84%D9%88%D8%AF-%D8%A7%D9%84%D8%B4%D8%B9%D8%A8%D9%8A-%D8%A8%D8%AF%D8%A3%D8%AA-%D8%AD%D9%8A%D8%A7%D8%AA%D9%8A-%D9%83%D8%B1%D8%A7%D8%B9-%D9%84%D9%84%D8%BA%D9%86%D9%85. Last Accessed 05 July 2022.
[8] Hassi, Abderrahman, and Giovanna Storti. “Authentic Leadership: The Case of Miloud Chaabi, a Shepherd Who Became a Business Legend.” Emerald Emerging Markets Case Studies, vol. 4, no. 6, Jan. 2014, pp. 1–12. Emerald Insight, https://doi.org/10.1108/EEMCS-10-2013-0204. Last Accessed 05 July 2022.
[9] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3. Last Accessed 05 July 2022.
[10] “Maroc : Miloud Chaâbi, le milliardaire autodidacte, est décédé – Jeune Afrique.” JeuneAfrique.com, https://www.jeuneafrique.com/318692/economie/maroc-miloud-chaabi-milliardaire-autodidacte-decede/. Last Accessed 05 July 2022.
[11] Hassi, Abderrahman, and Giovanna Storti. “Authentic Leadership: The Case of Miloud Chaabi, a Shepherd Who Became a Business Legend.” Emerald Emerging Markets Case Studies, vol. 4, no. 6, Jan. 2014, pp. 1–12. Emerald Insight, https://doi.org/10.1108/EEMCS-10-2013-0204. Last Accessed 05 July 2022.
[12] “الشعبي..ملياردير بدأ راعيا للغنم ودخل قائمة الأثرياء.” العربية, 6 Aug. 2014, https://www.alarabiya.net/aswaq/special-interviews/2014/08/05/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D9%85%D9%8A%D9%84%D9%88%D8%AF-%D8%A7%D9%84%D8%B4%D8%B9%D8%A8%D9%8A-%D8%A8%D8%AF%D8%A3%D8%AA-%D8%AD%D9%8A%D8%A7%D8%AA%D9%8A-%D9%83%D8%B1%D8%A7%D8%B9-%D9%84%D9%84%D8%BA%D9%86%D9%85. Last Accessed 05 July 2022.
[13] Hassi, Abderrahman, and Giovanna Storti. “Authentic Leadership: The Case of Miloud Chaabi, a Shepherd Who Became a Business Legend.” Emerald Emerging Markets Case Studies, vol. 4, no. 6, Jan. 2014, pp. 1–12. Emerald Insight, https://doi.org/10.1108/EEMCS-10-2013-0204. Last Accessed 05 July 2022.
[14] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3. Last Accessed 05 July 2022..
[15] “الشعبي..ملياردير بدأ راعيا للغنم ودخل قائمة الأثرياء.” العربية, 6 Aug. 2014, https://www.alarabiya.net/aswaq/special-interviews/2014/08/05/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D9%85%D9%8A%D9%84%D9%88%D8%AF-%D8%A7%D9%84%D8%B4%D8%B9%D8%A8%D9%8A-%D8%A8%D8%AF%D8%A3%D8%AA-%D8%AD%D9%8A%D8%A7%D8%AA%D9%8A-%D9%83%D8%B1%D8%A7%D8%B9-%D9%84%D9%84%D8%BA%D9%86%D9%85. Last Accessed 05 July 2022.
[16] HyperWar: Building the Navy’s Bases in World War II [Chapter 20]. https://www.ibiblio.org/hyperwar/USN/Building_Bases/bases-20.html. Last Accessed 05 July 2022.
[17] Kenitra | Morocco | Britannica. https://www.britannica.com/place/Kenitra. Last Accessed 05 July 2022.
[18] Abu-Lughod, Janet. “Dependent Urbanism and Decolonization: The Moroccan Case.” Arab Studies Quarterly, vol. 1, no. 1, 1979, P.56
Morocco Urban Population 1960-2022. https://www.macrotrends.net/countries/MAR/morocco/urban-population. Last Accessed 05 July 2022.
[19] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3. Last Accessed 05 July 2022.
[20] Hassi, Abderrahman, and Giovanna Storti. “Authentic Leadership: The Case of Miloud Chaabi, a Shepherd Who Became a Business Legend.” Emerald Emerging Markets Case Studies, vol. 4, no. 6, Jan. 2014, pp. 1–12. Emerald Insight, https://doi.org/10.1108/EEMCS-10-2013-0204. Last Accessed 05 July 2022.
[21] French Morocco (1912-1956). https://uca.edu/politicalscience/dadm-project/middle-eastnorth-africapersian-gulf-region/francemorocco-1930-1956/. Last Accessed 05 July 2022.
[22] “الشعبي..ملياردير بدأ راعيا للغنم ودخل قائمة الأثرياء.” العربية, 6 Aug. 2014, https://www.alarabiya.net/aswaq/special-interviews/2014/08/05/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D9%85%D9%8A%D9%84%D9%88%D8%AF-%D8%A7%D9%84%D8%B4%D8%B9%D8%A8%D9%8A-%D8%A8%D8%AF%D8%A3%D8%AA-%D8%AD%D9%8A%D8%A7%D8%AA%D9%8A-%D9%83%D8%B1%D8%A7%D8%B9-%D9%84%D9%84%D8%BA%D9%86%D9%85. Last Accessed 05 July 2022.
[23] Catusse, Myriam. “Chapitre I. Engendrer Des Entrepreneurs ? Genèse d’une Loi Démiurge.” Le Temps Des Entrepreneurs ? : Politique et Transformations Du Capitalisme Au Maroc, Institut de recherche sur le Maghreb contemporain, 2014, pp. 55–82. OpenEdition Books, http://books.openedition.org/irmc/531. Last Accessed 05 July 2022.
[24] “Portrait. Miloud Chaâbi, le ‘blédard’ qui a bousculé les ‘richards.’” Telquel.ma, https://telquel.ma/2016/04/16/miloud-chaabi-mort_1492538?fbrefresh=5. Last Accessed 05 July 2022.
[25] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3. Last Accessed 05 July 2022.
[26] Notre Histoire | Ynna Holding. http://www.ynna.ma/fr/notre-histoire. Last Accessed 05 July 2022.
[27] “Maroc : Miloud Chaâbi, le milliardaire autodidacte, est décédé – Jeune Afrique.” JeuneAfrique.com, https://www.jeuneafrique.com/318692/economie/maroc-miloud-chaabi-milliardaire-autodidacte-decede/. Last Accessed 05 July 2022.
[28] Notre Histoire | Ynna Holding. http://www.ynna.ma/fr/notre-histoire. Last Accessed 05 July 2022.
[29] Hassi, Abderrahman, and Giovanna Storti. “Authentic Leadership: The Case of Miloud Chaabi, a Shepherd Who Became a Business Legend.” Emerald Emerging Markets Case Studies, vol. 4, no. 6, Jan. 2014, pp. 1–12. Emerald Insight, https://doi.org/10.1108/EEMCS-10-2013-0204. Last Accessed 05 July 2022.
[30]“الشعبي..ملياردير بدأ راعيا للغنم ودخل قائمة الأثرياء.” العربية, 6 Aug. 2014, https://www.alarabiya.net/aswaq/special-interviews/2014/08/05/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D9%85%D9%8A%D9%84%D9%88%D8%AF-%D8%A7%D9%84%D8%B4%D8%B9%D8%A8%D9%8A-%D8%A8%D8%AF%D8%A3%D8%AA-%D8%AD%D9%8A%D8%A7%D8%AA%D9%8A-%D9%83%D8%B1%D8%A7%D8%B9-%D9%84%D9%84%D8%BA%D9%86%D9%85. Last Accessed 05 July 2022.
[31] Notre Histoire | Ynna Holding. http://www.ynna.ma/fr/notre-histoire. Last Accessed 05 July 2022.
[32] Ajayi, Omokolade. “Led by Affluent Moroccan Chaabi Family, SNEP Reports 14.8-Percent Increase in Revenue.” Billionaires.Africa, https://billionaires.africa/led-by-affluent-moroccan-chaabi-family-snep-reports-14-8-percent-increase-in-revenue/.Last Accessed 05 July 2022.
[33] Notre Histoire | Ynna Holding. http://www.ynna.ma/fr/notre-histoire. Last Accessed 05 July 2022.
[34] “الشعبي..ملياردير بدأ راعيا للغنم ودخل قائمة الأثرياء.” العربية, 6 Aug. 2014, https://www.alarabiya.net/aswaq/special-interviews/2014/08/05/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D9%85%D9%8A%D9%84%D9%88%D8%AF-%D8%A7%D9%84%D8%B4%D8%B9%D8%A8%D9%8A-%D8%A8%D8%AF%D8%A3%D8%AA-%D8%AD%D9%8A%D8%A7%D8%AA%D9%8A-%D9%83%D8%B1%D8%A7%D8%B9-%D9%84%D9%84%D8%BA%D9%86%D9%85. Last Accessed 05 July 2022.
[35] “Miloud Chaabi. Le berger qui a décroché la lune.” Telquel.ma, https://telquel.ma/2012/05/08/Miloud-Chaabi-le-berger-qui-a-decroche-la-lune_297_2653?fbrefresh=3. Last Accessed 05 July 2022.
[36] “Miloud Chaabi & Family.” Forbes, https://www.forbes.com/profile/miloud-chaabi/. Last Accessed 05 July 2022.
[37] “الملياردير الشعبي يشرع في توزيع ثروته على أبنائه …وهذه تخوفاته.” برلمان.كوم, 9 Nov. 2014, https://www.barlamane.com/الملياردير–الشعبي–يشرع–في–توزيع–ثروته/.Last Accessed 05 July 2022.
[38] Ahmed, Dr Idrissi My. “L’HOMME D’AFFAIRES MILOUD CHAABI N’EST PLUS.” OujdaCity, 18 Apr. 2016, https://www.oujdacity.net/national-article-110195-fr/lhomme-daffaires-miloud-chaabi-nest-plus.html. Last Accessed 05 July 2022.
[39] “Un fils Chaâbi succède à Mama Tajmouati à la tête d’Ynna Holding.” Telquel.ma, https://telquel.ma/2019/01/07/un-fils-chaabi-succede-a-mama-tajmouati-a-la-tete-dynna-holding_1624725?fbrefresh=5. Last Accessed 05 July 2022.
[40] “الملياردير الشعبي يشرع في توزيع ثروته على أبنائه …وهذه تخوفاته.” برلمان.كوم, 9 Nov. 2014, https://www.barlamane.com/الملياردير–الشعبي–يشرع–في–توزيع–ثروته/.Last Accessed 05 July 2022.
[41] “Maroc : Miloud Chaâbi, le milliardaire autodidacte, est décédé – Jeune Afrique.” JeuneAfrique.com, https://www.jeuneafrique.com/318692/economie/maroc-miloud-chaabi-milliardaire-autodidacte-decede/. Last Accessed 05 July 2022.
[42] “الملياردير الشعبي يشرع في توزيع ثروته على أبنائه …وهذه تخوفاته.” برلمان.كوم, 9 Nov. 2014, https://www.barlamane.com/الملياردير–الشعبي–يشرع–في–توزيع–ثروته/.Last Accessed 05 July 2022.
[43] Home Page | Ynna Holding. http://www.ynna.ma/. Last Accessed 05 July 2022.
To cite this article please use:
“Ynna Holding” Family Business Histories Research Project, New York University Abu Dhabi and Tharawat Family Business Forum, 20 Mar. 2023, familybusinesshistories.org/spotlights/ynna-holding