Morocco- Moroccan Billionaire Miloud Chaabi Dies

4/16/2016 2:48:53 PM

(MENAFN- Morocco World News) Moroccan billionaire andpoliticianMiloud Chaabi passed away on Saturday in Rabat a source closeto his family told Morocco World News.. He was 86.

The Essaouira born businessmen was considered among Morocco's richest men. In 2015 he was named Africa's richest real estate magnate according to the 2015 Forbes Billionaires list.

The owner of Ynna Holding topped the list of Africa's richest businessmen whose assets in real estate have contributed significantly in making their fortunes.

He was the fonder and owner Holding company Ynna which has a property division Chaabi Lil Iskane. He was also the owner of the Ryad Mogador hotel chain which opened its first hotel in the city of Essaouira in 1999 and the Aswak Assalam supermarket group.

He was member of the Moroccan parliament until his resigned in December 2014. He justified his decision to step down from the House of Representatives by saying his health condition could no longer enable him to continue his work.

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