The Journey of Mohammed Bouzoubaa in the Construction Sector
Mohammed Bouzoubaa, a remarkable entrepreneur, embarked on his journey in the construction industry from the humble confines of his garage in 1991. Over the years, he has transformed his small venture into one of Morocco's leading construction companies, Travaux Généraux de Construction de Casablanca (TGCC). Currently, Bouzoubaa holds a stake valued at approximately $1.62 billion, a fortune that, astonishingly, has not been acknowledged in major global wealth rankings. According to data compiled by MarketScreener, Bouzoubaa possesses 19,290,816 shares, representing a 55.63% ownership in TGCC. With the current stock price at 775 dirhams on the Casablanca Stock Exchange, this stake amounts to 14.95 billion dirhams, which translates to the impressive $1.62 billion when calculated at the rate of 9.24 dirhams per dollar.
A recent analysis by Billionaires.Africa revealed that neither the Bloomberg Billionaires Index nor the Forbes list includes Bouzoubaa, making him the second Moroccan construction tycoon this week to be recognized as a dollar billionaire without a mention in these prestigious rankings, following M'hammed Kabbaj of SGTM.
Growth and Expansion of TGCC
Bouzoubaa's educational background at the École des Ponts et Chaussées laid a solid foundation for his career. After gaining valuable experience working for various construction companies, he took the bold step of founding TGCC when he was just 31 years old. Initially, the company focused on smaller contracts, but a significant turning point came in 1999 when they secured the contract to construct a stadium in Fès. This victory opened doors to numerous projects, including stadiums, railway stations, hotels, airports, and residential developments, leading TGCC to surpass a billion dirhams in revenue by 2010.
In 2013, Bouzoubaa recognized the potential for international expansion and successfully ventured into Gabon, followed by Ivory Coast and Senegal. His strategic move to open the capital to MC II Concrete in 2018, a private equity-controlled vehicle, further solidified TGCC’s growth trajectory. The company's listing on the Casablanca exchange on December 16, 2021, marked a significant milestone as it was the only initial public offering in Morocco for that year, raising 600 million dirhams by selling 13.94% of its capital at 136 dirhams per share.
Today, TGCC operates a fleet of approximately 1,600 machines and has successfully completed over 1,000 projects. Major undertakings include the expansion of Terminal 1 at Mohammed V airport, the Casa Port railway station, the grand stadium in Tangier, and the Grand Théâtre de Casablanca. Additionally, they contributed to the construction of the Mohammed VI Tower in Rabat via O'Tower, a venture partially owned by Bank of Africa.
Despite the impressive growth, Bouzoubaa has opted to dilute his stake in the company. In 2025, he sold 2,259,136 shares during a public offering. The company raised 2.2 billion dirhams by issuing new shares, which allowed for the acquisition of a controlling interest in the STAM-VIAS group, diversifying TGCC's portfolio into earthworks, linear infrastructure, and hydraulic projects. This strategic acquisition positioned TGCC in direct competition with SGTM in a broader market.
The public's interest in the new shares was overwhelming, with retail investors accounting for 98% of the subscribers. As a result of this dilution, Bouzoubaa's ownership fell below the 66.66% threshold, leading to a mandatory disclosure to the Moroccan capital markets authority. His current stake has further decreased to 55.63%, yet it still retains a value greater than his previous full ownership.
While the reported value of $1.62 billion only reflects his listed holdings, it does not account for any other assets he may own or personal liabilities. Notably, his relative, Fatima Zahra Bouzoubaa, appears in the company's shareholder records, indicating that the Bouzoubaa family remains significantly involved in TGCC.
As reported by billionaires.africa.
