Holmarcom

About the Founder

Abdelkader Bensalah was born into an Amazighi family in the town of Tafoughalt in northeast Morocco.^[7] Abdelkader married Latifa Bensalah, and together they had four children.^[8] The couple had their first daughter, Miriem, on November 14, 1962.^[9] She was followed by Kenza in 1967; Fatima-Zahra in 1969; and their only son, Mohamed-Hassan, in 1970.^[10]

Early on, Abdelkader became involved in Moroccan politics. In the late 1950s, he played a role in the founding of the Popular Movement and its associated labor union.^[11] He also served on the advisory team of Mbarek Bekkay Lahbil, first prime minister after Morocco’s independence.^[12] Both men hailed from the country’s eastern region and were committed to the nationalist cause.^[13]

Founding Story

The roots of Holmarcom trace back to Morocco’s early years of independence following its liberation from colonial rule in 1956. In 1962, King Hassan II granted Abdelkader 700 hectares of irrigated land that had previously belonged to foreign colonists.^[14] The following year, Abdelkader acquired Orbonor Textile, founded by French investors around 1940 as one of Morocco’s earliest modern textile factories. Abdelkader’s entry into the industrial domain reflected the broader movement of Moroccan entrepreneurs who began stepping into industries previously controlled by the French, in an effort to reclaim economic agency.^[15] In the early 1970s, Abdelkader seized the opportunities created by King Hassan II’s Moroccanization campaign, in which foreign-held businesses were transferred to local ownership. With a strong business record, and deep connections, he was among those Moroccan entrepreneurs best positioned to acquire strategic assets in key sectors.^[16]

Growth Phase

Focusing on the purchase of shares in previously French-owned companies, in 1971, he made his first major acquisition, gaining control of Les Eaux Minérales d’Oulmès, a spring water bottling company founded in 1933.^[17] Three years later, he acquired the insurance company Atlanta, originally established in 1947 with technical backing from the French insurer La Préservatrice.^[18] He also acquired the metal distribution and works company Comptoir Métallurgique du Maroc (CMM), initially founded in Lyon in 1913 by Descours & Cabaud, rebranding it Comptoir Métallurgique Marocain.^[19] Expanding his holdings in the insurance sector, he acquired additional companies such as Entente and Al Amane.^[20]

In 1978, having built a diversified portfolio across textiles, insurance, water, metals, and agriculture, Abdelkader Bensalah formally consolidated his business assets into a single holding company, founding Holmarcom Group in Casablanca, Morocco.^[21]

Throughout the 1980s and into the early 1990s, Holmarcom continued to grow, diversifying into emerging sectors in the Moroccan economy. Abdelkader Bensalah remained at the helm until he died in 1993.^[22] Leadership passed to his son, Mohamed-Hassan Bensalah, while his daughters Miriem, Kenza, and Fatima-Zahra joined the board of directors.^[23]

The second generation undertook a significant restructuring of the group with an eye toward international expansion, particularly in Africa.^[24] By the new millennium, Holmarcom had grown to encompass 35 subsidiaries.^[25] In 2009, the group entered the aviation sector with the launch of Air Arabia Maroc and expanded its footprint in logistics through Mass Céréales Al-Maghreb.^[26] Holmarcom’s real estate division also gained momentum, with prominent developments such as Cap Tingis and Manazil Développement.^[27]

In 2011, Holmarcom broadened its presence in the agro-industry, incorporating the Somathes and Huiles d’Olives de la Méditerranée firms into its portfolio.^[28] In a major internal consolidation at the turn of the decade, the group merged its two primary insurance subsidiaries under the name AtlantaSanad.^[29] Across 2023 and 2024, Holmarcom acquired Crédit du Maroc, further deepening the group’s involvement in finance. ^[30]

Today

Today, Holmarcom Group is a diversified conglomerate with operations in Morocco, where it remains headquartered, along with Senegal, Côte d’Ivoire, and Benin.^[31] It employs over 6,000 people and spans a broad range of industries from finance and agro-industry to real estate and logistics.^[32] The business remains under family control, with the second generation, led by Mohamed-Hassan Bensalah, actively managing the group.^[33]