Career banker, the new CEO of Holding Al Mada will have as her primary mission to steer the group’s investment policy towards strategic sectors of the future. Focus on the first woman at the helm of the Royal Holding.
January 16, 2026 marks a major turning point in the group’s history. Following the death of Hassan Ouriagli, an emblematic figure in the national economy, the board of directors of the Al Mada holding appointed Noufissa Kessar as President and CEO, with immediate effect. Al Mada, formerly the National Investment Company (SNI), is much more than a mere financial consortium. Acting as a strategic catalyst for national and African economic policies, it is present in key sectors such as banking, telecommunications, energy, mining, and distribution. Noufissa Kessar’s arrival should be seen as the culmination of a path of excellence, but also as a deeply calibrated strategic choice: ensuring institutional continuity, strengthening competitiveness, and adapting to contemporary challenges – from financing green technologies to expanding into emerging African markets. A trained polytechnician, a banker by profession, the former CEO of Attijariwafa Bank, finds herself at 59 years old, at the head of the country’s largest private investment fund. Financial Afrik zooms in on this new figure of Moroccan capitalism.
A path of excellence: from engineering to strategic finance
Noufissa Kessar’s profile illustrates a rare trajectory in the landscape of Moroccan economic elites. A graduate of the École Polytechnique Fédérale de Lausanne (EPFL), one of Europe’s most demanding engineering institutions, she began her career in Switzerland with the Nestlé group, where she became familiar with international governance and organizational standards. Back in Morocco in the 1990s, she joined BCM, which later became Attijariwafa Bank after a major merger. Quickly, she climbed the ranks: heading the large group division, creating and managing Attijari Finances Corp, the country’s first investment bank, and then setting up the structured finance department – a role that places her at the heart of complex financial arrangements and large-scale operations. This technical and strategic expertise has forged a reputation for rigorous professionalism, capable of articulating an analytical vision with market imperatives. She also contributed to the launch of the Private Banking activity, strengthening the sophistication of financial services in a context of globalization of Moroccan capital.
“When I learned of Ms. Nouffissa Kessar’s appointment as head of Al Mada, I saw it as a major event in itself! And precisely, as a female business leader and founding member of AFEM, I realize how much this position of leading the country’s largest and regional holding is simply a huge challenge. Of course, there have been other women in Morocco who have broken through this glass ceiling, but this time, the stakes and challenges are enormous. This appointment sends a strong signal to competent and motivated young women who dream of climbing the ranks to become a top executive one day,” says Afifa Ouazzani Boutaleb, AOB Group Founding Member of AFEM.
And she continues: “What is also pleasing is that we are witnessing a new Morocco that gives a chance to female leadership distinguished by this intuitive strength that complements competence. I will conclude my testimony with the message sent by our King, His Majesty Mohammed VI, during the Women in Africa Summit in September 2018: “No country, no society, no economy, and no company can meet the challenges of the hour or showcase all its potential if women are sidelined.”
A decade at the heart of Al Mada
In June 2014, Noufissa Kessar took a new step by joining SNI – which became Al Mada in 2018 – as an executive director. This was a strategic appointment: she accompanied it in its structural transformation, oriented towards a pan-African investment fund model focused on creating sustainable value. For more than ten years, she has evolved alongside Hassan Ouriagli, building cross-cutting expertise in all of the group’s businesses. Through her position, she also sits on the boards of key subsidiaries such as Managem (mining), Sopriam (automotive distribution), Optorg (industrial equipment distribution), and Royal Air Maroc, consolidating a fine understanding of sectoral issues and economic complementarities. “This long companionship with Ouriagli makes her succession almost natural in the eyes of analysts and business circles: she embodies the institutional memory of the group, guaranteeing strategic and operational continuity,” says one of our sources.
A woman at the head of a strategic giant
Noufissa Kessar’s appointment is rich in symbolic significance. In a sector dominated by often male hierarchies, her designation as the first female leader of Al Mada resonates as a powerful message – both within the company and in the broader socio-economic environment. But beyond the symbol, it is a strategy anchored in contemporary challenges that emerges. At a time when African markets are restructuring in the face of geo-economic changes, when investors demand more transparency, sustainability, and resilience, Al Mada must strengthen its fundamentals: financial discipline, sectoral innovation, and long-term value creation. Under Noufissa Kessar’s leadership, the group confirms its vocation to support the kingdom’s structuring projects while consolidating its pan-African footprint. Today, the major mission awaiting Noufissa Kessar is twofold: to preserve the strategic momentum initiated by her predecessor and to adapt the Al Mada model to new economic dynamics, especially in terms of energy transition, technology, and sustainable investment. Morocco, increasingly positioned as a regional economic hub, sees Al Mada as a key player in catalyzing structuring investments – from infrastructure to cutting-edge technologies – while contributing to a more inclusive growth. In a context where investment cycles are more volatile and socio-economic challenges more complex, Kessar’s methodological rigor, inherited from her engineering background, will be a valuable asset. “Under the leadership of Ms. Noufissa Kessar, Al Mada will consolidate the ongoing development, innovation, and its contribution to the economic and social progress of Morocco and internationally, in line with the values set by the group’s shareholders,” the group said in a statement released on January 16. It is worth noting that she is part of Women Corporate Directors, a global network of over 2,500 female directors that aims to be a meeting place for the most powerful and influential women in the business world. “Today we see great female figures taking the lead in the public sector, and when this happens in the private sector, we can only validate it. She has proven herself and she is from within the company,” says economist Adnane Benchekroune.
Investment strategy
Al Mada has decided to direct its investments towards strategic sectors that are structuring for the future African economy and the integration of South-South value. It does so through a fund dedicated to start-ups, through joint ventures with continental players, by positioning itself on companies capable of addressing the deep challenges of Africa, or by developing research on promising technologies. Al Mada is thus positioning itself in the electric battery sector, essential for global energy transition, by creating a joint venture with CNGR in Morocco, a global leader in the production of active materials for lithium-ion batteries. Al Mada contributes to the electrification of vehicles, the reduction of carbon emissions, and the valorization of local natural resources. These strategic investments respond to the growing demand for sustainable energy solutions, while positioning Africa as a key player in the global green technology market. Al Mada has also created TERALYS, a participation dedicated to the agro-industry. Investing in this sector not only strengthens food self-sufficiency but also stimulates regional industrial integration and creates sustainable jobs. Finally, Al Mada – through Nareva – is investing in green hydrogen, a promising technology for a clean energy future. Green hydrogen, produced from renewable energy sources, represents a key solution for decarbonizing heavy industries and transportation. By supporting the development of this sector, Al Mada is committed to promoting clean energy and reducing the continent’s carbon footprint. “Al Mada has a large capital base and a good network that allows it to move towards future sectors, and this is the role of a holding of its caliber,” says the economist. On his part, the former Chief of Research and Development at Masen, CEO of African Technical Advisors, Hichal Bouzekri declares: “Al Mada, through its subsidiary Nareva, has made green hydrogen a priority. I remind you that in the hydrogen tender, Nareva landed major projects.”
