In June 2014, Moroccan conglomerate, the Saham Group – with interests in insurance, offshoring, health services and real estate – took majority control of one of Rwanda’s largest insurance firms. This week President Kagame led a Rwandan delegation pushing for more of similar investments.
Saham Finances, a subsidiary of Saham Group acquired a 66% stake in Corar-AG, the third largest insurance provider. No details were provided at the time on the cost of the transaction.
On the last day of his two-day visit, President Kagame yesterday met with members of the Private sector community in Casablanca to discuss the multiple business opportunities Rwanda has to offer, said a statement from the Presidence. Moroccan investors from a variety of fields including banking, infrastructure, tourism and the pharmaceutical sector were keen to learn more about Rwanda’s business environment.
Serge Kamuhinda, Chief Operations Officer at Rwanda Development Board explained that those present expressed their eagerness to use Rwanda as a hub to enter the East African region.
President Kagame ended his two day trip to Morocco and was seen off by the Prime Minister, Mr. Abdel-Ilah Benkiran, the Wali of the Casablanca-Settat Region, the Governor of the Nouaceur Province, elected officials and civilian and military representatives of the Nouaceur Prefecture.
During the first day of his visit, President Kagame was decorated by His Majesty King Mohammed VI with the Grand Collar of Wissam Al-Mohammadi, Morocco’s highest national award of honour. In observance of the holy month of Ramadan, His Majesty King Mohammed VI also hosted the official “Iftar” in honour of President Paul Kagame.
The Saham Group was founded by Moroccan business tycoon Moulay Hafid Elalamy 20years ago after serving as the CEO of the African Insurance Company of Morocco.
The company now has operations in 19 African countries, according to Forbes. Early last year, the company acquired a controlling stake in Mercantile Insurance, a Kenyan insurance firm. In November, it acquired the second largest insurer in Angola, AG Angola Seguros.