Saham Group is continuing its strategic retreat from Europe, as confirmed by the recent decision to dissolve Saham Group Europe SAS. This Paris-based entity, launched in 2020 with a focus on real estate, has now been placed into voluntary liquidation. Its headquarters, once located on the prestigious rue du Faubourg Saint-Honoré, are now shuttered, with the wind-down process being overseen from Casablanca by M’Hamed Elalamy.
The closure isn’t an isolated move but part of a broader reorientation for the group. In late 2024, Saham began shifting gears with a major foray into banking. On December 3rd, Saham Finances took a controlling 57.67% stake in Société Générale Marocaine de Banques and fully acquired La Marocaine Vie. The acquisition, which received approval from Morocco’s central bank, Bank Al-Maghrib, came with a price tag of €745 million—roughly 8 billion dirhams.
This marks a significant comeback in the financial sector for Saham’s founder, Moulay Hafid Elalamy, who had stepped away from insurance back in 2018 when Saham Assurance was sold to Sanlam. The recent developments signal a clear pivot. Rather than maintaining a scattered international footprint, the group is now focusing its efforts on high-potential sectors such as banking, education, agriculture, and real estate—primarily within Morocco and across Africa.
