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| Description: Net Worth: $1.5 BILLION Industry: Real Estate Country of Citizenship: Morocco Age: 57 Number of Jobs Created: 4,570 Sefrioui is the founder of Douja Promotion Groupe Addoha, a Moroccan property conglomerate. He holds a 56-percent stake in the company. Sefrioui dropped out of high school and teamed up with his father to develop skincare treatments for people in Morocco. The most popular was a clay formula that served as a body and hair wash. At age 31, Sefrioui moved from skincare to real estate. He bought residential properties on the cheap, refurbished them and resold those properties at a tidy profit. As his business blossomed, he caught the attention of King Hassan of Morocco who, in 1998, awarded him a contract to develop 20,000 units of low-cost homes for poor Moroccans. Sefrioui successfully executed the contract and subsequently won several other high-value contracts from the king. In 2005, King Mohammed IV awarded Sefrioui a $1-billion contract to build public housing units in Morocco. His project is currently used as a guide for real estate development in the United Arab Emirates. The successful delivery of the project earned the admiration of King Mohammed IV, guaranteeing future real estate projects will be tabled at his doorstep. Sefrioui owns 60 percent of his Casablanca-listed company. |
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