(Ecofin Agency) - Moroccan business mogul Anas Sefrioui just created a company specialized in industry, trade, construction car assembling.

According to daily L’Economiste which reported the news on Sept 16, 2016, the firm will have as initial capital $1.029 million (10 million dirham).

Named Afri Motors S.A, the new company will be headed by Sefrioui himself, as director general, and his son Malik. Afri Motors SA statutes were submitted on Sept 7 at the – of the Casablanca trade court. greffe

Throughout the process, Anas Sefrioui was advised by Hdid & Associés.

Heading real-estate promotion group Addoha, Sefrioui was ranked 33rd in Africa’s top 50 wealthiest list of US magazine Forbes released in December 2015, with an estimated wealth of $650 million.