SAAD BENDIDI CEO of the ONA Group

aad Bendidi is the CEO of the ONA Group, Morocco’s top private conglomerate. Founded 90 years ago, ONA is a long-term player with an open, flexible attitude. Today, it has expanded from its traditional core in mining and manufacturing into banking, distribution, energy, environment and telecommunications. Comfortable with IT, the holding became the principal shareholder of Morocco’s third main telecom operator Wana in 2005. The group also has growing aspirations in real estate and tourist infrastructure. Together with United Arab Emirates-based Emaar, it will soon develop 530 hectares of land south of Rabat.

Morocco has been called a new land of opportunity. Where is the economic potential?

In its people, resources, tolerance and entrepreneurial freedom. It explains why we signed so many trade agreements, specifically the free trade agreements (FTAs) with the European Union and the United States. Our growth of 8.1 percent in 2006 is more than positive. GDP is being sustained by large-scale public investment and by consumer-led growth. Moroccans now look at the future with confidence. Yes, Morocco is more than ever a land of opportunity.

What remains on the country’s to-do list?

Morocco invested a lot in irrigation projects this last half-century, an investment that is paying off today. Our efforts in the primary sector are thus yielding results. Also, we’ve improved on labor quality and we adhere to international standards. But much remains to be done. It’s necessary to educate our youth, eliminate illiteracy and give people access to drinking water, electricity and healthcare. In short, we should strive to give Moroccans a decent life. I’d also like to say that it’s necessary for democracy to continue apace through institutions and the media. My personal wish is that Morocco be an example of openness and modernity in the Arab world.

As the nation’s top conglomerate, what is your competitive strategy?

The ONA Group will soon be celebrating its 90th anniversary and mining lies at its core. After independence, our company took up trade and manufacturing. But the majority of those activities were discarded. Since the 1980s, our group has adopted a conglomerate structure investing across many industries. Today, we are increasingly looking for opportunities in the north, west and center of Africa, as well as in the Mediterranean. For us, Morocco is a regional platform and gateway to the region.

What industries does the ONA Group target?

ONA is active in six industries. Our traditional sectors are mining and food-processing. But our most dynamic sectors are finance and distribution. In banking, the establishment of Attijariwafa Bank came about as a result of a merger of two Moroccan banks. As a leader in Northern Africa, it is a model of development and we aim to double its financial results by 2010. In distribution, there is huge potential because only 8 percent of purchases in Morocco are made at supermarkets. In this sector, we want to double turnover in the next two years and bring operating margins from 7 percent to 10 percent. Our last two sectors are more recent: telecoms and energy/environment. Our telecom operator is called Wana. Nareva is our flagship company in energy and environment. Last but not least, we have a growing interest in real estate. With UAE-based Emaar, we are working on a project of 530 hectares south of Rabat.

What competitive advantages does Morocco have for U.S. investors?

We have a stable currency, sound macroeconomics and long-term policies. In addition, we have solid FTAs with our Mediterranean neighbors. The Moroccan market may appear small in the eyes of an American. But we just need to show U.S. investors that beyond our borders, we serve as a gateway to the Maghreb (northwest Africa) and the rest of the continent. Still, one can count the number of US companies investing directly in Morocco on the fingers of one hand. It should not be difficult to improve.