Moroccan billionaire Miloud Chaabi has reportedly resigned from the Kingdom’s House of Representatives.
According to a report by Morocco World News, Chaabi, an 85 year-old businessman with a fortune FORBES estimates at $1.3 billion, decided to resign from the House of Representatives due to his failing health.
The executive office of the House of Representatives approved his resignation, believing it is difficult for him to continue with his legislative work.
Miloud Chaabi is the founder of Ynna Holding, a company that develops real estate, operates hotels and supermarkets, and is the majority owner of SNEP, a chemical manufacturer in Morocco. Chaabi has been active in politics since 2002 when he won the election to become a member of the Moroccan House of Representatives. In 2007, he became the representative of Al-Suwaira in parliament.
Chaabi might have resigned, but his name will linger in Moroccan politics. His daughter, Asma Chaabi, is the mayor of Essaouira, a city in the western region of Marrakech-Tensift-Al Haouz.
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