Algeria, the largest country in North Africa, boasts abundant natural resources and plays a vital role in the global energy market as a major exporter of hydrocarbons.
With a population of over 44 million, the nation’s economy has been fueled by its thriving energy sector.
However, as Algeria seeks to diversify its economy and address challenges such as youth unemployment and attracting foreign investments, the spotlight falls on business magnate Issad Rebrab, the visionary entrepreneur behind Algeria’s largest privately-held company, Cevital.
Isaad Rebrab’s background
Algeria’s richest man, Issad Rebrab is one of Africa’s wealthiest men with a net worth of $4.6 billion as of the time of reportage.
His net worth is a product of his conglomerate company, Cevital-one of the world’s largest sugar refineries. Rebrab shares this common business model with Nigeria’s richest man, Aliko Dangote who also owns one of Sub Haran Africa’s largest sugar refinery.
Born in 1944 in Algeria, Issad Rebrab’s rise from humble beginnings to becoming Algeria’s wealthiest man is a testament to his unwavering dedication and entrepreneurial acumen.
With a deep-rooted passion for business, Rebrab founded Cevital in 1998, a conglomerate that has since emerged as a powerhouse in the Algerian industrial landscape.
A Sugar Refinery Mogul:
At the heart of Rebrab’s business empire lies one of the world’s largest sugar refineries, owned by Cevital. The Cevital sugar refinery, located in Bejaia, Algeria, has become a cornerstone of the nation’s economic landscape.
With an impressive annual production capacity of 2 million tons, the refinery stands as a beacon of self-sufficiency for Algeria’s sugar industry.
Similar to Nigeria’s Aliko Dangote, who also owns a major sugar refinery in Sub-Saharan Africa, Rebrab’s vision and strategic investments have transformed Algeria’s sugar sector, significantly reducing the nation’s dependence on imports and creating thousands of job opportunities.
Issad Rebrab’s career commenced in 1971 when one of his clients presented an enticing proposal – an opportunity to invest in a metallurgical construction company, Sotecom.
Recognizing the potential for growth, Rebrab seized the chance and acquired 20% of the company’s shares. Buoyed by this initial success, he went on to create Profilor in 1975 and Metal Sider in 1988, firmly establishing his presence in the steel industry.
However, in 1995, a tragic event struck a blow to Rebrab’s ventures when his primary installations fell victim to a terrorist attack.
Understanding the risks associated with continuing his business operations in Algeria, he made the difficult decision to leave the country.
Nevertheless, Rebrab’s indomitable spirit drove him back to Algeria in 1998 with an audacious plan to build Cevital, a conglomerate specializing in agricultural business.
Over time, Cevital emerged as the largest private Algerian company, reaching unparalleled heights in the nation’s business landscape.
In 2016, Rebrab made a noteworthy foray into the media sector by acquiring the El Khabar media group for $45 million.
This marked his second media investment, having previously owned the French-Algerian daily paper Liberte. However, in April 2022, Rebrab also closed the paper.
Isaad Rebrab’s legal issues
Rebrab’s journey, though filled with achievements, also encountered legal challenges.
On April 22, 2019, he was incarcerated at the prison of El Harrach following his arrest as part of a corruption probe.
After a period in custody that exceeded his eventual sentence, Rebrab was released on January 1, 2020, having been sentenced to six months for tax, banking, and customs offences.
Over the course of more than five decades, Issad Rebrab’s venture into the business world has been characterized by resilience, innovation, and continuous growth. In July 2022, he appointed his son, Malik, as CEO, ensuring the legacy of his business prowess lives on.
Meanwhile, it is important to note that, as of May 27, 2023, a court decision has restricted Issad Rebrad from engaging in any further commercial activities.
