Morocco’s Saham Group is preparing to increase its shareholding in Teleperformance, the Paris-based global leader in customer experience services, in a move that reinforces the group’s ambition to build a significant presence in the upper tier of the international business services industry.
The planned capital increase follows a trajectory set in motion by the November 2023 merger between Majorel — in which Saham held a major stake — and Teleperformance, which elevated the Moroccan conglomerate to the status of a reference shareholder in one of the world’s most prominent outsourcing companies. The transaction remains subject to applicable regulatory procedures.
The scale of the asset at play is considerable. Teleperformance employs over 500,000 people across nearly 100 countries and generated revenues of €10.2 billion in 2025, alongside a net profit of €781 million. For Saham, increasing its exposure to such a global platform represents a strategic consolidation of its position in a services economy being rapidly reshaped by artificial intelligence and technological transformation.
The move also reflects the trajectory of Saham’s chairman, Moulay Hafid Elalamy, since his departure from government in 2021. Since then, he has spearheaded a series of decisive economic moves, including the acquisition of Société Générale’s Moroccan banking operations to create Saham Bank. Since August 2024, he has served as chairman of Teleperformance’s board of directors — the first Moroccan to lead a CAC 40 company — and that same year became the first Moroccan elected to the executive board of the International Chamber of Commerce.
Observers close to the group stress that Saham’s international expansion does not imply a shift in its center of gravity. Strategic decisions continue to be made from Morocco, with the group’s identity firmly rooted in its domestic base even as it pursues access to the world’s most influential business platforms. It is, in the words of those familiar with its strategy, a way of expanding the perimeter without moving the center.
The Saham story is increasingly emblematic of a broader evolution among major Moroccan corporations, whose international ambitions now extend well beyond Africa into global financial markets and governance structures of world-class enterprises.
