Biographies

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The Man Called Issad Rebrab

December 20, 2023

Issad Rebrab, an Algerian billionaire businessman, is best known for running Cevital, the largest conglomerate in Algeria.

He’s considered one of the first persons to venture into the entrepreneurial scene in his country. And is known to have trodden a similar path when he resolved to brave the storm and seize an opportunity that most people wouldn’t even want to touch with a twenty-foot pole.

Today, he is mentioned in the same breath as some of Africa’s wealthiest businessmen. But it may have easily been an entirely different story had he not possessed the drive and determination to change the course of his life.

Isaad Rebrab Biography

Issad Rebrab’s story starts with humble beginnings and modest backgrounds in Taguemount-Azouz in Kabylia, Northern Algeria. He was born into a family that was nowhere near comfortable or well-to-do on May 27, 1944.

Issad Rebrab

His family had barely enough, but perhaps it was just about enough. In any case, Issad did manage to get through school on the backs of some shrewd and, at times, painstaking financial management on the part of his folks.

And you could be forgiven to think you may have figured out where he gets it from after he eventually bagged a degree in Business Management and Accountancy from a professional teacher’s college in Algeria.

But that was not to spell the end of his academic sojourn as the prodigious scholar was soon awarded another degree from the Algerian Institute of Management and Planning.

Issad had a pedagogical air about him in his early twenties and this saw him take up a number of teaching roles.

Passionate to share the knowledge he had acquired over the course of his studies, he could be seen teaching courses in accounting and business law in several institutions.

But given that he was always one with a thirst for new challenges, he was soon going to seek more.

And more was what he sought when he opted to call time on his academic career to explore the ever-flickering embers in his entrepreneurial mind.

Apparently, all those years he had spent teaching business-related courses had worked him into a mindset for entrepreneurship and given him an eye for business. And so he ventured.

Issad Rebrab entrepreneurial journey began

Not long after he quit his teaching job, Issad Rebrab made his debut in business when he established his own public accounting firm in 1968.

However, he didn’t enjoy much success as an accountant and he again found himself seeking a new flame barely two years later. Things actually got pretty interesting for Issad from that point onwards as his life was about to change in more ways than one.

Much of his success can be attributed to the calculated risk he opted to take when he got a whiff of an idea from one of his patrons during one of his consultations.

Taking a cue from the advice of this patron of his, he took to stocking up on the shares of a metallurgical company, and this was made possible by the funds he had saved up during his academic career and the little he made during his short-lived accounting practice.

That was in the summer of 1971. It was a risky move on his part because there was just as good a chance of the whole thing proving a fiasco as there was any hope of reaping dividends.

But it would appear Issad sees eye to eye with the ‘go-big-or-go-home’ community when he bought up to 20 percent shares in a steel company called Sotecom.

Through some effective stewardship, Issad was able to steer the embattled company to calm waters and it wasn’t long before he oversaw the acquisition of two more steel companies.

Prifilor joined the Sotecom fold in 1975 and Metal Sider was snapped up in 1988. And just like that, the one-time teacher and accountant had become something of a one-man behemoth in the Algerian metallurgical space.

Lost everything to terrorism

But just when it appeared he had steadied the ship and things were beginning to get a semblance of stability, the cruise ship did a Titanic! Things took a turn for the worse when tragedy struck in 1995.

The Man Called Isaad Rehrab — The Man Called Isaad Rebrab

Three of his largest and most profitable enterprises were reduced to debris and rubble by terrorist attacks. He is said to have suffered losses in assets amounting to around 1.1 billion dinars.

In the aftermath of the ravaging attacks which also threatened his life and that of his family and friends. The best option available to him was to flee the country with his family, count his losses, and fight another day. And that’s precisely what he did.

Dealt a telling blow by the setbacks, he couldn’t help hitting rock bottom. But he didn’t stay there. Well, you know what they say; the only other place to go after you have been struck down is up. Knowing he had once clawed his way to the top, he held strong convictions that he could pull it off once again. And when the opportunity presented itself, he was ready.

Back home

Issad Rebrab returned to his home country, Algeria, soon after its independence, ready to build again. His efforts soon paid off and in 1998 he bounced back with a company called Cevital. It was through this new enterprise that the Algerian businessman was able to spread his tentacles and diversify his holdings.

Through hard work and some smart decision-making which saw him negotiate many pitfalls. Issad went about building a conglomerate that would dominate Algerian markets and beyond. While bringing about the creation of employment opportunities and the growth of the nation’s economy.

With holdings in agribusiness, steel production, and technology, as well as 26 subsidiaries under four principal sectors. Cevital Group still holds its own today as one of the first and largest conglomerates in Algeria.

The company owns one of the largest sugar refineries in the world. A feat that also sees it dominate over 60 percent of Algeria’s sugar market share. As much as 1.5 million tons of sugar is believed to be produced by the sugar refinery on a yearly basis. Cevital Group is also known to have interests in margarine and vegetable oil processing.

Issad Rebrab is also regarded as an advocate for the diversification of the Algerian economy as he has been at the forefront of moves to break the oil dependence and poverty.

By contributing significantly to the development of renewable energy sources in Algeria and some of these contributions have involved collaborations with such companies as MAN Solar Millennium, Siemens, Abengoa Solar, HSH Nordbank, and Munich Re.

His failed media business

He’s also known to have taken up a role in a project dubbed “Cap 2015”. A twenty-billion-dollar project that was flagged off in Cap Djenet, Boumerdes, and is expected to target various such industrial aspects as seawater desalination, automobile production, and power generation.

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.

This Algerian billionaire businessman has been vocal about moving his country away from its socialist, oil-centered economy. He is known to have relentlessly championed the movement to make Algeria attractive for private investments and supportive of entrepreneurship.

Cevital Group

Today, Cevital is one of the largest Algerian exporters, also providing liquid sugar for the Algerian drinks industry. In 2012, Cevital Agro provided 450,000 tons of oil for domestic consumption.

Some part of Cevital’s production is kept for domestic use, while the excess is exported to different parts of the world, including West Africa, Europe, and the Middle East.

In addition to being the head of the Cevital Empire, his industrial activities also extend to petrochemistry, naval, automobile construction, and steel industry.

Rebrab also has plans to build a town, which will accommodate more than 250,000 people. He has a subsidiary called Samha, through which he becomes a sole agent for Samsung Electronics in Algeria.

Cevicar, also his subsidiary, is the sole agent of Europcar, a car rental company. Other than these, he serves as an investor in many businesses in the country.

Issad stepped down as the CEO of Cevital having served for 50 years and named his son, Malik, CEO in July 2022.

Isaad Rebrab Net Worth

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 refineries.

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.

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.

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 offenses.

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.

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