Princesse El Materi Holdings
Corporate brand
UnclaimedA diversified Tunisian conglomerate associated with Sakher El Materi that operated across automotive, media, finance, shipping, real estate, agriculture and telecommunications.
Last updated August 26, 2026
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Overview
Princesse El Materi Holdings was a Tunisian conglomerate established by businessman Sakher El Materi, who was connected by marriage to President Zine El Abidine Ben Ali. During the final years of Ben Ali's rule, the group expanded rapidly across several sectors of the Tunisian economy. Its activities included automotive distribution, banking and Islamic finance, insurance, media and publishing, radio broadcasting, cruise-port services, real estate, agriculture and telecommunications. The group became associated with the economic power exercised by members of the presidential family and their allies under Tunisia's former political system. The group's earliest major transaction was the acquisition of Ennakl, the Tunisian importer of Volkswagen vehicles. After the acquisition, Ennakl underwent extensive modernization, including investment in facilities, marketing and the addition of further automotive brands. It subsequently handled Volkswagen, Audi, Porsche and Seat activities in Tunisia and was described as one of the leading vehicle importers in the country. The group also announced plans connected with Kia through City Car Kia Motors. Ennakl's reported public offering on both the Tunisian and Moroccan exchanges was presented as a landmark for Tunisian companies, although that listing concerned the automotive company rather than necessarily the holding company itself. Princesse El Materi Holdings also built a portfolio in transport and tourism through Goulette Shipping Cruises, which was linked to the expansion of the La Goulette cruise terminal near Tunis. Related activities included ship services and cruise-tour organization. In media, the group acquired a majority stake in Dar Assabah, a press, printing, publishing, distribution and advertising business associated with the Assabah and Le Temps titles. The holding group's stated rationale was to provide the publishing operation with capital and development capacity, though its ownership was also viewed in the context of the political influence of the Ben Ali family network. The group developed a cluster of businesses using the Zitouna name. Zitouna FM began broadcasting in 2007 as an Islamic private radio station with nationwide coverage. Banque Zitouna was authorized in 2009 and formally inaugurated in 2010 as an Islamic commercial bank offering Sharia-compliant financial services. A related insurance initiative, Zitouna Takaful, extended the same branding into insurance. The group later entered agriculture through a large olive-growing project intended to use new varieties and modern production methods. In November 2010, shortly before the fall of the Ben Ali government, the group announced an agreement with Qatar Telecom to acquire Orascom Telecom Holding's stake in Tunisiana. The transaction illustrated the group's ambition to become a major national conglomerate, but the political upheaval of January 2011 fundamentally changed the status of businesses linked to the presidential family. Princesse El Materi Holdings became closely associated with allegations of nepotism, preferential access and improper acquisition of businesses. Following Ben Ali's departure, assets connected to the family network were subject to state intervention and review. The subsequent corporate status and final disposition of every activity associated with the group are not established in the supplied material.
History
Princesse El Materi Holdings emerged during the late Ben Ali period as the business vehicle of Sakher El Materi, a Tunisian businessman related by marriage to President Zine El Abidine Ben Ali. Its growth reflected the ability of politically connected entrepreneurs to obtain positions in strategically important sectors. The company expanded from automotive distribution into a broad portfolio of businesses and became one of the country's better-known conglomerates before the 2011 revolution. The group's first major acquisition was Ennakl, the Tunisian importer of Volkswagen vehicles. Following the purchase, the company invested in modernization and marketing, improved its facilities and broadened its brand portfolio to include Audi, Porsche and Seat. Ennakl was subsequently described as a leading importer of passenger and commercial vehicles in Tunisia and was associated with a dual listing on the Tunisian and Moroccan stock exchanges. The group also announced a Kia-related venture through City Car Kia Motors. A second major area was maritime tourism. Through Goulette Shipping Cruises and related companies, the group participated in the development and operation of cruise infrastructure at La Goulette, the port serving Tunis. The related businesses included cruise-ship servicing and tour organization. The expansion of the passenger terminal was presented as an investment in Tunisia's tourism economy. Media became another important holding. The group acquired a 70 percent interest in Dar Assabah, a company involved in newspapers, publishing, printing, distribution and advertising. The transaction brought the Assabah and Le Temps publishing activities into the group's orbit. Public statements framed the acquisition as a way to strengthen Tunisia's pluralistic media sector, but the ownership was also controversial because of the group's ties to the presidential family. The group created a financial and media cluster under the Zitouna brand. Zitouna FM began broadcasting in September 2007 as a private Islamic radio station. In 2009, the group received authorization to form Banque Zitouna, an Islamic bank intended to serve individuals, businesses and investors. The bank was inaugurated in May 2010. A related insurance business, Zitouna Takaful, extended the group's interest in Sharia-compliant financial products. Agriculture was added through a project involving approximately 1,200 hectares planted with olive trees. The initiative was intended to introduce olive varieties not previously cultivated in Tunisia and to use modern technologies in cultivation and processing. In November 2010, the group announced an agreement involving Qatar Telecom and Orascom Telecom Holding's stake in Tunisiana, signaling an intended move into telecommunications and a further enlargement of its national footprint. The January 2011 Tunisian revolution ended the political environment in which the group had flourished. Because Sakher El Materi was part of the Ben Ali family network, the group's expansion became a subject of allegations concerning nepotism, privileged access and illegitimate or improperly obtained businesses. Companies and assets associated with the former ruling family were subsequently subjected to government control, investigation or restructuring. The supplied reference does not establish a complete final corporate history for Princesse El Materi Holdings after that transition, so its present legal and operating status remains unclear.
- 2011
Post-revolution scrutiny
[1]The fall of the Ben Ali government led to scrutiny and state action involving companies associated with the former presidential family network.
- 2010
Banque Zitouna opens
[1]Banque Zitouna was officially inaugurated as the group's principal banking initiative.
- 2010
Telecommunications expansion is announced
[1]The group announced an agreement with Qatar Telecom concerning Orascom Telecom Holding's 50 percent stake in Tunisiana.
- 2009
Banque Zitouna is authorized
[1]Tunisian monetary authorities approved the creation of Banque Zitouna, an Islamic commercial bank.
- 2007
Ennakl becomes the group's automotive foundation
[1]The group acquired Ennakl, the Tunisian Volkswagen importer, and began a modernization and expansion program that added further automotive brands.
- 2007
Zitouna FM launches
[1]The group launched Zitouna FM as a nationwide Islamic private radio station.
Products and positioning
A politically connected, diversified Tunisian investment group that presented itself as a modern national conglomerate spanning consumer, financial, media, tourism and infrastructure businesses.
Automotive distribution
Ennakl
Ennakl was the group's principal automotive business and the Tunisian importer of Volkswagen vehicles. After its acquisition, the company was modernized and expanded its commercial activities. Its brand portfolio was associated with Volkswagen, Audi, Porsche and Seat, and the business was positioned as a major source of passenger and commercial vehicles for the Tunisian market.
Automotive distribution
City Car Kia Motors
City Car Kia Motors was established in connection with the group's announced intention to import the Korean Kia brand into Tunisia. The supplied material identifies the venture but does not establish its later ownership, operating scale or current status.
Cruise and port services
Goulette Shipping Cruises
Goulette Shipping Cruises participated in cruise-related infrastructure and services at La Goulette, the port serving Tunis. Associated activities included maintaining cruise ships and arranging tours for cruise passengers through linked operating companies.
Publishing and media
Dar Assabah
Dar Assabah was a Tunisian press, printing, publishing, distribution and advertising company in which the group acquired a majority interest. Its activities were connected with the Assabah and Le Temps publishing operations and formed the core of the group's print-media portfolio.
Radio broadcasting · 2007
Zitouna FM
Zitouna FM was launched in 2007 as a private Islamic radio station broadcasting around the clock with nationwide reach. Its programming emphasized religious education and discussion of the Quran and Islamic values.
Islamic banking · 2010
Banque Zitouna
Banque Zitouna was created as an Islamic commercial bank offering financial products intended to comply with Sharia principles. The bank was designed to serve individual customers, Tunisian and international businesses, and investors, and was formally inaugurated in 2010.
Insurance
Zitouna Takaful
Zitouna Takaful was the group's insurance initiative using the same Islamic-finance-oriented branding as Banque Zitouna. The supplied material identifies the business but does not provide sufficient information about its products or subsequent corporate history.
Agriculture
Olive-growing project
The group entered agriculture through a large olive-planting project intended to cover about 1,200 hectares. It was presented as an effort to introduce new olive varieties in Tunisia and apply modern technology throughout cultivation and production.
Controversies
2011
Allegations of nepotism and improper acquisitions
The group was criticized for its connection to Sakher El Materi and the Ben Ali family network. Reference material describes its expansion as involving nepotism and improper or illegitimate acquisition of businesses. After the 2011 political transition, associated assets became subject to state scrutiny and intervention.
Marketing campaigns
- 2007Ennakl modernization and automotive marketing program
Tunisia
Following its acquisition of Ennakl, the group undertook an aggressive modernization and marketing program to improve the dealership and broaden its automotive brand offering.
Outcome. The business was described as becoming a leading importer of vehicles in Tunisia and a major Volkswagen importer in Africa.
- 2007Zitouna FM launch
Tunisia
The group introduced a nationwide Islamic radio station under the Zitouna name, combining religious programming with a new media presence.
Outcome. The station operated as a 24-hour broadcaster with nationwide coverage; its later status is not established in the supplied material.
Brand decisions
2010
Pursue a stake in TunisianaM&ABackground
The group's expansion plan reached telecommunications as it sought a position in one of Tunisia's major mobile operators.
Action taken
Princesse El Materi Holdings announced an agreement with Qatar Telecom involving Orascom Telecom Holding's stake in Tunisiana.
Aftermath
The announcement preceded the 2011 political upheaval, and the supplied material does not establish whether the transaction was completed or retained by the group.
2009
Create Banque ZitounaProduct launchBackground
The group identified Islamic finance as a way to extend its Zitouna brand into banking and serve customers seeking Sharia-compliant financial products.
Action taken
It obtained regulatory approval for Banque Zitouna, which was subsequently inaugurated in 2010.
Aftermath
The bank became a central element of the group's financial-services ambitions, although its later ownership and status are not established here.
2007
Diversify from automotive distributionStrategyBackground
After building its position through Ennakl, the group sought to become a diversified national conglomerate rather than remain an automotive-focused company.
Action taken
It expanded into cruise services, publishing, radio, banking, insurance, agriculture and later telecommunications.
Aftermath
The strategy produced a broad portfolio but also increased the group's exposure to political scrutiny because many assets were associated with the former ruling-family network.
Sources1 sources
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