Moroccan multimillionaire real estate tycoon Alami Lazraq is set to record a MAD34.8-million ($3.75 million) boost to his net worth at the end of 2021 thanks to a single-digit increase in the shares of Alliances Developpement Immobiliere (ADI).
ADI is an active operating member of Alliances Group, a Morocco-based holding with a broad array of investments in the country’s real estate industry.
As of press time, Dec. 22, shares in the Morocco-based property developer are trading at MAD39, 26-basis points lower than their opening price on the Casablanca bourse this morning.
Lazraq, who founded ADI in 1994, holds a 51.7-percent stake in the company, amounting to 11,410,669 ordinary shares, which is presently valued at more than $47 million.
Despite the $7-million slump in the market value of his stake between Sept. 9 and Oct. 21, the Moroccan businessman is on course to record a gain of MAD34.8 million ($3.75 million) from his stake in the leading property developer.
Since the year started, the $3.75-million value bump in his stake in ADI can be linked to a rise in its stock price, as investors maintained buying interest in the Casablanca-based property developer.
As a result of the sustained buying interest, the company’s shares have increased from a price of MAD35.95 ($3.875) at the start of the year to MAD39 ($4.203) as of the time of the drafting of this report. This translates to an 8.5-percent gain for shareholders since the start of the year.
Research conducted by Billionaires.Africa revealed that since the beginning of 2021, the market value of Lazraq’s 51.7-percent stake has risen from MAD410.2 million ($44.21 million) on Dec. 31, 2020, to MAD445.0 million ($48.96 million) as of the time of the drafting of this report.
This led to a gain of MAD34.8 million ($3.75 million) for the multimillionaire since the year began.