Morocco’s billionaire Alaouite Royal Family has recorded a total value loss of MAD2.63 billion ($270 million) from their stake in Morocco’s largest financial services group, Attijariwafa Bank, as investors sell down stakes amid growing unrest and economic uncertainty caused by the Russia-Ukraine crisis.
As one of Morocco’s leading billionaire families, the Alaouite Royal Family owns a 45.3-percent stake in Attijariwafa Bank, a leading financial services group with a total asset value of MAD596.3 billion ($61.2 billion).
As of press time, Attijariwafa Bank shares were valued at MAD460 ($47.22) per share, giving the Royal Family’s 45.3-percent stake in the leading bank a MAD44.82-billion ($4.6-billion) valuation.
The multimillion-dollar loss in the market value of their stake can be attributed to investor portfolio rotation activities in the midst of global financial-economic uncertainty caused by the Russia-Ukraine crisis, as investors cycle funds into safe-haven asset classes.
Shares in the Moroccan lender have fallen from MAD487 ($50) at the start of 2022 to MAD460 ($47.2) at the time of writing this report, resulting in a total 5.64-percentage loss to shareholders in just 94 days.
The market value of the Royal Family’s stake has fallen from MAD47.45 billion ($4.87 billion) at the start of the year to MAD44.82 billion ($4.6 billion) as of the opening of the Casablanca bourse this morning, as a result of the single-digit share slump.
Since the start of the year, the billionaire family has lost a total of MAD2.63 billion ($270 million).
At the end of 2021, Attijariwafa Bank reported earnings of MAD5.14 billion ($527.4 million), a 71-percent increase over the previous period’s earnings of MAD3.02 billion ($309.9 million). This impressive financial result was driven by a 13-percent increase in gross earnings to MAD2.07 billion ($212.4 million).