Moroccan businessman Alami Lazraq‘s net worth has increased by more than $42 million since the start of the year due to a rise in the market value of his stake in Alliances Developpement Immobiliere (ADI), a Casablanca-based property developer focused on diverse real estate investments in Morocco.
ADI, a publicly-traded company under Alliances Group, a holding company with a diverse portfolio of real estate assets, is 51.7-percent owned by Lazraq, who controls 11,410,669 ordinary shares in the property developer.
Lazraq is one of Morocco’s wealthiest businesspeople, with a fortune of more than $400 million according to Forbes.
As of press time on May 8, ADI shares were valued at MAD74 ($7.395) per share, 2.63-percent lower than its opening price on Friday, May 6, giving the Moroccan firm a capitalization of MAD1.63 billion ($162.8 million) on the Casablanca bourse.
Since the year began, shares in the leading property developer have increased from a price of MAD36.97 ($3.695) per share to MAD74 ($7.395) per share at the time of writing this report, representing a total 100.2-percent gain stake for shareholders since the beginning of 2022.
The market value of Lazraq’s stake in the Moroccan property developer has increased from MAD421.85 million ($42.16 million) on Jan. 1 to MAD844.4 million ($84.38 million) on May 8 as a result of the 100.2-percent increase in ADI shares.
This equates to a total gain of MAD422.54 million ($42.23 million) for the multimillionaire, who is one of Morocco’s wealthiest men.
The multimillion-dollar increase in ADI’s valuation since the beginning of the year can be attributed to investors’ reaction to what could be considered a resilient financial performance in 2021 after it reported an 11-percent increase in revenue from MAD1.27 billion ($134.1 million) in 2020 to MAD1.4 billion ($147.8 million).
The steady increase in Alliances’ revenue solidified its position as a key player in the Moroccan real estate market, alongside companies like Douja Promotion Groupe Addoha, Residences Dar Saada S.A., and Delta Holding S.A.