The market value of Morocco’s billionaire Alaouite Royal Family’s interest in the country’s leading financial services firm has dropped by $592 million since the start of the year due to a double-digit drop in Attijariwafa Bank’s share price on the Casablanca Bourse.
As of press time on July 29, shares in the financial services firm were valued MAD434 ($42.12) per share, 1.81-percent higher than their opening price on the local exchange this morning, as local investors continue to cherry-pick shares in the firm.
At the current price, the firm’s market capitalization is around MAD87.6 billion ($8.5 billion), while the Moroccan Royal Family’s 46.5-percent share in the group is worth MAD43.46 billion ($4.21 billion).
Members of Morocco’s Alaouite Royal Family own the 46.5-percent stake in the top financial services group through Societe Nationale d’Investissement (Al Mada), a private equity firm that makes active investments in structurally significant sectors of Africa’s economy and society.
Attijariwafa Bank’s shares on the local bourse have dropped 12.3 percent since the beginning of the year, from MAD494.94 ($48.03) on January 1 to MAD434 ($42.12) at the time of writing.
The group’s shares fell by double digits as a wave of stock sell-offs swept the Casablanca bourse, prompted by an exodus of foreign investors from developing markets and the recent decline in the value of the Moroccan dirham versus the U.S. dollar.
The market value of the family’s 46.5-percent interest in Attijariwafa Bank has declined by MAD6.1 billion ($592.2 million) as a result of the decline in the bank’s share price, from MAD49.56 billion ($4.81 billion) at the start of the year to MAD43.46 billion ($4.22 billion) at the time of writing.
Despite the recent decrease in the market value of their joint ownership in the firm, the Alaouite Royal Family remains Morocco’s wealthiest family.