Moroccan real estate businessman Alami Lazraq has gained more than MAD162 million ($15 million) in the past 71 days from his stake in Alliances Developpement Immobiliere (ADI), as the value of his shareholding in the Casablanca-based property developer surged beyond $70 million.
The increase in the market value of his stake came after Alliances Group, ADI’s holding company, posted a double-digit increase in its consolidated revenue from MAD737 million ($68.36 million) to MAD826 million ($76.62 million) in the first half of 2022.
The news comes on the heels of an impressive performance in 2021 when the company’s profit rose by 11 percent from MAD1.27 billion ($134.1 million) in 2020 to MAD1.4 billion ($147.8 million), owing to a surge in demand for real estate goods over the year.
ADI is an active member of the Alliances Group, a holding company based in Casablanca with a diverse portfolio of African real estate assets. Lazraq, whose conglomerate Alliances Group was instrumental in the growth and expansion of the Moroccan property market, owns 51.7 percent of ADI.
As of press time on Sept. 14, shares in ADI were trading at MAD67.25 ($6.23) per share on the Casablanca bourse, 74 basis points lower than their opening price, as investors on the local bourse reduced their shareholdings after the stock price surged above key resistance levels.
Since July 5, nearly 71 days ago, the ADI share price has increased from MAD53 ($4.91) to MAD67.25 ($6.23) on Sept. 14, amounting to a total gain of 26.9 percent for shareholders, including Lazraq, which owns 51.7 percent of ADI, Alliances’ publicly traded subsidiary.
The market value of Lazraq’s 51.7-percent stake in ADI has risen by MAD162.6 million ($15.1 million) as a result of the double-digit price gains, from MAD604.76 million ($56 million) on July 5 to MAD767.4 million ($71.1 million) at the time of writing this report.
The recent increase in the market value of his shareholding solidifies his position as not only one of the richest investors on the Casablanca bourse but also one of Morocco’s wealthiest businessmen.