Moroccan real estate billionaire Alami Lazraq has seen his shareholding in Alliances Developpement Immobiliere (ADI) plummet by millions of dollars in the past 16 days due to sustained selling pressures on the Casablanca bourse.
According to data obtained by Billionaires.Africa, the market value of Lazraq’s 51.7-percent stake in ADI has dropped by MAD92.1 million ($8.36 million) in the last 16 days as investors reduced their stake in the Casablanca-based property developer following some significant gains in August and September.
Shares in the group fell from MAD67.07 ($6.09) on Oct. 3, 16 days ago, to MAD59 ($5.37) at the time of writing this report, resulting in a 12-percent loss for shareholders including Lazraq, a leading businessman and one of Morocco’s wealthiest businessmen.
The market value of Lazraq’s stake in ADI has fallen by MAD92.1 million ($8.36 million) as a result of the double-digit price drop, from MAD765.3 million ($69.5 million) on Oct. 3 to MAD673.23 million ($61.13 million) at the time of this report.
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.
The drop in the market value of his stake comes as the Casablanca-based property developer reported a double-digit increase in revenue in the first six months of 2022, which was accelerated by the receipt of new units on various projects.
According to the group’s activity indicator, revenue in the first half of 2022 rose by 12 percent to MAD826 million ($75 million), up from MAD737 million ($66.9 million) in the same period in 2021, driven by property sales in its home market, Morocco.
