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Moroccan real estate tycoon Alami Lazraq has joined the league of African businessmen who have recorded impressive gains in their equity holdings this year.
Lazraq’s stake in the Casablanca-based property developer, Alliances Developpement Immobilier SA (ADI), has seen a surge in market value, increasing by millions of dollars.
According to data tracked by Billionaires.Africa, Lazraq, a leading figure in the African real estate sector, has seen the market value of his stake in ADI rise by MAD399.5 million ($40.7 million) since the start of the year.
This significant increase can be attributed to the recent surge in the company’s share price on the Casablanca bourse.
ADI is an active member of Alliances Group, a Moroccan holding company with an extensive portfolio of real estate assets across the nation. Lazraq, who controls 51.7 percent of the business, owns 11,410,669 ordinary shares valued at more than $100 million.
Since the start of the year, ADI shares have experienced a remarkable climb, surging from MAD52 ($5.3) per share on Jan. 1 to MAD87 ($8.87) per share at present. This represents a year-to-date gain of over 67 percent for the company’s shareholders, including Lazraq, who ranks among the country’s wealthiest individuals.
As a result of the recent upturn in ADI’s shares, which has propelled its market capitalization on the Casablanca bourse past the $190-million mark, the market value of Lazraq’s stake in the company has increased from MAD593.5 million ($60.53 million) at the start of the year to MAD993.1 million ($101.27 million) at present.
The increase amounts to a total gain of MAD399.5 million ($40.7 million) for the multimillionaire businessman since the start of the year.
The year-to-date surge in the market value of his shareholding solidifies his position not only as one of the richest investors on the Casablanca bourse but as one of Morocco’s wealthiest businessmen.
