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Moroccan real estate tycoon and Alliances Group Founder Alami Lazraq has witnessed a remarkable increase in his stake in Alliances Developpement Immobiliere (ADI) thanks to the sustained surge in the company’s share price on the Casablanca bourse.
According to data tracked by Billionaires.Africa, Lazraq, an influential figure in the North African real estate sector, has seen the market value of his stake in ADI surge by MAD324.18 million ($31.6 million) in the past 36 days.
ADI is an active member of the Alliances Group, a Casablanca-based holding company with a diverse portfolio of African real estate assets. The leading group has grown to become a key player in the North African real estate market.
Lazraq, a Moroccan real estate mogul who founded Alliances Group in 1994, owns 51.7 percent of the group’s publicly traded subsidiary, ADI.
Since Aug. 24, ADI shares have experienced a remarkable surge, rising from MAD86.49 ($8.426) per share on Aug. 24 to MAD114.90 ($11.194) per share at the time of writing this report. This represents a gain of 32.85 percent for the company’s shareholders, including Lazraq, who ranks among the country’s wealthiest individuals.
As a result of the recent surge in ADI shares, which has propelled its market capitalization on the Casablanca bourse past the $240-million mark, the market value of Lazraq’s stake in the company has increased from MAD986.91 million ($96.15 million) on Aug. 24 to MAD1.31 billion ($127.73 million) at the time of writing this report.
The surge amounts to a total gain of MAD324.18 million ($31.6 million) for the Moroccan multimillionaire businessman. The recent increase in the market value of his stake in ADI solidifies his position not only as one of the richest investors on the Casablanca bourse but as one of Morocco’s wealthiest individuals.
