The market value of Morocco’s billionaire Alaouite Royal Family’s interest in Attijariwafa Bank has increased by more than $240 million in the past 11 days, as value investors mop up stakes in the country’s leading financial services firm.
According to data tracked by Billionaires.Africa the market value of the Alaouite Royal Family’s stake in Attijariwafa Bank has increased by MAD2.48 billion ($242 million) in just 11 days amid renewed buying interest that has boosted the bank’s share price above key technical levels on the Casablanca bourse.
Attijariwafa Bank, Morocco’s largest bank and the fifth-largest bank in Africa, according to Stata, is a Moroccan multinational commercial bank and financial services company based in Rabat. With over a century of experience and 20,125 employees in 25 countries, it supports 10 million retail, professional, corporate, and institutional clients.
Members of Morocco’s Alaouite Royal Family own a 46.5-percent stake in the 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.
Since Oct. 4, exactly 11 days ago, shares in the group on the Casablanca Stock Exchange have increased by 5.55 percent, climbing from MAD447.20 ($43.571) on October 4 to MAD472 ($45.988) at the time of writing, thus leading to gains amounting to millions of dollars for its shareholders, including the affluent royal family.
As a result of the single-digit percent increase in the group’s share price, the market value of the stake held by the affluent royal family has increased by MAD 2.48 billion ($241.95 million) from MAD44.78 billion ($4.36 billion) on October 4 to MAD47.26 billion ($4.60 billion) at the time of writing.
This recent surge is a further testament to the Alaouite Royal Family of Morocco’s status, bringing their year-to-date gain to more than $800 million. This cements their position as the wealthiest investors on the Casablanca bourse and the ninth-richest royal family globally.
Through Al Mada, his royal family office, King Mohammed VI of Morocco lays claim to the largest fortune by any Moroccan on the Casablanca Stock Exchange, along with other assets in public-quoted companies, including an 81.4-percent stake in mining company Managem, which is currently worth more than $1.6 billion, and an indirect 39.6-percent shareholding in Wafa Assurance, which is worth over $442.4 million.
