Moroccan real estate tycoon and Alliances Group Founder Alami Lazraq has witnessed a substantial decrease in the market value of his stake in Alliances Developpement Immobiliere (ADI) following a recent decline in the company’s share price on the Casablanca bourse.
Data tracked by Billionaires.Africa reveals that Lazraq, an influential figure in the North African real estate sector, has seen the market value of his stake in ADI slump by MAD124.38 million ($12.1 million) in the past 19 days.
This decline comes on the heels of a substantial gain of $31.6 million between Aug. 24 and Sept. 29. During this period, the market value of his stake in ADI surged from MAD986.91 million ($96.15 million) on August 24 to MAD1.31 billion ($127.73 million) on Sept. 29.
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 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 Sept. 29, the company’s share price has declined by more than nine percent, sliding from MAD114.90 ($11.176) on Sept. 29 to MAD104 ($10.116) at the time of drafting this report, resulting in millions of dollars in losses for the company’s shareholders, including Alami Lazraq.
In recent times, the market value of Lazraq’s stake in the company has decreased by MAD124.38 million ($12.1 million), falling from MAD1.31 billion ($127.52 million) on Sept. 29 to MAD1.18 billion ($115.42 million) at the time of writing this report.
Despite the recent drop in the market value of his stake in ADI, Lazraq remains one of the Casablanca bourse’s richest investors and one of Morocco’s wealthiest businessmen.
