The market value of Morocco’s billionaire Alaouite royal family’s interest in the country’s leading financial services firm, Attijariwafa Bank, has declined by $119 million, driven by a recent downturn in the bank’s shares on the Casablanca Bourse.
According to data tracked by Billionaires.Africa, the market value of the Alaouite royal family’s stake in Attijariwafa Bank has declined by MAD1.2 billion ($119.02 million) over the past 16 days as local investors continue to shed stakes in the bank on the Casablanca bourse.
This recent loss follows a gain of $242 million between Oct. 4 and Oct. 16, when the market value of their joint stake in Attijariwafa Bank surged from MAD44.78 billion ($4.36 billion) to MAD47.26 billion ($4.60 billion).
Attijariwafa Bank shares take a hit, market cap dips below $10 billion
Attijariwafa Bank, Morocco’s largest bank and the fifth-largest bank in Africa, operates as a multinational commercial bank and financial services company. With over a century of experience and 20,125 employees in 25 countries, the Rabat-based lender supports 10 million retail, professional, corporate, and institutional clients.
Since Nov. 20, the bank’s shares on the Casablanca Bourse have decreased by 2.55 percent, from MAD470 ($46.549) on Nov. 20 to MAD458 ($45.361) at the time of drafting this report—causing the bank’s market cap to dip below $10 billion and resulting in substantial losses for shareholders, notably the affluent royal family.
Attijariwafa Bank’s Stock Dive: Morocco’s Royal Family holdings drop below $5 billion
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.
Consequently, the market value of the stake held by the affluent royal family has declined by MAD1.20 billion ($119.02 million) — from MAD47.06 billion ($4.66 billion) on Nov. 20 to MAD45.86 billion ($4.54 billion).
Despite this recent decline in the market value of their joint ownership in the firm, the Alaouite royal family continues to rank among the leading investors on the Casablanca bourse. The family also ranks as the ninth-richest royal family globally.
