Morocco’s Alaouite royal family has experienced a significant surge in the market value of their stake in Attijariwafa Bank over the past 18 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 risen by MAD2.60 billion ($260.39 million) in the past 17 days. This increase is attributed to renewed buying interest, pushing the bank’s shares above key technical levels on the Casablanca bourse.
Attijariwafa Bank’s 5.65-percent share-surge yields millions for Alaouite royal family
Attijariwafa Bank, the fifth-largest bank in Africa, is majority-owned by the Al Mada private holding company. Al Mada the private company owned by members of the Alaouite royal family, owns 46.4 percent, or 97,433,137 units of the total issued and paid-up shares of the bank.
Since the beginning of the year, the bank’s shares on the Casablanca Stock Exchange have risen by 5.65 percent, climbing from MAD460 ($46.008) on Jan. 1 to MAD486 ($48.608) at the time of writing, thus leading to gains amounting to millions of dollars to its shareholders.
Alaouite royal family’s stake in Attijariwafa Bank surges above $4.5 billion
Morocco’s Alaouite royal family, holding a 46.5-percent stake in the financial services group through Societe Nationale d’Investissement (Al Mada), a private equity firm with active investments in vital sectors of Africa’s economy, saw a boost in their stake’s market value.
With a single-digit percentage rise in the group’s share price, the royal family’s stake increased by MAD 2.60 billion ($260.39 million) from MAD 46.06 billion ($4.61 billion) on Jan. 1 to MAD 48.66 billion ($4.87 billion) currently.
This $260.4-million surge underscores the Alaouite royal family’s influential position among Morocco’s wealthiest families, emphasizing their lasting impact on the nation’s economic landscape.Â
