Moroccan real estate tycoon Alami Lazraq, founder of Alliances Group, has experienced a notable boost in wealth. The value of his stake in Alliances Developpement Immobiliere (ADI) has risen by almost $12 million due to the continuous increase in the company’s share price on the Casablanca Stock Exchange.
According to data tracked by Billionaires.Africa, Lazraq, a prominent figure in North African real estate, has seen a significant uptick of $11.93 million in the market value of his ADI stake in the last 21 days, driven by the recent positive trend on the Casablanca Stock Exchange.
ADI shares soar by over 7.12 percent, pushing market cap above $345 million
ADI, a company headquartered in Casablanca, is part of the Alliances Group, a prominent conglomerate founded by Lazraq 25 years ago. The group is a major player in the North African real estate market, boasting a varied portfolio of assets.
Over the last three weeks, ADI shares on the Casablanca Stock Exchange rose 7.1 percent, going from MAD147.50 ($14.683) on Jan. 18 to MAD158 ($15.728). This surge pushed the company’s market capitalization beyond $345 million, generating significant profits for shareholders, including Lazraq, one of the country’s wealthiest individuals.
Lazraq’s ADI investment soars, market value nears $180 million
Lazraq, one of Morocco’s wealthiest individuals and a prominent investor on the Casablanca bourse owns a substantial 51.7-percent stake in Alliances Group’s publicly traded subsidiary, ADI. This stake is equivalent to 11,410,669 shares.
As a result of the 7.12-percent surge in the group’s share price, the market value of the stake held by the Moroccan real estate tycoon has increased by MAD119.81 million ($11.93 million) over the last 21 days, climbing from MAD1.68 billion ($167.55 million) on January 18 to MAD1.8 billion ($179.47 million) at the time of writing.
This surge not only solidifies his position among the leading investors on the Casablanca Stock Exchange, but also reaffirms his standing as one of Morocco’s wealthiest individuals.
