Key Points:
- Moroccan tycoon Alami Lazraq’s real estate empire sees a boost as ADI share price jumps.
- Shares in Lazraq’s development company surge nearly 4%, pushing market cap above $550 million.
- ADI’s year-to-date gain of over 114% offers big returns, highlighting Casablanca’s hot real estate market.
Moroccan real estate magnate Alami Lazraq, founder of Alliances Group, has seen his wealth rise by nearly $11 million due to a surge in the share price of Alliances Development Immobilière (ADI), a subsidiary of his group.
According to data tracked by Billionaires.Africa, Lazraq’s holdings in ADI have grown by MAD107.83 million ($10.83 million) over the past week, driven by a recent uptick on the Casablanca bourse.
This gain follows a period of decline, with Lazraq’s holdings dropping by $17.39 million between May 15 and 23, when his shares in ADI fell from MAD 2.91 billion ($292.93 million) to MAD 2.74 billion ($275.54 million).
Moroccan real estate magnate sees boost in fortune
ADI, a leading real estate developer, is part of the Alliances Group, a leading Moroccan conglomerate established by Lazraq 25 years ago. The group is a major player in the North African real estate market, boasting a diversified portfolio across the region.
Over the past week, ADI’s shares on the Casablanca bourse have climbed 3.93 percent, rising from MAD240.5 ($24.2) on May 24 to MAD249.95 ($25.1), pushing its market capitalization above $550 million and delivering significant returns to shareholders.
As a leading shareholder, Lazraq holds a 51.7 percent stake in the publicly traded company, representing 11,410,669 shares. Fueled by the recent rise in ADI’s share price, Lazraq’s stake has grown by MAD107.83 million ($10.83 million) over the past 7 days, from MAD2.74 billion ($275.6 million) to MAD2.85 billion ($286.43 million).
Your Money and Your Life: ADI up 114.8% YTD
ADI shares are among the best performers on the Casablanca Stock Exchange this year, with a year-to-date surge of 114.8 percent. A $100,000 investment at the beginning of the year would now be worth $214,800, representing a profit of $114,800.
