Moroccan multimillionaire Alami Lazraq’s shares in the leading real estate development company Alliances Developpement Immobiliere Ste SA have risen by about $7.1 million in 37 days.
As of the time of the drafting of this report at 3:40pm (WAT) on June 7, Alliances’ shares had risen by 3.99 percent today to $4.14 (MAD36.52) per share. The company’s market capitalization amounted to $87 million (MAD775.40 million).
The real estate developer’s shares have surged by 18 percent on the Casablanca Stock Exchange in about a month despite a disappointing financial performance in Q4 2020.
Alliances Developpement Immobiliere is the largest hotel builder in Morocco, known for constructing, marketing and managing commercial and residential assets, as well as tourist properties.
Lazraq founded the company in 1994 following his success in the real estate industry while working with Morocco’s government and its largest conglomerate, ONA Group.
Alliances’ core operations span residential real estate, golf resorts and services delivery.
In a strategic approach to move up the real estate industry value chain in Africa, Alliances has taken steps to expand its operations beyond Morocco by developing low-income housing in Ivory Coast and Senegal. The decision has placed the company in direct competition with Moroccan billionaires Miloud Chaabi and Anas Sefrioui.
Alliances’ share price has increased from $3.51 (MAD31.00) on May 1 to $4.14 (MAD36.52) at close of market today.
This has triggered gains of $7.1 million for Lazraq, who owns the majority (51.7 percent) of the shares in the company.
With Alliances’ share price currently hovering at $4.14 (MAD36.52), Lazraq’s stake is valued at $47.2 million (MAD416.7 million).
