Moroccan real estate billionaire Alami Lazraq, the founder of Alliances Group, has seen a significant increase in wealth. His stake in Alliances Development Immobiliere (ADI) has increased in value by about $31 million as a result of the company’s recent share price resurgence.
According to data, Lazraq, a leading figure in North African real estate, has experienced an increase of MAD308.7 million ($30.8 million) in the market value of his ADI share in the last 8 days, owing to the recent upward trend on the Casablanca bourse.
Lazraq’s shares in ADI increased by MAD57.4 million ($57.4 million) from April 15 to May 5, following a previous drop. The value decreased from MAD 3.19 billion ($317.75 million) to MAD 2.62 billion ($260.33 million).
Lazraq formed the Alliances Group, which includes ADI, a Casablanca-based corporation, 25 years ago. The group is a significant player in the North African real estate industry, with a diverse portfolio of assets.
Over the last eight days, ADI shares on the Casablanca exchange have risen 12.02 percent, from MAD 224.95 ($22.439) on May 6 to MAD 252 ($25.137). This increased the company’s market valuation beyond $555 million, resulting in large returns for stockholders.
Lazraq, one of Morocco’s wealthiest persons and a major investor on the Casablanca stock exchange, owns a significant 51.7% interest in Alliances Group’s publicly traded subsidiary, ADI. This position equates to 11,410,669 shares.
The market value of the Moroccan real estate tycoon’s stake has increased by MAD308.66 million ($30.8 million) over the last 8 days, rising from MAD2.57 billion ($256.11 million) on May 6 to MAD2.88 billion ($286.91 million) today.
This increase not only maintains Lazraq’s position as one of the top investors on the Casablanca stock exchange, but also confirms his status as one of Morocco’s wealthiest individuals.