Alami Lazraq, the founder of the Alliances Group and a prominent Moroccan real estate tycoon, has experienced a notable increase in his wealth following a significant rise in his stake in Alliances Developpement Immobiliere (ADI).
According to data tracked by Billionaire.Africa , Lazraq's stake in ADI has surged by MAD231.64 million ($23.61 million) over the past 16 days, driven by a substantial uptick in the company's share price. This boost follows a previous decline where Lazraq's holdings in ADI had fallen by MAD171.16 million ($17.41 million) between July 29 and Aug. 7.
ADI shares rise 8.28 percent, propelling market cap near $600 millionADI , headquartered in Casablanca, is an integral part of the Alliances Group, a prominent conglomerate Lazraq founded 25 years ago. The group has solidified its position as a major player in the North African real estate market, boasting a diverse portfolio of assets.
In recent times, ADI shares on the Casablanca bourse have increased by 8.28 percent, from MAD 245.1 ($25.2) on Aug. 13 to MAD 265.4 ($27.3). The recent surge in ADI's share price has propelled its market capitalization close to $600 million, creating substantial profits for shareholders, including Lazraq, one of Morocco's wealthiest individuals.
