Moroccos billionaire landscape may soon count a new entrant as Alami Lazraq, the real estate magnate behind Alliances Dveloppement Immobilier ADI, sees his stake in the Casablanca-based developer approach 700 million. The rise reflects Lazraqs growing prominence among Africas wealthiest investors.
Lazraq owns 51.7 percent of ADI around 11.4 million shares and his stake has jumped in recent times. In less than two weeks, his stake rose by MAD216.8 million 23.8 million, climbing from MAD6.1 billion 671.2 million on Aug. 29 to MAD6.32 billion 695 million.
This follows an earlier increase of MAD764.52 million 84.95 million between Aug. 8 and 23, when Lazraqs stake increased from MAD5.45 billion 606.03 million to MAD6.22 billion 690.98 million. Analysts attribute the gains to growing investor confidence in Moroccos property market and the companys steady leadership.