Moroccan real estate magnate Alami Lazraq, founder and chairman of Alliances Dveloppement Immobilier ADI, has gained 36 million in just eight days as shares of the real estate giant rallied on the Casablanca Bourse, signaling confidence in Moroccos property market.
Lazraqs ADI stake gains 36 million
Lazraq, who owns 51.7 percent of ADI 11.4 million shares, saw the market value of his stake rise from MAD5.59 billion 610.5 million on Oct. 2 to MAD5.9 billion 646.7 million. The gain comes as real estate stocks in Morocco continue to benefit from growing demand and expectations of new developments and infrastructure projects across the country.