Moroccan Businessman Alami Lazraq Loses 33 Million As Adi Shares Fall

Alami Lazraqs stake in ADI lost 33.7 million in value over 23 days as shares slid on the Casablanca Stock Exchange.

ADI stock fell 5.29 since July 9, pushing the companys market value below 1.2 billion amid weaker investor interest.

Year-to-date, ADI shares are down 0.42 a 100,000 investment on Jan. 1 is now worth 99,580.

Moroccan businessman Alami Lazraq, founder of the real estate and infrastructure firm Alliances Dveloppement Immobilier ADI, has taken a major financial hit as the companys shares tumbled on the Casablanca Stock Exchange.

Lazraq holds a 51.7-percent stake in ADI, amounting to 11.41 million shares. Over the past 23 days, the value of that stake has dropped by MAD305.81 million 33.69 million, as investor interest in the Casablanca-based company weakened, dragging the stock down.

Its a sharp contrast to what happened just weeks earlier. Between June 19 and July 4, ADI shares had rallied strongly, adding MAD416.49 million 46.4 million to Lazraqs fortune and lifting the value of his stake from MAD5.13 billion 572 million to MAD5.55 billion 618.4 million. Much of that gain has now been erased.

ADI, the real estate arm of Moroccos Alliances Group, has long been at the center of founder Lazraqs business empire. Based in Casablanca, the company has played a key role in shaping the groups presence across North Africa since Lazraq launched the venture 25 years ago.

But recent weeks have brought pressure. Shares of Alliances Dveloppement Immobilier have slipped by 5.29 percentfrom MAD507 55.86 on July 9 to MAD480 52.91 at the time of reporting. That drop has pushed ADIs market value below 1.2 billion, reflecting a wave of caution in the regions real estate sector.