Moroccan real estate tycoon Alami Lazraq has seen the value of his stake in Alliances Dveloppement Immobilier ADI fall below 700 million, following a fresh pullback in the companys share price on the Casablanca Stock Exchange.
Lazraq, founder of Alliances Group, holds a 51.7 percent stake in ADI, making him the majority shareholder. The recent slip in the market value of his stake underscores the unfavorable conditions facing Moroccos real estate sector in recent months, where higher financing costs, cautious buyers and slower project rollouts have weighed on listed developers in recent months.
Share price slide weighs on Lazraqs holdings
