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Moroccan real estate tycoon Alami Lazraq has seen the value of his stake in Alliances Développement Immobilier (ADI) fall below $700 million, following a fresh pullback in the company’s 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 Morocco’s 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 Lazraq’s holdings
Over the past 18 days, Lazraq’s 51.7 percent stake, amounting to 11.41 million ADI shares, fell by MAD593.36 million ($64.69 million), cutting its value to MAD6.16 billion ($671.82 million). Earlier, between Nov. 3 and Nov. 21, the stake slid from MAD7.18 billion ($774.01 million) to MAD6.48 billion ($698.28 million), a significant $75.73 million decline.
ADI shares have fallen 9.78 percent in recent weeks, declining from MAD592 ($64.55) on Nov. 28 to about MAD540 ($58.88) at the time of reporting. The slide has dragged market cap below $1.4 billion, underscoring investor caution toward property stocks and sustained pressure on the Casablanca-based developer amid weaker sentiment across Morocco’s listed real estate sector.
ADI: A cornerstone of Alami Lazraq’s Groupe Alliances
Founded 25 years ago, ADI is a core unit of Groupe Alliances, a real estate and infrastructure group with projects across Morocco and North Africa. The company has developed housing estates, tourism projects, and public works that have contributed to Morocco’s urban expansion.
Despite the recent decline, ADI shares are up over 2 percent so far in 2025. A $100,000 investment at the start of the year would now be worth about $102,000. For Lazraq, the near-term effect has been significant, with the paper value of his stake declining in recent weeks.
