Alami Lazraq loses $75 million as ADI shares fall

Moroccan billionaire businessman Alami Lazraq, founder of the real estate and infrastructure group Alliances Développement Immobilier (ADI), has seen a steep decline in the value of his holdings as the company’s shares continued to fall on the Casablanca Stock Exchange.

Lazraq controls a 51.7-percent stake in ADI, representing about 11.41 million shares. Over the past 18 days, the value of that stake has dropped by MAD702.90 million ($75.73 million). Traders say interest in the Casablanca-listed company has weakened during the period, putting steady pressure on its share price.

Recent gains wiped out

The downturn marks a sharp reversal from just weeks earlier, when ADI shares rose strongly between June 19 and July 4. That rally added $141 million to Lazraq’s net worth, thus lifting his stake from MAD5.6 billion ($607.3 million) to MAD6.9 billion ($748.4 million). Much of that increase has now faded as market sentiment cooled.

Founded 25 years ago, ADI has grown into a central pillar of Groupe Alliances, a real estate and infrastructure conglomerate with projects across Morocco and North Africa. The company has helped shape modern housing estates, tourism developments, and key public works that continue to influence Morocco’s urban growth.

Shares slide as property market cools 

ADI shares have fallen 9.78 percent—from MAD629.60 ($67.83) on Nov. 3 to MAD568 ($61.20) at the time of reporting. The decline has dragged market cap below $1.4 billion, reflecting a broader sense of caution in the property market.

For Lazraq, the impact is substantial. His 51.7-percent stake, once valued at MAD7.18 billion ($774.01 million), is now worth MAD6.48 billion ($698.28 million), marking a loss of more than $75 million in just a few weeks. 

Despite the recent slide, ADI shares remain up 8.19 percent in 2025. A $100,000 investment at the start of the year would now be worth about $108,190, showing that longer-term sentiment around the group and Morocco’s economy remains broadly positive.