Moroccan real estate mogul Alami Lazraq has seen the value of his stake in Alliances Développement Immobilier (ADI) fall below the half-billion-dollar threshold after a prolonged decline in the company’s share price on the Casablanca Bourse.

Lazraq, who owns a controlling 51.7% stake in ADI, or about 11.4 million shares, has lost MAD856.09 million ($91.79 million) over the past 88 days. The decline follows weaker investor appetite for Moroccan property stocks and broader market pressure that has weighed on the company’s valuation.

The latest setback comes just months after Lazraq lost more than $115 million between the start of the year and early April, when the value of his ADI holdings dropped from MAD6.05 billion ($646.48 million) on Jan. 1 to MAD4.94 billion ($528.16 million). Morocco’s property sector has faced tighter financing conditions, slower project execution and cautious investor sentiment, factors that continue to pressure listed developers.

ADI shares extend decline

Shares of ADI have fallen 15.96% over the past 88 days, sliding from MAD470 ($50.39) on April 17 to MAD395 ($42.35). The decline has reduced the company’s market capitalization to MAD8.72 billion ($935.3 million).

As a result, the value of Lazraq’s stake has dropped from MAD5.36 billion ($575.25 million) to MAD4.5 billion ($483.45 million), pushing his holdings below the half-billion-dollar threshold. Even so, he remains one of Morocco’s wealthiest real estate investors after benefiting from a sharp rally in ADI shares earlier this year.

ADI is the flagship property developer of Alliances Group, founded more than three decades ago by Mohamed Alami Nafakh Lazraq. The company has built a broad portfolio of residential, commercial and mixed-use developments, making it one of North Africa’s largest real estate developers.

Financial performance remains resilient

The decline in ADI’s share price comes even as the company reported steady operating results for full-year 2025.

Revenue increased 3% to MAD2.43 billion ($259.64 million), up from MAD2.36 billion ($252.16 million) a year earlier. Cash collections climbed 17% to MAD1.93 billion ($206.22 million), while net debt fell 24% to MAD1.3 billion ($138.9 million), reflecting stronger cash generation and continued efforts to improve its balance sheet.

Although ADI’s shares have come under pressure in recent months, the company remains one of Morocco’s largest listed property developers. Lazraq also continues to rank among the country’s wealthiest business leaders, even after the recent decline erased more than $90 million from the value of his stake.