The market value of the Moroccan royal Alawite billionaire’s stake in Attijariwafa Bank has increased by more than $240 million over the past 11 days, as value investors snap up their shares in the country’s leading financial services company.
According to data tracked by Billionaires.Africa The market value of the Alawite royal family’s stake in Attijariwafa bank increased by 2.48 billion dirhams ($242 million) in just 11 days amid renewed buying interest that propelled the share price of the bank above key technical market levels Casablanca Stock Exchange.
Attijariwafa bank, the largest bank in Morocco and the fifth largest bank in Africa, according to Stata, is a Moroccan multinational commercial bank and financial services company based in Rabat. With more than a century of experience and 20,125 employees in 25 countries, it supports 10 million individual, professional, corporate and institutional clients.
Members of Morocco’s Alawite royal family own a 46.5 percent stake in the financial services group through the National Investment Company (Al Mada), a private equity firm that actively invests in structurally important sectors of the African economy and society.
Since October 4, exactly 11 days ago, the group’s actions on the Casablanca Stock Exchange rose by 5.55% from 447.20 MAD ($43.571) on October 4 to 472 MAD ($45.988) at the time of writing, resulting in gains amounting to several million dollars for its shareholders, including the wealthy royal family.
Following the single-digit rise in the group’s share price, the market value of the stake held by the wealthy royal family increased to 2.48 billion dirhams ($241.95 million) from 44.78 billion dirhams ($4.36 billion) on October 4. at 47.26 billion dirhams ($4.60 billion) at the time of writing.
This recent surge is further testimony to the status of Morocco’s Alawite royal family, bringing its annual earnings to more than $800 million. This strengthens their position as the richest investor on the Casablanca Stock Exchange and the ninth richest royal family in the world.
Through Al Mada, his royal family office, King Mohammed VI of Morocco claims the largest fortune of any Moroccan on the Casablanca Stock Exchange, as well as other assets in publicly traded companies, including an 81.4 percent stake in mining company Managem, currently worth more than $1.6 billion, and an indirect 39.6 percent stake in Wafa Assurance, worth more than $442.4 million. dollars.