Casablanca Finance City (CFC) retains its position as the most competitive financial center in Africa. This status has been reaffirmed in the 37th edition of the Global Financial Centres Index (GFCI), published by the London-based think tank Z/Yen in partnership with the China Development Institute.
CFC ranks 56th globally in this index, which evaluates and ranks 119 international financial centers based on their competitiveness for investors. The GFCI serves as a key benchmark for policymakers and stakeholders in the business environment. Notably, Morocco also performed well in the World Bank’s new “Business Ready” assessment, scoring 62.41%, positioning it 14.3 points behind the world’s top performer. Areas such as business creation and utility services were among the country’s strengths (see our edition No. 6859, dated 10/04/2024).
Casablanca Finance City has moved up one position compared to the previous edition. It now ranks third in the Middle East and Africa region, just behind the UAE’s financial hubs of Dubai and Abu Dhabi. CFC continues to lead the African continent as the top-ranked financial center. In terms of FinTech competitiveness, Morocco ranks 69th in GFCI 37, down from 52nd in GFCI 36.
What Are the Evaluation Criteria? The GFCI 37 report highlights several competitiveness indicators, including: business environment, human capital, infrastructure, maturity of the financial sector and reputation These metrics are based on data from leading institutions such as the World Bank, World Economic Forum (WEF), United Nations, and the OECD.
Recognized as Africa’s top financial center and a strategic partner of major global financial markets, CFC has built a robust and dynamic community of member companies, spread across four main categories: financial institutions, regional headquarters of multinationals, service providers and investment holdings
CFC provides its members with a strong value proposition and “Doing Business” support, facilitating their expansion across Africa. To date, CFC has established: 17 bilateral partnerships with international financial centers and 24 partnerships with investment promotion agencies
CFC is also a member of the Global Financial Centres Alliance (GFCA), for which it will hold the presidency from January 2025 for a two-year term, and a founding member of the FC4S (Financial Centres for Sustainability) network, dedicated to advancing sustainable finance worldwide.
“To facilitate intra-regional investment, Morocco created Casablanca Finance City—a financial and economic hub serving as a gateway for companies looking to invest and operate across the region,” stated the OECD in its economic report on Morocco. The CFC status provides companies with a suite of benefits, most notably a favorable tax regime.
Fatim-Zahra TOHRY
