Today, Casablanca Finance City (CFC) has become the first African financial center in the ranking of the Global Financial Centers Index (GFCI) – a benchmark index for international financial centers – passing South Africa’s Johannesburg, which now occupies the second Walk of the continental podium. Globally, CFC ranks 33rd, according to this ranking.
Nearly five years after its creation, the Pan-African financial center based in Casablanca has succeeded in gaining a foothold in the continental and global financial landscape.
The GFCI makes it possible to establish a ranking of financial centers according to one main criterion: their competitiveness. It is based on two sources of data, one external, which aggregates and integrates 105 competitiveness indices, including those of the World Bank, the WEF, the UN or the OECD. The second is the result of evaluations of international financial professionals who have to answer an integrated comparative questionnaire evaluating the places between them.
Since its launch, Casablanca Finance City has succeeded in attracting a hundred leading multinationals who have chosen to operate in Africa from the Moroccan economic capital. Among the groups that have obtained CFC status, the American Ford and AIG, the Chinese Bank of China, BNP Paribas, Abraaj, and the Boston Consulting Group.
Commenting on the first place obtained by the institution he heads, Said Ibrahimi, CEO of Casablanca Finance City, was “pleased that CFC, born of the vision and will of His Majesty King Mohammed VI, To take the lead of the African financial centers. This confirms the correctness of the position taken and encourages us to work harder to improve our offer on a permanent basis to make SWC an internationally recognized regional financial center.
The GFCI report has considerable influence in the decision-making of multinationals, using them as a barometer to choose the location of their new subsidiaries.
Worldwide, London ranks first in the rankings today, ahead of New York, Singapore and Hong Kong. Other financial centers ranked in the top ten include Tokyo, Zurich, San Francisco and Toronto.