Rabat - Casablanca Finance City (CFC) has moved up by 9 points in the 17 Global Financial Centers Index (GFCI 17) to rank 42nd.
Rabat – Casablanca Finance City (CFC) has moved up by 9 points in the 17 Global Financial Centers Index (GFCI 17) to rank 42nd.
CFC has been ranked 42nd best performing financial center in the world with a score of 645. This is up 9 positions, from last year’s 51st place.
Casablanca, Riyadh and Tel Aviv showed the biggest gains in the Middle East and Africa region. Dubai and Abu Dhabi were down in the ratings this year, the report said.
Casablanca has also been ranked among the ten Centers likely to become more significant.
Casablanca is ranked in the fifth place with 64 mentions by respondents within the last 24 months. It is followed by Hong Kong, Seoul and Luxembourg.
Saudi Arabia’s Riyadh is the top ranked city in the Middle East and has moved 7 places from last year’s ranking. It was ranked 14th overall with a score of 698.
Published by Z/Yen Group, the Global Financial Centers Index (GFCI) is a ranking of competitiveness based on 29,000 assessments of financial centers around the world.
The ranking uses an online questionnaire and more than 100 indices from various organizations, including the United Nations, the Organization for Economic Co-operation and Development, the World Bank, and the Economist Intelligence Unit.
A financial Centre is only given a GCI rating and ranking if it receives more than 200 assessments from other centers within the previous 24 months in the online survey.
The report collected responses from 3,527 financial services professionals in the 24 months to December 2014. A financial center’s profile is measured based on diversity, connectivity and specialty.
The index also shows that New York remains the leading global financial center in the world. The Big Apple is followed by London in second place. Both cities moved up seven points compared to last year.
New York, London, Hong Kong and Singapore remain the four leading global financial centres, according to the report.
“The top financial centres of the world are very well developed, sophisticated and cosmopolitan cities in their own right,” the report said. “Successful people are attracted to successful cities and it is perhaps no surprise that these centers are ranked so high by financial services professionals,” the report added.