Casablanca Is Africa’s Best Financial Hub

Rabat – Casablanca maintains its position as Africa’s leading financial hub, according to the Global Financial Centers Index.

Put together by a number of market intelligence agencies including Morocco’s Casablanca Financial City, the report shows that while Casablanca ranks 54th internationally, the Moroccan city remains on top of Africa’s financial hub.

On the regional level, Casablanca ranks second in the Middle East and North Africa (MENA) region, following Dubai and Abu Dhabi.

The ranking is based on a wide range of metrics including the results of a survey of professionals within the financial sector.

In the survey, 60 professionals said that they would opt to do business in Casablanca in case they plan to relocate.

Despite its “leading” position as a continental financial hub, Casablanca lags behind in FinTech operations, ranking 91 globally, the report indicates. The first five places globally were given to New York, London, Singapore, Hong Kong, and San Francisco respectively.

Casablanca’s advanced ranking in the Global Financial Centers Index echoes findings from previous reports and indexes.

In a report in April of this year, the business intelligence firm Statistica ranked Casablanca as the fourth-best destination for investment in Africa.

The city ranked 53rd globally in the same ranking a year earlier, outperforming cities like Johannesburg, Doha, and Sao Paulo.

The report is based on the viability of doing business activities in 200 cities in the world.

Underpinning Casablanca’s business-friendly environment are a number of factors related to the city’s financial assets. Casablanca is currently home to the largest stock exchange in the North African region and boasts a population of more than 3.7 million.

The city also currently holds 33 companies listed on the S&P 500, a stock index tracking the performance of the world’s wealthiest 500 companies.

In addition to being a continental financial hub, Casablanca accounts for 44% of Morocco’s industrial input and generates 33% of the country’s industrial exports.