Rabat – Morocco’s financial capital Casablanca has secured the third position in the Middle East and Africa region as the best financial center, according to the Global Financial Centres Index (GFCI).
The city’s rise in the rankings, overtaking Tel Aviv, marks a significant milestone in its ongoing efforts to establish itself as a key player in the global financial landscape.
Put together by a London-based think tank, the ranking saw Casablanca rise three places, showcasing its growing influence and competitiveness.
The improved ranking is attributed to several factors, including the city’s reputation and branding, which have been instrumental in attracting businesses, professionals, and investors to the region.
“City reputation and branding are significant factors influencing the competitiveness of financial centers,” highlighted an unnamed regional business development director from a prominent Fintech firm based in Casablanca in the GFCI report.
“A positive city reputation, built through factors such as safety, stability, cultural offerings, and quality of life can attract businesses, professionals, and investors,” the manager explained, adding that “strong brand identity that aligns with the values and strengths of the financial center further enhances its appeal.”
A Marketing Analyst from an Investment Firm in Casablanca noted that “Casablanca holds a strong reputation as Morocco’s economic and cultural capital.”
Read also: Casablanca Is Africa’s Best Financial Hub
“With its bustling markets and diverse culinary offerings, the city has established itself as a major tourist destination,” he added.
He continued: “The city’s financial infrastructure, exemplified by the Casablanca Stock Exchange, has bolstered its reputation as a hub for financial services.”
The Moroccan city holds Africa’s third largest stock market after Johannesburg Stock Exchange in South Africa and the Nigerian Stock Exchange in Lagos. Casablanca featured on the list of the “15 Centers Likely To Become More Significant.” The recognition underscores the city’s potential for future growth and development as a financial powerhouse.
On the regional level, Dubai and Abu Dhabi maintained their positions as the top centers in the region, with Casablanca securing third place. Other cities such as Mauritius, Riyadh, Kigali, Kuwait City, and Nairobi saw substantial jumps in their rankings, rising by 10 or more places.
