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Rabat – Moroccan metropolitan city Casablanca has ranked as one of the top five cities to do business in Africa, according to a report on financial hubs across the world.
Casablanca came in fourth place in the “Statistica Global Business Cities Report” ranking, following Cairo, Algiers, and Johannesburg.
The report looks at how easy and attractive it is to do business in cities across the globe, looking at things such as how well their economies perform and how attractive they are to live.
Based on the data from 200 cities around the world, the ranking looks at a different set of parameters that contribute to making a city more business-friendly.
The report factors in population size and Gross Domestic Production (GDP) -a measure of a country’s productivity – among other measures to determine the extent to which the cities are suitable business destinations.
To assess a city’s potential as a business hub, the report looks at how well cities perform in the four different categories..
The Economy sub-index assesses the level of a city’s economic development, while the second sub-index – Business Environment – focuses on a city’s infrastructure and logistics.
A third sub-index – Society – comprises data on population development, looking at how literate the residents are, and living standards.
The final sub-index – Charisma – looks at tourism and cultural activities within the city.
With a population of more than 3.7 million, Casablanca is Morocco’s biggest city, holding over 33 companies listed on the S&P 500, a stock index for the world’s wealthiest 500 companies.
Companies located in Casablanca include Unilever and Protect & Gamble.
The city is now Morocco’s financial capital as it is home to north Africa’s largest stock market, the Casablanca Stock Exchange.
In 2021, the city ranked 53rd on the Statistica Global Financial Centers Index, outperforming Johannesburg, Doha, and Sao Paulo.
The Global Financial Centers Index assesses a city’s competitiveness in terms of hosting financial business activities.
Casablanca hosts a long list of international companies and is home to Morocco’s second-largest port, the Port of Casablanca.
In addition to its status as the country’s financial hub, Casablanca contributes 44% of Morocco’s industrial production and produces 33% of national industrial exports.
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