Rabat- Casablanca was ranked first among the places being tipped by experts and finance professionals as the emerging global financial hubs likely to become significant in the future.
In a recent Global Financial Center Index (GFCI) report published earlier this year, Casablanca's ranking was still relatively low overall (62 out of 83). Yet, asked about the cities they believed will likely become more significant in the next few years, most finance professionals ranked the Moroccan metropolitan in the first position.
"They're putting a lot of work into it there," said Mark Yeandle, associate director of Z/Yen Group, the company who published the GFCI report. "They have a sensible budget and a good team."
Casablanca aims to reach the objective of becoming the next big thing in global financial centers through its Casablanca Finance City Authority), which according to Hicham Zegrary, director of operations and institutional affairs at the CFCA, operates as "the gateway between Europe and Africa, and aims to take advantage of its geographical position and also act as a hub for North, West and Central Africa."
"The CFCA is working hard to position Casablanca as an international financial center by building its technology infrastructure and improving the legal environment in which business is done," Zegrary added according to CNN.
CFCA says it has managed to attract business heavyweights and over 100 companies, including BNP Paribas, American International Group (AIG), Clifford Chance, Silk Invest and Boston Consulting Group to name a few.
Casablanca ranked first ahead of Busan (South Korea), Buenos Aires (Argentina), Shanghai (China), Kuala Lumpur (Singapore), Dalian (China), Dubai (UAE), Qatar and Luxembourg.
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