The 16th Global Financial Centers Index (GFCI 16) report has been released on Monday in Casablanca, where a conference was hosted by Casablanca Finance City Authority. Casablanca ranked 51st out of 83 on the GFCI ranking. It is ranked second in the African continent behind Johannesburg in South Africa.
The Global Financial Centers Index is a ranking of the competitiveness of financial centers based on over 29,000 financial center assessments from an online questionnaire and 105 external indices from organizations such as the World Bank, the Organization for Economic Co-operation and Development (OECD) and the Economist Intelligence Unit.
In 2013, Casablanca entered the GFCI ranking, joining 83 leading financial centers in the world. It has moved up 11 positions this year compared to last year.
The ranking uses indices from five key areas: talent pool, market access, business environment, infrastructure and general competitiveness. This report can be significantly influential as multinational companies consult it to determine new investment environments.
Associate Director of Z/Yen and author of the GFCI report Mark Yeandle said: “The research we have conducted indicates that Casablanca has the capacity to grow in importance and reinforce its position as a hub for African financial services. They have a great team. They are investing in infrastructure, the regulatory environment and marketing and I wish them well in their endeavors.”
The ranking was topped by New York City followed by London, Hong Kong, Singapore, San Francisco, Tokyo, Zurich, Seoul, Boston and Washington DC.
The Moroccan Times.