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The 28th edition of the Global Financial Centers Index (GFCI) has released its annual ranking of financial centers around the world, this week. The Index ranks Morocco’s Casa Finance City (CFC) 46th out of 121 financial centers. In this year’s ranking, Casa Finance City falls behind, by five spots, compared to the previous edition of said index.
The economic and financial hub created in July 2010 also lost 25 points of its score, which dropped to 655 points. Casa Finance City, which was included in the financial technology sub-index last year, is ranked 71st with a score of 505 points.
But although its score and general ranking dropped compared to the previous edition, the economic capital of the Kingdom remains first in Africa. CFC ranks ahead of the hubs of Mauritius, Cape Town (South Africa) and Kenya's capital Nairobi.
It is also ranked third in the MENA region, behind Dubai (17th) which continues to top the ranking, and Abu Dhabi (33rd), and ahead of Doha (56th), Bahrain, Kuwait City and Riyadh.
According to the same index, «in this region, the majority of centers fell in terms of both ranking and rating». «Cape Town made up ground after falling in the rankings in GFCI 27. Abu Dhabi rose six places in the rankings. Other centers fell back and in particular, Bahrain and Riyadh fell back sharply in the ratings and rankings», it added.
Disadvantages that Morocco is trying to overcome
However, Casablanca Finance City remains part of the list which includes 15 centers with the greatest reputational disadvantage. It lost 117 points in the reputation sub-index, which gives confidence to investors and is a leading factor when selecting a financial center. «The centers featured might benefit from a stronger marketing effort as well as tackling some core issues relating to the center», the report reads.
The Moroccan government adopted, Thursday, September 24, a draft decree-law reorganizing Casablanca Finance City (CFC). Presented by the Minister of Economy, Finance and Administrative Reform, Mohamed Benchaaboun, its objective is to «strengthen the transparency and the nature of the activities» carried out within CFC, and above all to improve its attractiveness.
CFC thus hopes to improve its position among the world's financial hubs, approach New York, London, Shanghai, Tokyo and Hong Kong which dominate the GFCI and move away from Riyadh (107th place worldwide), Tianjin, Hangzhou, Dalian and Wuhan (111th) which are at the bottom of the ranking.
«Overall, the average rating of centers in the index dropped over 41 points (6.25%) from GFCI 27, which may indicate a more general lack of confidence in finance during a time of continuing uncertainty around international trade, the impact of the Covid-19 pandemic on individual economies, and geopolitical and local unrest», concludes Z / Yen Group and the China Development Institute.
