CFC Moves up Nine Places in GFCI Ratings
According to this new ranking, unveiled in the seventeenth Global Financial Centres Index (GFCI 17) which rates 82 financial centers, Casablanca Finance City has moved up from the 51st rank it held last September to the 42nd position.
At the level of Africa, CFC is still holding the second rank behind Johannesburg which moved up six places to 32nd.
Africa is ‘hot’ to perhaps ‘overheated,’ said the GFCI referring to the performance scored by the two African financial centers.
Other centers in Africa and the Middle East fluctuate. Riyadh, Doha, and Bahrain rose in the ratings while Dubai and Abu Dhabi saw modest declines, respectively to the 23rd and 26th places, said the index authors.
Globally, New York is still at the top of the new GFCI ranking, ahead of London, Hong Kong and Singapore. The other financial centers in the top ten are Tokyo, Zurich, Seoul, San Francisco, Chicago and Boston.
Casablanca Finance City was first listed in the index in March 2014 and right away came in the 62nd rank among the best 75 financial centers in the world.
In the following standing established in the GFCI 16th report on the competitiveness of international financial centers released in September the same year, CFC made a huge leap to the 51st position.
The GFCI 16th report was presented from the CFC headquarters in Casablanca.
The successive ranking improvements scored by CFC reinforce the positioning of Casablanca as a financial hub in a strategic geographical location and as a launching pad for international investors and multinational enterprises targeting African markets. These improvements are likewise an undeniable plus for Morocco’s African broader strategy.
The Global Financial Centers Index, sponsored by the Qatar Financial Centre Authority, provides profiles, rating and rankings of the competitiveness of financial centers.
GFCI 17 uses 28,494 financial center assessments completed by 3,527 financial services professionals. Since 2007, well over 120,000 assessments from over 9,500 respondents have built the index. GFCI is updated regularly and ratings change as assessments and instrumental factors change.
The ranking, which is compiled and published twice a year since 2007 by the Z/Yen Group, a city of London leading think-tank, is an aggregate of indices from five key areas: talent pool, business environment, market access, infrastructure and general competitiveness.
The influential report is used by multinational companies as a tool to help determine where to set up new offices.