Casablanca Finance City becomes first African financial center
The Moroccan stock exchange is ahead of Johannesburg in the GFCI ranking.Casablanca Finance City (CFC), Morocco's stock exchange, took the top spot in the Global Financial Centers Index (GFCI) ranking, ahead of Johannesburg.
The GFCI, which ranks financial centres according to their competitiveness, is based on 105 indicators of competitiveness including those of the World Bank, the UN or the OECD. The ranking also takes into account assessments from of international finance professionals.
Globally, the Moroccan stock market occupies the 33rd position - only five years after its creation, the CFC said in a statement.
London takes the first global spot in the new ranking, ahead of New York, Singapore and Hong Kong.
The Moroccan stock market was able in recent years to attract a hundred of leading multinationals including Ford, AIG, Bank of China, BNP Paribas, Abraaj, or the Boston Consulting Group.