Casablanca Financial Centre maintains its leadership in Africa for the eighth consecutive year
The Casablanca Financial Centre, located in Morocco, has managed to maintain its leading position on the African continent for the eighth consecutive year. This success is based on the creation of an attractive business environment, underpinned by four key pillars: tax incentives, facilitation of procedures for investors, the establishment of partnerships with international financial centres and the development of financial expertise.
Abdelghani Lakhdar, secretary general of the centre, explained in an interview with Bloomberg Asharq that these four points are key to the financial centre's superiority. The Casablanca Financial Centre, founded 15 years ago in Morocco's economic capital, is currently home to 215 companies whose activities span 115 countries, including 50 African nations. Regional headquarters of multinational companies account for approximately 40% of these companies.
As reported by Al Arab, international indicators rank Casablanca Financial Centre third among financial centres in the Middle East and Africa region, behind only Dubai and Abu Dhabi. A few years ago, the centre opened a representative office in Dubai, which now plays an important role in attracting companies, contributing up to 20% of the registration applications the centre receives annually.
Lakhdar noted that the centre's businesses maintained their growth rate last year, despite adverse international conditions, achieving revenues of close to $1.4 billion, of which 60% came from international companies and half of these from the African continent. In addition, the centre has contributed to the creation of approximately 7,000 direct jobs in the local market. It entered the Global Financial Centres Index (GFCI) in 2014 and was ranked first in Africa two years later.
The secretary general also stressed that the centre benefits from several elements, especially tax aspects that balance attractiveness with compliance with international standards, in addition to Morocco's strategic location and its openness towards the African continent. Operating companies enjoy a corporate tax exemption for the first five years, after which they will be subject to a rate that will gradually reach 20% by 2026, currently 17.5%.
The centre is home to international companies from various sectors, including commercial and investment banks, insurance companies, investment funds, asset managers, consultancies and law firms. The 100-hectare real estate area allocated to the financial centre also includes multinationals operating their continental business from the country's economic capital, with a total office space of 35,000 square metres spread over three buildings constructed by the financial centre itself. According to Lakhdar, there are major projects underway by independent developers that will double the available office space.
Recent additions to the centre include the Saudi Industrial Export Company (Sadarat), Korea's Hankook Tire, US-based GE Aerospace, a leading manufacturer of engines for commercial and military aircraft, and Germany's Commerzbank. Earlier, other major companies such as American International Group (AIG), Bank of China, BNP Paribas, Deloitte, McKinsey, BCG, MasterCard and Huawei joined the centre, all with a common interest in the African continent.
Lakhdar confirmed that the work to attract value-added companies, especially in financial services and investment funds, continues. He stressed that this process takes time to present the advantages of the centre and to convince investors, given that there are other centres constantly competing both inside and outside Africa.
The interest in attracting such companies aligns with the efforts of the Mohammed VI Investment Fund, which plans to select entities this year to manage investment funds aimed at startups, with the aim of fostering the venture capital industry in Morocco. These entities are expected to raise around $2 billion over the next five years, according to previous reports.
In short, the Casablanca Financial Centre has not only consolidated its leadership in Africa, but also continues to attract major international players, boosting the local economy and positioning Morocco as a strategic point on the global financial map.
