Latest news with #CasablancaFinanceCity
The Guardian
3 days ago
- Business
- The Guardian
High-rise, high expectations: is Casablanca's finance hub a model for African development?
For centuries, Casablanca was a significant trading hub for merchants from across the breadth of the Atlantic coast, given its geographical position between Africa, the Middle East and Europe. These days, Morocco's economic capital is merging those historical roots with a strong modern commercial identity. One such manifestation is the Casablanca Finance City (CFC) district, whose high-rise buildings stand as a symbol of the city's dream of being a main gateway for international investment into Africa. Since the district launched in December 2010, its attractive tax regime has brought in entities from across the globe. There was a slowdown in sign-ups to the hub during the Covid-19 pandemic but it now hosts 240 companies, including Huawei and Schneider Electric, accounting for more than 7,000 jobs. 'We welcome companies from multiple sectors … [and] we also support them in their development into the continent,' said Lamia Merzouki, its chief operating officer. Over the past decade, Moroccan investment across Africa has sharply risen: from $100m in 2014 to $2.8bn in 2024. As of March 2025, it was ranked fourth in the Middle East and Africa region and 57th out of 119 overall on the Global Financial Centres Index. Brigitte Labou, the head of customs practice for Francophone Africa at KPMG Avocats, based in Paris, says hubs such as the CFC are 'important levers for accelerating the industrialisation of Africa. 'The financial hub that the CFC represents, as well as the related tax advantages, are assets that can attract the relocation of production chains to Morocco and Africa,' she added. Representing a key entry point for business into Africa, the CFC is seen by the Moroccan government as a valuable component of the African Continental Free Trade Area (AfCFTA), a trade agreement with the promise of a unified African market of 1.4 billion people and a combined GDP of $3.4tn. It was approved by the African Union in 2012 and launched seven years later, but implementation has been slow. But in a time of global tariff wars, African economists are hoping agreements such as AfCFTA can help. In May, as hundreds of African business executives in various shades of suits converged in Abidjan in Ivory Coast for the Africa CEO Forum, intracontinental trade during tariff disruption topped the agenda. The South African president, Cyril Ramaphosa, speaking during an all-presidential panel in Abidjan, proposed more collaboration on the continent as a solution. 'We would like the private sector to follow in tandem with the public sector, and to embrace the AfCFTA and also be active participants … [AfCFTA] is going to be the pathfinder', he told more than 2,800 delegates. Merzouki agrees. 'In this context of trade wars, the African free trade area is really a must,' she said after the session. 'We need to accelerate the momentum. Regional integration is a must for us, and this is something that we have been nourishing since the beginning.' There is criticism that the CFC's focus on attracting foreign capital has done little to address deep-seated inequalities within Morocco. Recent trade data for 2024 also shows that the EU – rather than Africa – is still a destination for at least two-thirds of Moroccan exports. In response to this discrepancy, Merzouki said the data 'should not overshadow the dynamic cooperation between Morocco and the rest of Africa'. There is also regular criticism of Morocco's constitutional monarchy system, but supporters say this has projected an image of calm that seems to have benefited Casablanca, compared with other African hubs. 'Even if there are lots of different trade wars and economic upheavals and so on, Morocco remains a stable platform,' said Merzouki. 'There is political stability, macroeconomic stability. We have a lot of international players that give us this feedback. They want to come to Casablanca because it remains stable.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion It is now marketing this profile of a haven within chaos to draw in more entities amid one of the biggest global trade disruptions in decades. Since Donald Trump resumed his second term as US president, he has upended trade deals and hiked tariffs, including for all of Africa. The CFC is also cooperating with two dozen African investment promotion agencies, including those of Nigeria and Ivory Coast, seeking new opportunities to increase infrastructural development. It also hosts the Africa50 fund, a vehicle launched in 2015 by the African Development Bank, with initial capital of $700m from 20 member states, to spur infrastructure development across the continent. The district is also pivoting to accommodate its interest in artificial intelligence – having launched an Africa Innovation Lab to support fintechs – and sustainable financing. Currently, Africa generates only 2% of its potential in carbon credits, which are permits countries or companies can exchange to fund initiatives that reduce greenhouse gases in the atmosphere. Merzouki, a former chair of the UN Development Programme's Financial Centres for Sustainability Network, thinks the continent can become an energy powerhouse with the right conditions: technology transfer, capacity building, financing. Last September, the CFC signed an agreement with another Moroccan agency to launch a voluntary carbon market for private entities as part of a push to start a carbon-efficient ecosystem. Still, there are limits to African financial hubs such as the CFC: doing business is notoriously difficult in many African countries and red tape and archaic policies continue to stymie the flow of cash and workers across borders. Bright Simons, the vice-president of the Imani Centre for Policy and Education in Accra, Ghana, says the hubs are merely short-term solutions that cloud the big picture. 'The unique selling point for the hubs is to try and concentrate resources in a manner that tries to circumvent some of those [logistical and infrastructural] barriers,' he said. 'African governments, rather than go the long route of trying to actually fix these problems, are trying to look for shortcuts, and perhaps hubs have become the cleverest but most visible way.'
Ya Biladi
4 days ago
- Business
- Ya Biladi
King Mohammed VI advocates for Africa's economic transformation at Ibrahim Governance Forum 2025
King Mohammed VI delivered a powerful message to the participants of the 2025 «Ibrahim Governance Weekend» Forum, which opened on Sunday, June 1, in Marrakech. In his address, read by royal advisor André Azoulay, the King outlined strategies to ensure Africa's development. He called for a «paradigm shift in development financing (...) to devise innovative mechanisms and fully leverage the contributions of the African diaspora». He stressed that «Africa cannot rely solely on public development aid or external funding, which, by nature, generate debt». Instead, he urged Africans to foster «an institutional, economic, and social environment conducive to development». Recalling his February 22, 2015 speech in Abidjan at the opening of the Morocco-Ivory Coast Forum, the King reiterated his call to «strengthen and expand intra-African trade», highlighting that «Africa's share of global trade does not exceed 3%», while «intra-African trade accounts for only 16% of the continent's total trade volume, compared to 60% in Europe and 50% in Asia». «With 40% of the world's raw material reserves and 30% of critical minerals, as well as vast mineral, energy, water, agricultural, and biological resources, Africa can no longer afford to simply export its raw materials. The time has come for Africa to fully harness its wealth», he declared. The King underscored that «Morocco is now positioning itself as a strategic catalyst for South-South partnerships», citing concrete, transformative projects that will reshape the continent's economic and social landscape, including the African Atlantic Gas Pipeline (AAGP), described as «a true corridor for integration and economic development». Morocco, he added, is also committed to financing African projects through the «Mohammed VI Investment Fund» and «Casablanca Finance City». «Development cannot be decreed; it is built through ambitious policies, investment in human capital, and rigorous economic governance». In his 2015 address in Abidjan, King Mohammed VI emphasized that «if the last century was one of independence for African states, the 21st century must be one of triumph over the scourges of underdevelopment, poverty, and exclusion».
Morocco World
15-05-2025
- Business
- Morocco World
British Bank Standard Chartered Officially Opens Representative Office in Morocco
Rabat – British bank Standard Chartered announced today the official opening of a new representative office in Casablanca, Morocco, further growing its presence in the Middle East and North Africa region. The move follows the approval of its license by Bank Al-Maghrib and the award of Casablanca Finance City (CFC) status by the Casablanca Finance City Authority. The new office will be led by Cynthia El Asmar, who has been appointed CEO and Head of Coverage for Morocco, pending regulatory approval. El Asmar has strong experience in client relations across the region and will lead the bank's local strategy while building close relationships with clients in Morocco, said the company in a press release. This step, Standard Chartered says, reflects the bank's long-term commitment to supporting clients in fast-growing and globally connected markets. The bank said Morocco's solid economy and strategic location make it an increasingly important player in international trade and investment. Rola Abu Manneh, CEO for UAE, Middle East and Pakistan, commented: 'Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco's ambitious growth agenda.' Meanwhile, Cynthia El Asmar said that Morocco represents a bridge between Europe and Sub-Saharan Africa. 'Structural reforms continue to improve the country's capacity to attract FDI and enhance its overall competitiveness, leaving it well placed to benefit from any adjustment in trade flows or realignment in global supply chains,' she added. This expansion in Morocco follows Standard Chartered's recent launch of full banking services in Egypt earlier in 2024 and in Saudi Arabia in 2021. The new office is expected to help the bank strengthen ties with international businesses, especially in sectors like agriculture, automotive, aerospace, and renewable energy. Standard Chartered has worked closely with Morocco's banking sector for over 10 years. The new representative office will help the bank deepen these partnerships and offer customized banking services to regional and international clients, concluded the statement. Headquartered in London, the multinational banking and financial services company operates in over 50 countries, mainly across Asia, Africa, and the Middle East. Tags: bankMoroccoStandard Chartered
Zawya
15-05-2025
- Business
- Zawya
Standard Chartered opens representative office in Morocco
Subject to regulatory approvals, Cynthia El Asmar appointed CEO and Head of Coverage Casablanca, Morocco – Standard Chartered today announced the opening of its new representative office in Morocco, further expanding its footprint across the Middle East and North Africa region. The launch follows the licence approval from Bank Al-Maghrib and the award of the Casablanca Finance City status by the Casablanca Finance City Authority. The representative office will be led by Cynthia El Asmar, who has been appointed CEO and Head of Coverage for Morrocco, subject to regulatory approvals. She brings extensive experience in client coverage across the region and will be responsible for driving the Bank's local strategy and deepening client relationships. This expansion underscores Standard Chartered's long-term commitment to the region and reflects its strategy of supporting clients in high-growth, internationally connected markets. Morocco's strong economic fundamentals and strategic location position it as an increasingly important destination for global trade and investment. Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan said: 'Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco's ambitious growth agenda. We would like to extend our sincere gratitude to Bank Al-Maghrib and the Casablanca Finance City Authority for their invaluable support in enabling the successful opening of our representative office. This launch reinforces our commitment to connecting clients to high-growth markets across continents and supporting regional economic development.' Cynthia El Asmar, CEO and Head of Coverage for Morocco added: 'Morocco's location positions it favourably as a bridge between Europe and Sub-Saharan Africa. Structural reforms continue to improve the country's capacity to attract FDI and enhance its overall competitiveness, leaving it well placed to benefit from any adjustment in trade flows or realignment in global supply chains. We are delighted to establish our office in Morocco and are ready to support our clients capture the many growth opportunities the country has to offer.' Standard Chartered's new representative office Morocco follows the launch of a fully-fledged banking operation in Egypt in early 2024 and Saudi Arabia in 2021. The office will enable Standard Chartered to broaden and deepen relationships with international businesses, particularly in the agro-industrial, automotive, aeronautics, and renewable energy sectors. Morocco is the sixth largest economy in Africa. Its economy expanded 3.2 percent in 2024 and GDP growth is expected to increase to around 3.7 percent over the next few years. This is supported by a new series of infrastructure projects and the continued implementation of the country's structural reform agenda. [1] Over the past decade, Standard Chartered has collaborated closely with the banking sector in Morocco, developing strong relationships with all major players. The representative office will serve as a platform to deepen those partnerships and deliver tailored banking solutions to multinational and regional clients. For further information, please contact: Wasim Benkhadra Head of Communications, UAE, ME & Pakistan and Africa Corporate & Investment Banking Communications Lead Standard Chartered About Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions please visit Insights at Follow Standard Chartered on X, LinkedIn, Instagram and Facebook. [1] April 2025: IMF 2025 ARTICLE IV.
Ya Biladi
18-04-2025
- Business
- Ya Biladi
Ireland's Sandyford Business District and Casablanca Finance City seal partnership
Sandyford Business District (SBD), a major commercial and innovation hub in south Dublin, has signed a Memorandum of Understanding (MoU) with Casablanca Finance City (CFC), Morocco's leading financial and business center, during a recent trade mission to the North African country. The agreement marks the beginning of a strategic economic partnership, according to Business Plus magazine. While Casablanca Finance City serves as a gateway for international investment into Africa and hosts major financial institutions and multinational corporations, Sandyford Business District is home to over 1,000 companies—ranging from global tech firms to high-growth startups—and plays a key role in Ireland's knowledge and innovation economy. The Irish delegation, which included officials from Dún Laoghaire–Rathdown County Council and local business leaders, explored opportunities for bilateral collaboration aimed at increasing global visibility, attracting investment, and exchanging expertise across business, academia, and urban development. The MoU was signed by Ger Corbett, CEO of SBD, and Said Ibrahimi, CEO of CFC. Corbett identified Fintech as a promising area of cooperation, citing the recent acquisition of Irish company CR2 by Moroccan group HPS as a sign of strengthening ties. Other sectors flagged for future collaboration include smart cities, AgriTech, construction, industry, and tourism. Corbett also praised Morocco's strategic investments in infrastructure, education, and innovation, and highlighted CFC's strong talent pool, bilingual workforce, and unique access to both African and European markets. «Casablanca Finance City, like Sandyford Business District, is guided by a clear vision for long-term growth», Corbett said. «Though we're at different stages of development, our shared values will help us learn from one another and build thriving, investment-ready districts».
