Casablanca Finance City (CFC), often dubbed the “Wall Street of Morocco,” is rapidly becoming a gateway for entrepreneurs and multinational corporations looking to establish a foothold in Africa, according to an article published on Tuesday by French outlet Le Figaro.
Founded in 2010, CFC is a thriving hub in the heart of Casablanca. Its modern infrastructure and skyscrapers have drawn startups, multinationals, banks, insurers, and investment funds. CFC currently hosts 225 companies operating across 115 countries, including 50 in Africa.
Casablanca has earned its spot as Africa’s top financial center, surpassing Kigali and Johannesburg in rankings by the Global Financial Centers Index, Le Figaro wrote.
In December, the city welcomed 1,200 industry leaders during the fifth Africa Finance Summit (Afis).
With Africa poised to become a key driver of global economic growth, Casablanca positions itself as a prime business hub. The International Monetary Fund (IMF) predicts that by 2025, 70% of African households will enjoy purchasing power exceeding USD 5,000 annually. This trend has fueled CFC’s appeal to companies seeking access to the continent’s rising middle class.
Political support has played a significant role in CFC’s rise. King Mohammed VI’s 2014 speech in Abidjan at an economic forum and Morocco’s rejoining the African Union in 2017 have boosted the country’s efforts to deepen its economic ties with the continent.
According to Morocco’s Ministry of Economy and Finance, Moroccan investments in Africa surged from USD 100 million in 2014 to over USD 800 million in 2021. Currently, 43% of Morocco’s foreign direct investment targets African countries.