Casablanca Finance City increases focus on African business growth

Morocco is positioning itself as a prime destination for investors, thanks to a robust legal and financial framework, according to Abdelghani Lakhdar, Secretary General of the Casablanca Finance City Authority during  a meeting with the press held at the headquarters of the Financial Hub Authority in Casablanca

The country’s financial watchdogs are closely monitoring investments, particularly those from multinational corporations eyeing the African market, he said.

Lakhdar highlighted Morocco’s commitment to international financial standards, assuring that the country has a clean record in terms of financial supervision but he acknowledged recent tax reforms to align the country’s practices with global norms.

While Morocco has made strides in creating a conducive business environment, the culture of arbitration and mediation still lags, with most companies opting for legal proceedings in case of disputes.

To boost investment and sustain business growth, the Casablanca Finance City Authority is expanding its reach into Africa, with a new office in Dubai to attract multinational companies operating in the region.

The authority is also keen on maintaining Casablanca’s position as a leading financial hub in Africa, facing stiff competition from Johannesburg and Mauritius.

Factors such as business climate, regulations, talent pool, and infrastructure will be crucial in determining the city’s future success.