Casablanca financial hub’s fortunes tied to national economic strategy

Casablanca financial hub’s fortunes tied to national economic strategy

The white lattice tower of Casablanca Finance City — the zone intended to become Morocco’s economic capital — was the only one on the skyline in 2019. And it remains the only completed building there. But it has since been joined by a host of cranes and half-built residential and commercial blocks.

Located on the site of the old city airport, the CFC was launched in 2010 to establish the country as a “gateway to Africa”, and to take advantage of its political and geographical proximity to Europe.

But, while 200 companies in sectors such as telecoms, infrastructure and transportation have now signed up to join the financial hub — with 35 already the tower — interest in the project has slowed as Covid-19 swept the globe, frustrating its medium-term ambitions.

In 2020, only 15 companies signed up for the CFC status, compared with 40 on average in previous years.

Morocco’s economy is still recovering from losses in 2020 and the bounceback so far has been led by external demand from the EU, especially for automobile and agri-industrial exports, according to Javier Diaz Cassou, an economist at the World Bank.

In addition to the impact of the pandemic, Morocco has also gone through legislative changes aimed