Casablanca Finance City Attracts Interest From Arabian Gulf
13 Jun, 2012, 10:26 BST
DUBAI, UAE, June 13, 2012 /PRNewswire/ --
Casablanca Finance City, a financial centre designed to act as a catalyst for growth in north and west Africa, is attracting growing interest from companies from around the world. Amongst those realising the potential is the renowned Abu Dhabi-based asset manager Invest A.D. who recently obtained a license.
Casablanca Finance City will offer specific advantages to businesses operating in financial services, professional services and insurance, and to regional headquarters of international businesses. It will build on the live ecosystem of international businesses that are already taking advantage of Morocco's strategic location in Africa and using the country as a regional hub. In fact, many of the more than 2,500 international businesses already present use Morocco as a springboard to access opportunities in the wider region.
The Moroccan Financial Board, which is responsible for running Casablanca Finance City, held a seminar in Dubai this week that attracted over 30 senior executives from UAE-based insurance companies, asset managers, banks and other finance firms.
Said Ibrahimi, Chief Executive of the Moroccan Financial Board, and keynote speaker at the seminar, said:
"It has been encouraging to see strong interest from companies in the Arabian Gulf. North and west Africa has a prosperous future and Casablanca Finance City is well placed to help investors to access opportunities in the region and beyond by acting as a hub city. In investment terms much of this region is uncharted territory and, by providing a gateway, Casablanca Finance City can help investors to participate in Africa's exciting transformation."
Casablanca Finance City is pioneering a more collaborative way African countries can work together to grow sustainably. The financial centre is designed to aggregate opportunity, remove traditional barriers to investment and give investors the economies of scale they need to take full advantage of growth potential in "Greater North West Africa" (GNWA) region.
Through an ecosystem of international business, financial institutions and professional services, Casablanca Finance City will keep dealings with diverse African markets as simple and economical as possible, supporting the ambitions of investors and GNWA countries.
Invest A.D., which manages funds investing in the Middle East and Africa, is establishing an office in Casablanca to improve access to key markets in the region, including Nigeria, Morocco, and Tunisia.
Nazem Fawwaz Al Kudsi, Chief Executive Officer at Invest A.D., said:
"Global institutional investors are looking to deploy more capital in Africa, and want asset managers with on-the-ground expertise. We believe Casablanca is an excellent base in Africa because of its geographical position, stability and its fast developing ecosystem of international financial institutions."
Notes to editors
About the Moroccan Financial Board
The Moroccan Financial Board, a company made up of a public-private partnership between significant figures of the financial sector, is responsible under the law 44-10 relative to 'CFC Status' for the global running and institutional promotion of Casablanca Finance City. Casablanca Finance City aims to make Casablanca a regional hub of the financial profession and a preferential gateway to African countries, in particular to the countries of North, West and Central Africa.
Press Contact
Casablanca Finance City
Fatim-zahra Saadani
Tel. : +212-5-20-30-03-80
Fatim-zahra.Saadani@mfboard.com
SOURCE Casablanca Finance City