TheCityUK, the independent body responsible for promoting financial and professional services in the UK and overseas, will today add Casablanca in Morocco to its network of international financial centres. The signing of a new agreement between TheCityUK and the Moroccan Financial Board will assist the development of the securities and derivative markets; encourage education and training in the financial services sector; and help build an insurance and reinsurance sector that will benefit the wider African market.
Casablanca is the latest financial hub to join TheCityUK’s expanding network of international financial centres, which already includes Dubai, Moscow and Toronto. Further agreements with emerging centres will be announced over the next year.
Chris Cummings, Chief Executive of TheCityUK, said: "The recognition of Casablanca as a developing international financial centre is due to Morocco’s growth as a hub for financial and professional services in North Africa and francophone West Africa. TheCityUK and the Moroccan Financial Board share the common goals of ensuring the Moroccan financial services sector continues to be well regulated, transparent and competitive in a global market.
“This agreement will further strengthen our relationship and provide export opportunities for businesses in both nations. As a leading financial hub, Casablanca will also help to open up opportunities for businesses across the whole of North Africa."
Said Ibrahimi, Chief Executive of Moroccan Financial Board, said: “Casablanca Finance City will help British businesses and financial institutions to access growth in North and West Africa at a time when developed economies, particularly in the eurozone, are seeking new opportunities. Through collaboration with TheCityUK and other financial centres around the world we can help investors access untapped potential in an emerging Africa.”
Alderman David Wootton, Lord Mayor of the City of London and President of TheCityUK’s Advisory Council, said: “This Memorandum of Understanding will help Casablanca Finance City develop as a crucial gateway between the important North and West Africa regions and the rest of the world and, in doing so, will help underpin growth and development there. It is another example of how the City of London Corporation and TheCityUK are working in partnership; this exciting Casablanca project now joins similar programmes in Toronto and Moscow – all opening up opportunities for further bilateral trade.”
TheCityUK is working to create export opportunities for UK businesses in key markets across the globe. TheCityUK also encourages the best overseas companies to select the UK as their global partner of choice. As part of this approach, TheCityUK is forming a series of agreements with financial hubs around the world, all of which offer access to wider geographic areas.
Chris Cummings added: “The tie up with Casablanca forms a key part of our international financial centre strategy. Our agreement with Moscow has already created opportunities for a number of our law firms in Russia and the Commonwealth of Independent States (CIS). Similarly, UK firms are beginning to reap the benefits of our tie-up with Dubai announced earlier this year.”
The signing of the agreement coincides with a visit to London by a Moroccan delegation drawn from senior and executive representatives in banking, insurance, capital markets, asset management, stock broking practitioners and regulators.
