Casablanca is the major economic hub of Morocco, located on the Atlantic Ocean, 80 km south of the capital Rabat. It is also the most populated city in the Kingdom, with approximately 3 million inhabitants, a large majority of which are young and active. Recently, the local authorities initiated the provision of incentives (tax as well as administrative) to attract investors and occupiers in the services, industrial and tourism sectors.
As part of this framework, several projects are expected to be developed in Casablanca through both the private and public sectors, which will reinvigorate the office, retail, residential and infrastructure offer of the city. After several years of work and contemplation, the Moroccan Central Bank (Bank Al-Maghrib) introduced the gradual floating of its currency (the dirham) in January 2018.
The band in which the dirham fluctuates against hard currencies will be increased to 2.5% (an increase from 0.3%) above or below the official rate. This is intended to boost competitiveness across the North African economies. It will also aid in establishing the country as a regional economic and business hub, and potentially positioning it as the gateway to Africa.
According to Oxford Economics, GDP in Morocco grew by 4% in 2017, primarily driven by increased domestic consumption and public investments.
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Author: Craig Plumb
Craig has over 20 years’ experience providing clients with quality advice on real estate market conditions in the UK, Asia Pacific and the Middle East. With a background in urban economics and spatial planning, he has particular expertise in the areas of property market research, development consultancy, transport related infrastructure projects and corporate real estate.
Since moving to the UAE in 2006, Craig has authored over 50 research reports on different aspects of the MENA real estate market. He has also provided market research and consulting services to major investor, developer and government clients and has appeared as an independent real estate expert before the Dubai International Arbitration Centre (DIAC).
Craig holds a Bachelor of Arts in Economics & Geography from Lancaster University and an M.Phil in Environmental Planning from Reading University (UK).