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CASABLANCA FINANCE CITY

Your Gateway to Africa’s Potential

CFC Presentation

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Presentation

AFRICA IS ARISING AS THE WORLD’S FASTEST GROWING CONTINENT WITH

TREMENDOUS OPPORTUNITIES

3 out of 4 newborns in 2100 will be African

24 African countries will grow at a CAGR of at least 5% by

2030

70% of African households will have a purchasing power

higher than $50001 in 2025

Massive infrastructure needs: ~$90 billion dollars/year until

2020

Booming working age population Increasing urbanisation:

100 African cities with over 1 million inhabitants in 2025

Namibia

Malawi

Zimbabwe

South Africa

Lesotho

Swaziland

Zambia

Angola

Tunisia

Algeria

Morocco

Guinea Bissau

Mauritania

Chad

NigerEritrea

Central

African

Republic

Nigeria

Mali

Senegal

Liberia

Togo

Cameroon

Somalia

DjiboutiGambia

Sierra Leone

Guinea

Ivory

Coast

Benin

DRC

Gabon

Burkina

Ghana

Equatorial

GuineaRwanda

Mozambique

Burundi

Madagascar

Kenya

Comoros

Sudan

Ethiopia

Uganda

EgyptLibya

Congo

Tanzania

Botswana

Casablanca

1: In purchasing power parity

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MOROCCO HOLDS A STRONG POSITION AS A HUB, THANKS TO ITS:

STRATEGIC ADVANTAGES

• Political stability

• World class infrastructure

• Air connectivity

• Privileged geographical position

DISTINGUISHED ECONOMIC FUNDAMENTALS

• Macroeconomic stability

• Investment grade

• Free trade agreements giving

access to a market of more than

one billion consumers

STRONG PRESENCE IN AFRICA

• Several Moroccan companies rooted

in Africa

• Strong financial sector

• Multisectoral experience

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... for 4 types of

categories

Centralised access

to African

countries

International

firms

African

countries

Casablanca

Finance City

Privileged access

to international

decision makers

Regional

Headquarters

of multinationals

(HQ)

Financial

Institutions (FI)

Professional

Services (PS)

WHAT IS THE AIM OF CASABLANCA FINANCE CITY (CFC)?

Casablanca is acting as a Hub...

Holdings

To qualify for the CFC status, companies need to have a regional footprint, belong to one of the 4 categories, and comply with Moroccan regulations

CFC’S VALUE PROPOSITION

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DOING BUSINESS ATTRACTIVE COST STRUCTURE

DYNAMIC BUSINESS ECOSYSTEM

DOING BUSINESS INCENTIVES

Facilitating people flow and

exchange control

No restriction on the hiring of foreign employees;

Free management of assets in foreign currencies from foreign sources;

Unrestricted transfer of management and technical assistance fees

within the group.

Fast-track administrative

process

An accelerated administrative procedure for company setup

formalities within 48 hours;

Simplified procedures for « business » visas, foreign employment

contracts, and residency permits.

Justice

Set up of the Casablanca International Mediation & Arbitration Center

(CIMAC) for the CFC ecosystem as well as for African companies in the

region;

Dedicated chambers at Casablanca’s Tribunal of Commerce de

Casablanca for CFC companies.

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Corporate tax

TAX INCENTIVES

• Net taxable profits* fromforeign sources:

First 5 years: No tax After 5 years: 8.75%

Financial Institutions, Holdings, & Professional

Services

Exemption from registration fees on: Company set-up Capital increase

+

Personal Income tax

• All CFC employees have thechoice between:

Option 1: 20% Flat rate on personal

income tax for employeesduring the first 5 yearsafter arrival

After 5 years: Standardtaxation

Option 2: Standard taxationfrom the 1st year

• Maximum between:

0.5% of operatingexpenses

10% of adjusted profitbefore tax

Regional Headquarters & Rep. Offices

*: excluding interest income taxed at 30%

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A COMPREHENSIVE ECOSYSTEM: UNIQUE LIFESTYLE AND WORKING

ENVIRONMENT IN AFRICA

• The CFC area, 100ha central axis within Casablanca - Anfa (~ 350 ha)

• 50ha dedicated to a park area

• A high quality real estate offer

• An attractive living environment & lifestyle Mixed use of space: offices, retails,

residential Extensive green spaces Cultural, social and sports infrastructures Availability of health and education

centers High standard security system

• Strong connection to transport 2 tramway stations

1 high-speed train station (TGV) Significant road connections to: airport,

city centre, residential areas, other cities such as Rabat, El Jadida, or Marrakech

CFC’S PARTNERSHIPS AROUND THE WORLD

IMPROVING DOING BUSINESS IN THE REGION

Cooperation agreements with

other financial centres

South-South partnerships

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Casablanca

Mauritius

Singapore

LuxembourgLondon

Montreal Paris

Senegal

Ivory Coast

Congo

Cameroun

Burkina Faso

GuineaTogo

Rwanda

Madagascar

Tanzania

Ghana

Zambia

NigeriaMali

DYNAMIC ECOSYSTEM: MORE THAN 120 COMPANIES

BENEFITING FROM THE CFC STATUS

SOME EXAMPLES …

BANKING & INSURANCE

CONSULTING & LAW FIRMS

ASSET MANAGEMENT & PRIVATE EQUITY

OTHER MULTINATIONAL CORPORATIONS

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CASABLANCA, 1ST BUSINESS & FINANCIAL HUB IN AFRICA

London (1)

Shanghai (13)

Hong Kong (4)

Singapore (3)

Zurich (11)

Tokyo (5)

Toronto (10)

Frankfurt (23)

Seoul (24)Beijing (16)

Luxembourg (18)

Melbourne (21)

Dubai(25)

Doha (39)

Stockholm (46)

Mexico City (73)

Lisbon (78)

Johannesburg (59)

Maurice (71)

Mumbai (63)

New York (2)

Sydney (8)

Boston (9)

San Francisco (6)

Chicago (7)

Montréal (14)

Vancouver (17)

Tel Aviv (32)

Istanbul (66)

Casablanca (30)

Moscow (85)

Source: Global Financial Center Index, March 2017

Rio de Janeiro (73)

Sao Paulo (62)

British

Virgin Islands (51)

Riyadh(76)

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Appendices

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APPENDIX 1: KEY MILESTONES

2010 2018

• CFC law passed

• Tax incentives

for CFC

institutions

passed by law

(Finance Act,

Jan 2011)

• CFC decree

published

• First CFC statuses

granted

• First offices available

• CFC companies to move

to CFC office spaces

• Institutional

partnership signed

between CFCA and

Singapore

...

Continuous support to CFC companies

2011 2012

• Partnerships signed

with Luxembourg For

Finance and the

CityUK

2014

• CFC in the GFCI

• Africa 50 fund in CFC

• Partnership signed

with the Board of

Investments of

Mauritius

2013

• Partnership signed

with Paris Europlace

2015

• Partnership signed

with Finance

Montreal

• More than 100

companies part of

the CFC ecosystem

2016

• CFC ranked 1st

financial centre in

Africa since 2016

• A robust south-south

partnerships network

with ~15 APIs in Africa

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Public Private

• Bank Al Maghrib (BAM)

• Ministry of Economy and

Finance

• Casablanca Local Authorities

• Caisse de Dépôt et Gestion

(CDG)

• Banque Centrale Populaire

(BCP)

• Attijari Wafabank (AWB)

• BMCE Bank

• Casablanca Stock Exchange

(CSE)

• Maroclear

• Insurance federation

Steering committee

Casablanca Finance City Authority

Mission

• Define the “development strategy” for CFC

• Establish an attractive and competitive value

proposition for Morocco and CFC

• Drive new reforms to ensure a continuous

competitiveness of the offering

• Supervise and manage the real estate aspect of the

project

• Promote and advertise CFC to institutions and investors

• Advise and accompany CFC companies

"AUDA“

(CDG subsidiary) :

developer

CDG

• MoU

• Operational

Coordination

Government bodies involved

in the project

• Foreign Affairs Ministry

• Ministry of Justice

• Ministry of Interior

• Ministry of Equipment and

Transport

• Ministry of Trade and

Industry

• Ministry of Employment

• Ministry of General Affairs

• Ministry of Education

• General Secretariat of

Government

CFC commission

Presided by the Minister of

Economy and Finance

• Treasury and External

Finance Director (DTFE)

• Department of Insurance

and Social Welfare Director

(DAPS)

• One representative of the

Central Bank (BAM)

• CEO of the Moroccan

Capital Markets Authority

(AMMC)

• Two representatives of CFC

Authority, including the

CEO

APPENDIX 2: CFC – KEY STAKEHOLDERS

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APPENDIX 3: MOROCCO CONCLUDED MORE THAN

50 DOUBLE TAX TREATIES

Spain

Swiss

UK

Ukraine

• 9 with the Middle East Bahrain

Jordan

Kuwait

Lebanon

Oman

Qatar

Syria

Turkey

UAE

• 2 with North America Canada

USA

1. Other conventions signed in the process of being ratified: Burkina Faso, Cameroun, Guinea Bissau, Mauritius, Sao Tomé &Principe, Ethiopia, and Rwanda

2. Algeria, Libya, Mauritania, Tunisia

• 27 with Europe Austria

Belgium

Bulgaria

Czech Republic

Croatia

Denmark

Finland

France

Germany

Greece

Hungary

Italy

Ireland

Latvia

Luxemburg

Macedonia

Malta

Netherlands

Norway

Poland

Portugal

Romania

Russia

• 7 with Africa - others being

signed or ratified1

Arab Maghreb²

Egypt

Senegal

Gabon

Ivory Coast

Guinea Conakry

Mali

• 8 with Asia China

India

Indonesia

Malaysia

Pakistan

Singapore

South Korea

Vietnam

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APPENDIX 4:

MOROCCO CONCLUDED FREE TRADE AGREEMENTS COVERING OVER 50

COUNTRIES IN US, EUROPE, MIDDLE EAST AND AFRICA

Another agreement has been

signed and is in the process

of being ratified with the West

African Economic and

Monetary Union, including the

following countries:

1. Benin

2. Burkina Faso

3. Ivory Coast

4. Guinea-Bissau

5. Mali

6. Niger

7. Senegal

8. Togo

Algeria

Austria

Bahrain

Belgium

Bulgaria

Cyprus

Czech Republic

Denmark

Egypt

Estonia

Finland

France

Germany

Greece

Hungary

Iceland

Iraq

Ireland

Italy

Jordan

Kuwait

Latvia

Lebanon

Libya

Liechtenstein

Lithuania

Luxembourg

Malta

Netherlands

Norway

Oman

Palestine

Poland

Portugal

Qatar

Romania

Saudi Arabia

Slovakia

Slovenia

Spain

Sudan

Sweden

Syria

Tunisia

Turkey

United Arab Emirates

United Kingdom

United States

Yemen

APPENDIX 5: DIRECT CONNECTIONS FROM CASABLANCA TO 32 DESTINATIONS

IN AFRICA

Note: domestic destinations are not included

... & 32 cities

• Abidjan

• Accra

• Algiers

• Bamako

• Bangui

• Banjul

• Bissau

• Brazzaville

• Cairo

• Conakry

• Cotonou

• Dakar

• Douala

• Freetown

• Kinshasa

• Lagos

• Libreville

• Lome

• Luanda

• Malabo

• Monrovia

• Nairobi

• Ndjamena

• Niamey

• Nouakchott

• Ouagadougou

• Pointe Noire

• Praia

• Sal Island

• Tripoli

• Tunis

• Yaoundé

Connections to 29 countries...

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Seychelles

RwandaBurundi

United Republic of Tanzania

CentralAfrican Rep.

Djibouti

Eritrea

SudanChad

Niger

Libya

Burkina

Faso

Tunisia

Morocco

Benin

Mali

Ghana

Togo

Guinea

Mauritania

Ivory CoastLiberia

Sierra Leone

Cameroon

Equatorial

Guinea

Guinea-BissauGambia

Senegal

Cape Verde

Congo DRC

Gabon

Namibia

MalawiZambia

Zimbabwe

South

Africa

Lesotho

Botswana

Mozambique

Swaziland

Mauritius

Angola

Egypt

Ethiopia

Kenya

Madagascar

Nigeria

Réunion

Somalia

Uganda

Algeria

Casablanca

Already operational

To be operational soon

(Johannesburg)

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Between 3 to 5 hours flights

Less than 3 hours flights

Montreal

New York

São Paulo

Dubai

Moscow

(6h30)

(7 h)

(8h)

(5h30)

Luanda(7 h)

Dakar

Abidjan

Libreville

Accra Lagos

Cairo

London

Paris

MadridMilan

Lisbon

CFC

Frankfort

(9h)

APPENDIX 6: MOROCCO IS AT THE CROSSROADS OF THE CONTINENTS

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APPENDIX 7: FINANCIAL SECTOR LEADERSHIP IN AFRICA

WITH A PRESENCE IN 34 COUNTRIES

Algeria

Morocco

ChadNiger

Eritrea

CAR

Nigeria

Mali

Senegal

TogoCameroon

Somalia

Djibouti

Guinea

Ivory

Coast

DRC

Gabon

Burkina

Faso

Ghana

Equatorial

Guinea

Tanzania

Mozambique

MadagascarNamibia

Kenya

Malawi

ZimbabweComoros Mauritius

Sudan

South Africa

Lesotho

Swaziland

Zambia

Angola

Ethiopia

EgyptLibya

Congo

Botswana

Uganda

• Mali• Burkina Faso• Ivory Coast

Tunisia

Niger

• Gabon• Cameroon

Congo

• Togo

• Liberia

• Ghana

• Madagascar

• Kenya• DRC• Uganda• Burundi• Tanzania

Benin

Angola

• Kenya• Mauritius

Mauritania

Guinea

• Mauritania• CAR

Senegal

Libya

• Djibouti• Ethiopia

A deeply rooted financial sector, with 4 major national players strongly committed to Africa

Egypt

Rwanda

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APPENDIX 8: CFC APPLICATION PROCESS*

Official application

Step 1

Step 5

Step 4

Application review within 45 days

Letter of intent

Assessment study by Casablanca Finance

City Authority

Creation of the entity (if applicable)Step 3

License (if applicable)Step 2

CFC Status granted

*: The procedure and documentation required for the CFC application process can be found on our site

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Casablanca Finance City AuthorityAngle avenue des Tilleuls et allée des Abricotiers

Quartier Hippodrome, Casablanca-MarocTél : +212 5 20 30 03 82 – Fax: +212 5 20 30 03 82

contact@cfca.ma – www.casablancafinancecity.com