The FINANCIAL -- London Stock Exchange Group (LSEG) on April 6 announces that its successful business development programme, ELITE, has been launched by Casablanca Stock Exchange (CSE) in Morocco. CSE has unveiled 12 ambitious Moroccan companies joining the ELITE programme, which also marks the first launch of the ELITE model in partnership with another exchange.
The 12 Moroccan companies represent a diverse range of sectors, from technology to retail. Please see the full list below. They will start their ELITE journey with the support of Moroccan business school, ISCAE and meet Moroccan advisors and investors. The Moroccan ELITE companies will eventually join the full pan-European ELITE community, where they will be able to share news, expertise and create a network of contacts with over 320 existing ELITE participants, 180 advisors and 90 investors, according to London Stock Exchange.
Over the past nine months, a dedicated LSEG ELITE support team have shared their knowledge of ELITE with CSE representatives, guiding them on how best to implement the programme and promote the ELITE brand locally. The LSEG team will continue to work closely with CSE throughout the training of the first Moroccan ELITE cohort.
The launch comes after the signing of a collaboration agreement between LSEG and CSE in 2015, to introduce ELITE in Morocco. This follows an earlier strategic partnership signed in 2014 before His Majesty the King, Mohammed VI, King of Morocco, to help position Casablanca’s capital markets as a regional financial hub.
Xavier Rolet, Chief Executive, London Stock Exchange Group:
“ELITE is already a highly successful European programme and I’m delighted that from today, as a result of the strength of our partnership with CSE and LSEG’s open access philosophy, Moroccan SMEs will benefit from ELITE. Today’s launch is also testament to Casablanca Stock Exchange’s commitment to supporting Moroccan SMEs and marks a significant milestone for LSEG: the first time our ELITE model is launched in partnership with another exchange.
“LSEG is passionate about supporting high growth SMEs. These firms have the unique capacity to innovate, create new jobs and ultimately drive economic prosperity. In Morocco, ELITE has the potential to support the country’s emergence as a regional economic powerhouse and I warmly welcome the Moroccan companies joining ELITE today.”
Karim Hajji, CEO of Casablanca Stock Exchange, said:
“We are delighted that our strong partnership with LSEG is bringing tangible benefits to our companies through the launch, for the first time outside Europe, of the ELITE programme. At CSE, we are totally committed to supporting SMEs, which are the backbone of our economy; they contribute more than half of the jobs and drive innovation and prosperity across Morocco. We are proud to welcome some very promising companies to the first Moroccan ELITE cohort and look forward to helping them acquire the tools that will ultimately enable them to access the capital markets.”
The Casablanca Stock Exchange is one of the most developed markets in Africa with a market capitalization of 486 billion Dh (at the end of March), which represents 54 per cent of Morocco's GDP. More than 31 per cent of the capitalization is owned by foreign investors. 75 listed companies achieve a turnover of 250 billion Dh, which is 27 per cent of the GDP, and generate nearly 23 billion Dh net income.