Investors betting on the economic promise of Africa should be looking to the north of the continent.

That’s according to the 2018 Africa Investment Index (AII) compiled by Quantum Global Research Lab, the research arm of a private investment group. Northern Africa dominates the top of the list, with Morocco, Egypt and Algeria taking up the top three positions respectively. Morocco’s emergence as the top investment destination, one place up from last year, is attributed to its “receptive business environment” and “low risk profile.” Egypt and Algeria score high marks for liquidity.

The index was released yesterday (March 26) on the sidelines of the Africa CEO Forum in Abidjan, Côte d’Ivoire. Mthuli Ncube, the managing director of the lab, said the AII is compiled by measuring six major factors—growth, liquidity, risk, business environment, demography and social capital—to “paint a picture of the investment attractiveness of countries in the medium term.” In contrast, he said, the World Bank’s “Doing Business” report focuses “too much on institutional factors.”

Botswana, fourth on the index, is the highest ranked country in sub-Saharan Africa, and scores highly in business environment and risk factor parameters.

Some of Africa’s leading commodity-based economies do not feature among the top draws. After periods of recession, Nigeria (ranked 14th) and Angola (ranked 19th) are only just starting to recover as the price of oil—their biggest exports—has rebounded after a two-year slump.