Sheikh Maktoum bin Mohammed and HSBC chairman discuss bank’s expansion plans

Dubai is enhancing the soft and hard infrastructure to accelerate digital transformation in the financial sector, Sheikh Maktoum says

Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai during a meeting with Mark Tucker, group chairman of HSBC Holdings at the Ruler's Court in Dubai. PhotShow more

Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai and the Chairman of HSBC Holdings, discussed the global banking conglomerate’s plans to expand its operations in the region from its base in Dubai.

New opportunities for banking and financial companies resulting from the growing UAE market and wider region were also discussed.

Sheikh Maktoum met Mark Tucker, group chairman of HSBC, at The Ruler’s Court in Dubai on Tuesday, according to a statement from the Dubai Media Office.

Dubai is exploring ways to work with the banking and finance companies to help advance the industry, Sheikh Maktoum said during the meeting.

Dubai government is committed to further enhancing supportive regulations and the business ecosystem, as well as its enabling services and infrastructure to help global banking and financial companies to thrive in an evolving market.

In 2019, HSBC, Europe’s largest lender opened its $250 million Middle East headquarters in Dubai, which houses 3,000 employees. It opened its first branch in the emirate in 1946.

As part of this effort, Dubai is enhancing the soft and hard infrastructure to accelerate digital transformation in the sector and provide a conducive environment for new financial technologies to develop, Sheikh Maktoum said.

Dubai took the top spot globally for attracting foreign direct investment projects in 2021 and was ranked second in terms of attracting corporate headquarters as the emirate’s economy continues to rebound from the coronavirus pandemic.

As the tourism and commercial centre of the Middle East, Dubai attracted 418 greenfield FDI projects during the period, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the emirate's Executive Council, said last month.

In total, Dubai drew 618 FDI projects in 2021, including greenfield as well as reinvestment projects and other forms of investment, with the value of FDI capital flows into the emirate estimated at Dh26 billion ($7bn), up 5.5 per cent from the previous year.

Dubai also adopted the first law in the emirate that regulates virtual assets as it continues to support the growth of the digital economy.

During the meeting, Mr Tucker said Dubai continues to provide HSBC with the ideal base to serve its clients and tap growth avenues across the region.

He also said the UAE represents one of HSBC’s major growth markets across the world, and the bank is committed to boosting its investments in the country.