Business

HSBC Middle East completes move to Dubai International Financial Centre

The unit’s head office had been located in Jersey since 1994.

The National staff

July 03, 2016

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  • Arabic

HSBC Bank Middle East (HBME) has confirmed the completion of its transfer to the Dubai International Financial Centre.

The unit’s head office had been located in Jersey since 1994, but will now be lead-regulated by the Dubai Financial Services Authority.

“As we look to the future, aligning our business and regulatory oversight geographically makes strong strategic sense,” said David Eldon, chairman of HBME.

“The DIFC and its independent regulator, the DFSA, combine to offer a world-class financial services centre. HSBC has operated certain businesses within the DIFC since 2006, so we know the jurisdiction and regulator well, and we look forward to developing our broader relationship with them.”

The relocation has no material impact on HBME’s business in the Mena region, the bank said in a statement.

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Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.

Tenants also require a letter of no objection from their landlord before being allowed to list the property.

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Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

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Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

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