Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, met with Mark E Tucker, Group Chairman of HSBC Holdings, one of the world’s largest banking and financial services organizations, at The Ruler’s Court in Dubai on Tuesday. New opportunities for banking and financial companies resulting from the growing UAE market and wider region were also discussed.
Dubai is exploring ways to work with the banking and finance companies to help advance the industry, Sheikh Maktoum said during the meeting. The Dubai government is committed to further enhancing its supportive regulations and business ecosystem and its enabling services and infrastructure to enable global banking and financial companies to thrive in an evolving market. As part of this effort, Dubai is also enhancing the soft and hard infrastructure to accelerate digital transformation in the sector and provide a conducive environment for new financial technologies to develop, he added.
The UAE, he said, represents one of HSBC’s major growth markets across the world, and the organization is committed to further investing and growing its business in the country. Since opening its first branch in Dubai in 1946, HSBC has played a significant role in the UAE’s economic and social development. In 2019, HSBC opened its new $250 million Middle East headquarters in Dubai, which houses 3,000 employees.
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.
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 percent from the previous year.
The meeting was attended by H.H. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group; Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Mohammed Ibrahim Al Shaibani, Director-General of the Ruler’s Court of Dubai; Abdulla Al Basti, Secretary-General of Dubai Executive Council; Samir Assaf, Chairman of the Boards of HSBC Bank Middle East Limited and HSBC Middle East Holdings; and Abdulfattah Sharaf, CEO, HSBC Bank Middle East, UAE & International Markets.
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.
