Abu dhabi: H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, recently met with Georges Elhedery, Group CEO of HSBC Holdings, at the Dubai International Financial Centre (DIFC).
According to Emirates News Agency, the meeting focused on the UAE’s evolving financial sector, highlighting its transformation through partnerships with global institutions, innovation, digital integration, and advanced technologies. H.H. Sheikh Maktoum emphasized the UAE’s robust infrastructure, governance, regulations, and business-enabling services, which offer a conducive environment for global entities like HSBC to expand their market presence.
The discussion also covered HSBC’s regional operations, expansion strategy, and the opportunities arising from Dubai’s emergence as a global financial hub. Sheikh Maktoum remarked on Dubai’s appeal to international financial institutions seeking a dynamic and innovation-driven setting, noting that partnerships with leading banks like HSBC are in line with Dubai’s vision of building a resilient and growth-oriented financial ecosystem. This vision aligns with the Dubai Economic Agenda D33, aiming to double the city’s GDP and secure its position among the world’s top urban economies and financial hubs by 2033.
HSBC has been involved in the UAE’s financial development since 1946, currently employing over 3,000 people in the region and operating its Middle East headquarters from the DIFC. The bank’s recent opening of a 24,000 sq ft wealth center in Dubai marks its largest investment in International Wealth and Premier Banking in two decades.
With a global customer base exceeding 41 million across 57 markets, HSBC plays a crucial role in advancing international trade and investment through Dubai and the UAE, pivotal nodes in the bank’s global network. HSBC Holdings PLC reported a record profit before tax of $32.3 billion in 2024.
The meeting was attended by key figures, including Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism; and Essa Kazim, Governor of the Dubai International Financial Centre (DIFC).