HSBC sees growth in Middle East

HSBC, one of the leading international banks, is witnessing increased interest from its clients to invest in the Middle East due to the flourishing trade corridor between the region and China. Stephen Moss, HSBC’s regional CEO for the Middle East, North Africa, and Turkiye, made this claim during the bank’s International Connections event held at its headquarters in the UAE. Moss identified trade, investment, and tourism as key areas of growth, emphasizing that the Gulf Cooperation Council’s trade with China exceeded its commerce with the US and the euro-area combined in 2021.

Saudi Arabia has been at the forefront of bolstering ties with China, with Chinese President Xi Jinping visiting the Kingdom on an official visit in December 2022. Reflecting on HSBC’s expanding relationship with the Middle East, Moss stated that the region’s ambitious economic transformation programs, coupled with China’s pro-growth policies, provide significant opportunities for clients in sectors such as international trade, investment, tourism, technology, infrastructure, and energy transition. HSBC’s extensive heritage, strong relationships in the UAE and China, and its global network covering over 90% of global GDP, trade, and financial flows position the bank as a leader in connecting clients to promising growth and investment prospects worldwide.

HSBC recently hosted a briefing attended by Zhang Yiming, China’s ambassador to the UAE, and a senior delegation from a business council representing both countries. The event brought together over 100 representatives from Chinese enterprises with operations and interests in the Middle East, North Africa, and Turkiye region. Zhang highlighted the significant potential for further cooperation between China and the UAE, with Chinese companies demonstrating a keen interest in expanding into Middle Eastern markets. Efforts are being made to encourage more Chinese firms to invest and establish businesses in the region.

With a presence in nine countries in the MENAT region, HSBC is the largest and most widely represented international banking organization in the area. In Saudi Arabia, the bank holds a 31% stake in Saudi British Bank and a 51% stake in HSBC Saudi Arabia for investment banking. The bank’s strong position and extensive network in the region enable it to facilitate and support the growing business and investment activities between China and the Middle East.