RIYADH: The booming Middle East-China trade corridor is encouraging HSBC’s clients to invest in the region, one of the bank’s top executives has claimed amid a networking event held in the UAE.
Speaking to mark the International Connections event, held at HSBC headquarters in the UAE, Stephen Moss, the bank’s regional CEO for the Middle East, North Africa and Turkiye, highlighted sectors including trade, investment, and tourism as key growth areas.
His comments came as the Gulf Cooperation Council’s trade with China in 2021 surpassed commerce with the US and the euro-area combined for the first time.
Saudi Arabia has led the charge in boosting ties with the Asian economic giant, and welcomed Chinese President Xi Jinping to the Kingdom on an official visit in December 2022.
Reflecting on HSBC’s growing relationship with the Middle East, Moss said: “The Middle East is a growth region for the Group, and China’s pro-growth policies and the Middle East’s ambitious economic transformation programs offer significant opportunities for our clients across a broad range of sectors, whether in international trade, investment, tourism, technology, infrastructure or energy transition.
“Our long heritage and strong relationships in the UAE and China, and our international network covering more than 90 percent of global GDP (gross domestic product), trade and financial flows, put us at the forefront of connecting clients to some of the world’s most exciting growth and investment prospects.”
HSBC hosted Zhang Yiming, China’s ambassador to the UAE, as well as a senior delegation from a business council involving the two countries at the briefing, which was also attended by over 100 representatives from Chinese enterprises, with operations and interests across the MENAT region.
Zhang said: “As the UAE stands as China’s second-largest trading partner in the Arab world and the largest investment destination, there is significant potential for further cooperation between the two countries.
“Chinese-based enterprises have displayed keen interest in expanding into the UAE and Middle Eastern markets, and we aim to encourage even more Chinese companies to invest and start businesses in the region.”
HSBC is the largest and most widely represented international banking organization in the MENAT region, with a presence in nine countries: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkiye and the UAE.
In Saudi Arabia, HSBC is a 31 percent shareholder of Saudi British Bank, and a 51 percent shareholder of HSBC Saudi Arabia for investment banking in the Kingdom.
