HSBC Opens First Middle East Wealth Management Centre in UAE
HSBC has launched its first wealth management centre in the Middle East, located in the UAE. This significant investment, the largest in two decades for its premier banking business, aims to cater to the increasing investment appetite of affluent investors globally.
Strategic Expansion in Dubai
The new 24,000 sq ft wealth centre began operations in Dubai on Tuesday. A team of approximately 90 relationship managers will serve the investment needs of high-net-worth individuals in the United Arab Emirates, a leading global destination for wealthy investors and entrepreneurs experiencing a growing influx of millionaires.
Focus on Asia and the Middle East
This investment aligns with HSBC's enhanced focus on both Asia and the Middle East, reflecting the bank's strategic priorities. The UAE is identified as a top priority market for the bank.
UAE Market Growth and Yuan Financing
"The UAE is one of the top priority markets for HSBC, where we make around US$1 billion in profit, and the growth opportunity is significant," said Mohamed Al Marzooqi, CEO of HSBC UAE. He also noted a growing demand for yuan financing in the region.
"To cater to the growing segment of internationally minded affluent customers, we made our biggest investment in our international wealth and premier banking segment in the last two decades," said Al Marzooqi.
UAE Businesses Confident in International Trade
Despite global geopolitical uncertainties, businesses in the UAE remain highly confident in their international trade prospects, according to HSBC's recent global trade pulse survey. These businesses are proactively investing in supply chains and increasing reliance on trade corridors within the Middle East, China, and Europe.
Key Trade Corridor Trends
The survey revealed that over 60% of respondents are increasing their reliance on the Middle East, followed by 47% on China and 43% on Europe. According to Al Marzooqi, tariffs have had a limited impact on the UAE-Asia-China corridor, instead accelerating investments in local production within the UAE.
Future Expansion Plans
Following the launch of the Dubai wealth centre, HSBC is considering further expansion within the UAE, including a potential location in Abu Dhabi, to further capitalize on the region's growing affluent market.
