Maktoum Bin Mohammed Engages With HSBC Holdings CEO On Financial Sector Transformation In Dubai
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and UAE's Deputy Prime Minister and Minister of Finance, recently engaged with Georges Elhedery, Group CEO of HSBC Holdings. This meeting took place at the Dubai International Financial Centre (DIFC), highlighting the UAE's evolving financial landscape.
HSBC has been a key player in the UAE's financial sector since 1946, employing over 3,000 people in the country. The bank operates its Middle East headquarters from DIFC and recently launched its first wealth centre in the region, a significant investment in its International Wealth & Premier Banking business.
Sheikh Maktoum emphasised that Dubai remains attractive to international financial institutions seeking an innovative environment. He pointed out that partnerships with global banks like HSBC align with Dubai’s vision to create a resilient financial ecosystem. This strategy supports the Dubai Economic Agenda D33, aiming to double GDP and rank among top urban economies by 2033.
The UAE's financial sector is undergoing transformation through partnerships with global entities and advancements in digital integration and technology. Sheikh Maktoum highlighted that the country's robust infrastructure, governance, regulations, and business-friendly services offer fertile ground for global players like HSBC to expand their market presence.
HSBC plays a crucial role in facilitating international trade and investment flows through Dubai and the UAE. With over 41 million customers across 57 markets globally, HSBC continues to be instrumental in connecting international markets via its extensive network.
The meeting also covered HSBC’s regional operations and expansion plans amid Dubai’s emergence as a global financial hub. Sheikh Maktoum noted that these developments reflect Dubai’s long-term vision for growth and resilience in its financial ecosystem.
Record Financial Performance
In 2024, HSBC Holdings PLC reported an impressive profit before tax of $32.3 billion. This underscores the bank's strong performance and strategic importance within the global banking landscape.
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 DIFC.
This engagement between Sheikh Maktoum and Georges Elhedery highlights ongoing efforts to strengthen ties between Dubai’s financial sector and leading global institutions like HSBC.
With inputs from WAM
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