Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, recently held a meeting with Georges Elhedery, the Group CEO of HSBC Holdings, one of the world’s largest financial services organizations. The discussion took place at the Dubai International Financial Centre (DIFC).
During their conversation, Sheikh Maktoum highlighted that the UAE’s financial sector is undergoing a major transformation, propelled by partnerships with global leaders, digital integration, innovation, and advanced technology. He emphasized that the country’s strong infrastructure, regulations, governance, and business-supportive environment offer an ideal platform for international players like HSBC to expand their operations.
Sheikh Maktoum and the HSBC CEO also reviewed the bank’s current operations in the region, its expansion plans, and the increasing opportunities created by Dubai’s growth as a major global financial center.
Sheikh Maktoum affirmed that Dubai consistently attracts international financial institutions due to its dynamic, trusted, and innovation-focused environment. He noted that key partnerships with banks such as HSBC demonstrate Dubai’s commitment to building a resilient, growth-oriented financial ecosystem. This strategy directly supports the Dubai Economic Agenda D33, which aims to double the city’s GDP and establish it as one of the top three urban economies and a top four global financial hub by 2033.
HSBC has been involved in the development of the UAE’s financial sector since it opened its first Dubai branch in 1946. Currently, it employs over 3,000 people in the UAE and bases its Middle East headquarters at the DIFC. The bank recently made its biggest investment in its International Wealth & Premier Banking business in over 20 years by opening its first Middle East wealth center, a 24,000 square foot facility in Dubai.
With more than 41 million customers across 57 global markets, HSBC plays a critical role in facilitating international trade and investment through the UAE and Dubai, a vital component of its global network. HSBC Holdings PLC reported a record pre-tax profit of $32.3 billion in 2024.
Notable attendees at the meeting included 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 DIFC.
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