Sheikh Maktoum Meets HSBC CEO to Boost Financial Ties

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, met with Georges Elhedery, Group CEO of HSBC Holdings, one of the world’s largest banking and financial services organizations. The meeting took place at the Dubai International Financial Centre (DIFC), one of the region’s most important global financial hubs. Their discussion focused on strengthening cooperation between Dubai and HSBC and exploring new opportunities for partnership in the financial sector.

During the meeting, Sheikh Maktoum highlighted that the UAE’s financial sector is undergoing a new phase of transformation. This progress, he said, is being powered by innovation, digital integration, advanced technologies, and collaborations with world-leading financial institutions. The UAE’s strong infrastructure, modern regulations, transparent governance, and business-friendly environment are helping it attract major international banks and financial organizations. Sheikh Maktoum emphasized that such conditions create a fertile ground for global players like HSBC to expand their market presence and support the UAE’s growing financial ecosystem.

Sheikh Maktoum and Georges Elhedery also discussed HSBC’s regional operations, expansion strategies, and future plans. They reviewed the increasing opportunities emerging from Dubai’s rise as a global financial hub and how HSBC can continue contributing to this growth. The Group CEO reaffirmed HSBC’s commitment to the UAE, praising Dubai’s stability, advanced regulatory systems, and digital infrastructure that make it a natural destination for global finance. Both leaders agreed that innovation, technology, and sustainability would play a key role in shaping the next chapter of financial development in the region.

Sheikh Maktoum stated that Dubai remains a preferred destination for leading international financial institutions, offering a trusted, dynamic, and innovation-driven environment. He added that strategic partnerships with top banks like HSBC reflect Dubai’s long-term vision to build a strong, resilient, and growth-friendly financial ecosystem. This commitment aligns with the Dubai Economic Agenda D33, which aims to double the city’s GDP and place it among the world’s top three urban economies and top four financial hubs by 2033.

HSBC has a long history in the UAE, dating back to 1946, when it opened its first branch in Dubai. Since then, the bank has played a major role in supporting the country’s financial and economic development. Today, HSBC employs over 3,000 people in the UAE and operates its Middle East headquarters from the DIFC. The bank continues to expand its services and investments in the region, strengthening its presence in Dubai’s fast-growing financial landscape.

Recently, HSBC inaugurated its first-ever wealth centre in the Middle East, located in Dubai. Spanning 24,000 square feet, the new facility represents HSBC’s largest investment in its International Wealth & Premier Banking business in over two decades. This major step highlights Dubai’s importance as a regional financial centre and underlines HSBC’s confidence in the UAE’s long-term economic prospects. The centre is expected to cater to the needs of local and international clients, further enhancing Dubai’s status as a global wealth management hub.

Globally, HSBC serves more than 41 million customers across 57 markets, facilitating international trade, investment, and cross-border financial flows. Dubai and the UAE serve as key strategic hubs within HSBC’s worldwide network. The bank reported a record profit before tax of $32.3 billion in 2024, marking one of its strongest financial performances. This success reflects HSBC’s global strength and its ability to adapt to changing market conditions through innovation and strategic partnerships.

The meeting was also attended by several senior UAE officials, 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 the DIFC. Their presence underscored the UAE’s commitment to strengthening ties with international financial institutions and promoting a collaborative approach to global finance.

The discussions between Sheikh Maktoum and the HSBC CEO support Dubai’s goal to continue building a world-class financial centre that promotes innovation, efficiency, and sustainability. By deepening relationships with trusted international institutions, Dubai aims to attract more global investors, enhance competitiveness, and accelerate economic diversification. Sheikh Maktoum’s meeting with HSBC is another example of how Dubai combines visionary leadership with strong partnerships to achieve long-term growth and stability in the financial sector.

The meeting between Sheikh Maktoum and Georges Elhedery marks another significant step in the UAE’s journey toward becoming a global financial powerhouse. Through collaboration with leading banks like HSBC, Dubai is setting new benchmarks for innovation, governance, and financial excellence. As the city continues to implement its D33 economic goals, partnerships like this one will help ensure sustainable growth, international connectivity, and lasting prosperity for the region.