HSBC’s new Dubai headquarters signals growth bid in the region

HSBC has announced the opening of its new headquarters in Downtown Dubai as it looks to grow its market share in the Gulf region.

HSBC UAE has put in place a three year-plan to grow its business and is open to beefing up assets as it looks to hit over a $1bn (Dh3.67bn) revenue target in the next three to five years, according to its chief executive.

The 20-floor free-hold tower, owned by HSBC, reflects the bank’s ambitions in the UAE, it said in a statement.

Abdulfattah Sharaf (pictured), group general manager of HSBC Bank Middle East, said: “HSBC has played a significant role in the development of the UAE, contributing economically and socially across seven decades since opening Dubai’s first bank in 1946.

“The new head office will enable us to build on that legacy, setting new standards for our people, changing the way we work and sharpening our focus on customers. Flexible working is an emerging concept in the region and we are setting the standards with the group’s first ‘smart’ office in the Middle East.”

HSBC UAE said it aims to develop a culture of innovation in preparation for a digital future and an innovation lab will provide an environment for employees to test and develop ‘proof of concept’ by partnering with fintechs and universities in the region.

Banks in the UAE, and the broader economic bloc of the GCC, found it difficult to sustain the same pace of asset growth and profitability due to a softer economic environment amid a three year oil slump. However, Sharaf told local media outlet The National the time is right for HSBC to follow its three-year plan, with growth targeting all business segments: retail, commercial and investment banking.

Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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