HSBC doubles down on the UAE on 80th anniversary

As HSBC marks 80 years of continuous operations in the UAE today, it has announced it will open its second wealth centre in the UAE, in Abu Dhabi, later this year.

“Last year we opened the first wealth centre, the largest in the region, in Dubai, and later this year we will open another in Abu Dhabi,” Mohamed Al Marzooqi, Chief Executive Officer, UAE, HSBC Bank Middle East, told Gulf News in an exclusive interview.

The expansion reflects the UAE’s growing importance as a centre for institutional capital, investment and wealth creation, and sits within the largest wealth investment HSBC has made in its UAE operation in two decades.

HSBC is seeing a structural change in how the region’s wealth is being managed, which has influenced its decision to invest more in products, technology and talent onshore.

“We are seeing a powerful shift: more of the wealth created here is staying here to be reinvested, instead of flowing out of the country,” he said.

The growth of the UAE’s financial centres reflects this broader trend. Assets under management in ADGM’s asset management sector rose 54 per cent year-on-year in the first half of 2026, while DIFC reported 592 wealth and asset management firms.

HSBC UAE recorded strong growth in Premier customers during the first half of 2026, despite the geopolitical uncertainty.

Al Marzooqi said the performance demonstrated continued confidence in HSBC and in the UAE as a long-term base for clients. “The question is, how did that happen? It’s all due to the strength of the brand, our global network and our 80-year legacy here, with customers choosing the bank they know and trust,” he said.

HSBC was the first global asset manager to launch onshore funds in the UAE earlier this year. The bank’s World Trader platform gives customers access to over 30 global markets and 80 exchanges, to trade equities, ETFs and bonds and to invest in mutual funds and fixed income products, using HSBC’s mobile app.

HSBC has operated in the UAE every day since 1946, and Al Marzooqi described that consistency through periods of global economic and geopolitical uncertainty as one of the bank’s biggest assets.

“We have been here consistently for every single day for 80 years,” he said. “Our presence does not waver based on economic cycles. Our strategy is firmly aligned to the country’s growth and vision plans.”

The bank’s investment plans remain long term.

“You invest $1 today, or a dirham today, you are not expecting to make your money the next hour or the next day. You need to have a long-term plan. We are deeply woven into the fabric of the country’s business, talent and community.”

HSBC regards the UAE as a priority growth market, and is investing in wealth, transaction banking, capital markets and digital finance to support what comes next.

Al Marzooqi said HSBC’s strategy is aligned with the UAE government’s economic diversification agenda. “From its bridging time zone and favourable tax environment to safety, and world-class healthcare and education, the UAE offers an ideal environment for business,” he said. “With the added advantage of two major financial free zones, DIFC and ADGM, all the ingredients for success are right here.”

HSBC expects further opportunities in infrastructure and resilience-related investment, including project finance, advisory work, trade, capital markets and corporate lending.

These themes will also be explored at the HSBC Future Forum and Wealth Investment Summit to be held from October 20-22 in Dubai, which will convene investors, corporates, regulators and high-net-worth individuals to discuss the next chapter of global growth and how the UAE can continue to connect markets and facilitate global trade and investment.

Beyond wealth, HSBC has led $19.75 billion (Dh72.5 billion) of IPOs in the UAE since 2021 and arranged about $19.7 billion across 174 bond and sukuk transactions. It launched TradeCash in June, a regional first, and the Premier Global Money Account in August, a first for HSBC across its global network.

“We see increased business opportunity in the infrastructure space as the UAE continues building for its next phase of growth, to diversify its economy and make it more resilient along the way,” Al Marzooqi said.

“The investors we speak with continue to focus on the UAE’s long-term fundamentals and growth plans. While they recognise the current uncertainty, they generally view its impact as temporary.”

HSBC expects to have 900 Emiratis working for the bank by the end of this year. Its Al Ain Centre of Excellence has created career opportunities for 124 UAE nationals in 12 months.

Al Marzooqi joined HSBC through its call centre 23 years ago and held 18 roles before becoming CEO three years ago.

“I started in an HSBC call centre at just 18 years old, and the bank has invested in me ever since,” he said.

“For HSBC, the best way to mark 80 years in the UAE is to continue investing in our people, and in what our clients need next.”

In association with HSBC Bank Middle East