Maktoum bin Mohammed meets with Group CEO of HSBC Holdings

His Highness 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 organisations. The meeting was held at the Dubai International Financial Centre (DIFC).

During the meeting, HH Sheikh Maktoum noted that the UAE’s financial sector is entering a new phase of transformation, driven by partnerships with leading global institutions, as well as by innovation, digital integration, and advanced technologies. He said the country’s strengths in infrastructure, governance, regulations and business-enabling services provide a fertile ground for global players like HSBC to expand their market reach.

HH Sheikh Maktoum and the Group CEO also discussed HSBC’s regional operations, expansion plans, and the growing opportunities emerging from Dubai’s rise as a global financial hub. His Highness said Dubai continues to be a magnet for international financial institutions seeking a dynamic, trusted and innovation-driven environment. He noted that partnerships with leading global banks such as HSBC reflect Dubai’s long-term vision to build a highly resilient and growth-friendly financial ecosystem. This strategy is aligned with the goals of the Dubai Economic Agenda D33 to double the city’s GDP and position it among the world’s top three urban economies and top four global financial hubs by 2033, Sheikh Maktoum added.

HSBC has supported the development of the nation’s financial sector since opening its first branch in Dubai in 1946. Today, it employs more than 3,000 people in the UAE and operates its Middle East headquarters from the Dubai International Financial Centre. The bank recently opened its first-ever wealth centre in the Middle East — a 24,000 sq ft facility in Dubai —

marking HSBC’s biggest investment in its International Wealth & Premier Banking business in over 20 years.

With more than 41 million customers across 57 markets worldwide, HSBC continues to play an instrumental role in facilitating international trade and investment flows through Dubai and the UAE, a key hub in the group’s global network. HSBC Holdings PLC reported a record profit before tax of $32.3 billion in 2024.

The meeting was attended by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; His Excellency Helal Saeed Almarri, Director General of the Dubai Department of Economy and Tourism; and His Excellency Essa Kazim, Governor of the Dubai International Financial Centre (DIFC).