Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance and Deputy Ruler of Dubai and the Chairman of HSBC Holdings, discussed the global banking conglomerate’s plans to expand its operations in the region from its base in Dubai.
New opportunities for banking and financial companies resulting from the growing UAE market and wider region were also discussed.
Sheikh Maktoum met Mark Tucker, group chairman of HSBC, at The Ruler’s Court in Dubai on Tuesday, according to a statement from the Dubai Media Office.
Dubai is exploring ways to work with the banking and finance companies to help advance the industry, Sheikh Maktoum said during the meeting.
Dubai government is committed to further enhancing supportive regulations and the business ecosystem, as well as its enabling services and infrastructure to help global banking and financial companies to thrive in an evolving market.
In 2019, HSBC, Europe’s largest lender opened its $250 million Middle East headquarters in Dubai, which houses 3,000 employees. It opened its first branch in the emirate in 1946.
As part of this effort, Dubai is enhancing the soft and hard infrastructure to accelerate digital transformation in the sector and provide a conducive environment for new financial technologies to develop, Sheikh Maktoum said.
Dubai took the top spot globally for attracting foreign direct investment projects in 2021 and was ranked second in terms of attracting corporate headquarters as the emirate’s economy continues to rebound from the coronavirus pandemic.
As the tourism and commercial centre of the Middle East, Dubai attracted 418 greenfield FDI projects during the period, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the emirate's Executive Council, said last month.
In total, Dubai drew 618 FDI projects in 2021, including greenfield as well as reinvestment projects and other forms of investment, with the value of FDI capital flows into the emirate estimated at Dh26 billion ($7bn), up 5.5 per cent from the previous year.
Dubai also adopted the first law in the emirate that regulates virtual assets as it continues to support the growth of the digital economy.
During the meeting, Mr Tucker said Dubai continues to provide HSBC with the ideal base to serve its clients and tap growth avenues across the region.
He also said the UAE represents one of HSBC’s major growth markets across the world, and the bank is committed to boosting its investments in the country.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
IF YOU GO
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info
Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.
UAE currency: the story behind the money in your pockets
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
