HSBC, marking 80 years of continuous operations in the UAE, has announced plans to open its second wealth centre in the country, in Abu Dhabi, before the end of this year. The move follows the opening of the bank's first UAE wealth centre in Dubai last year, which the bank describes as the largest of its kind in the region.
Mohamed Al Marzooqi, HSBC's chief executive in the UAE, called the expansion the bank's largest wealth investment in the country in two decades. He said the move reflects a broader shift in the market, with more of the wealth generated in the UAE now being reinvested locally rather than flowing abroad.
The bank said it has led initial public offerings worth close to $19.75 billion in the UAE since 2021, alongside 174 bond and sukuk transactions worth roughly $19.7 billion. These figures underline HSBC's continued role in financing the country's capital markets as Gulf debt issuance has accelerated this year.
On its Emiratisation efforts, HSBC said nearly 900 UAE nationals are expected to be on its payroll by the end of the year. Over the past twelve months alone, 124 Emiratis completed training through the bank's Al Ain Centre of Excellence, part of its push to build a pipeline of local talent across its UAE operations.
Bank executives said HSBC's consistent presence through multiple economic cycles, together with its alignment with the UAE government's diversification goals, remains central to its long-term regional strategy. HSBC has operated continuously in the UAE since 1946, making it one of the longest-established international banks in the country.