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Emirates News Agency reported that H.H. 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, on October 30, 2025. The meeting took place at the Dubai International Financial Centre, where the two sides reviewed HSBC’s regional operations and expansion strategies in light of Dubai’s emergence as a global financial hub. According to the agency, Sheikh Maktoum highlighted the UAE’s financial sector entering a new phase of transformation driven by partnerships with leading global institutions along with innovation and digital integration.
During the discussions, Sheikh Maktoum noted that the country’s strengths in infrastructure, governance, regulations and business-enabling services create a fertile ground for global players like HSBC to expand their market reach, the Emirates News Agency stated. He added that Dubai continues to attract international financial institutions with its dynamic, trusted and innovation-driven environment. The meeting underscored partnerships with banks such as HSBC as reflective of Dubai’s long-term vision to build a resilient and growth-friendly financial ecosystem, according to the official account.
The Emirates News Agency indicated that the relationship between the UAE and HSBC dates back to 1946 with the opening of the bank’s first branch in Dubai, spanning more than 80 years of cooperation. HSBC has played a significant role in the UAE’s economic development, including the opening of its $250 million Middle East headquarters in Dubai in 2019 that houses 3,000 employees. A Gulf News assessment found that the bank led $19.75 billion of IPOs in the UAE since 2021 and arranged about $19.7 billion across 174 bond and sukuk transactions.
HSBC data places the bank as the leading international institution in the UAE, where it has led on 65 percent of total IPO deal value between 2022 and 2025. The lender opened its first regional wealth centre in Dubai in 2025 and plans to open a second in Abu Dhabi before the end of 2026, according to statements from HSBC Bank Middle East CEO Mohamed Al Marzooqi reported by Gulf News. Dubai Data and Statistics Establishment figures show the emirate’s financial and insurance activities recorded 8.8 percent real growth in the first half of 2026, contributing 14 percent to GDP with value added reaching AED65.9 billion.
The Z/Yen Group Global Financial Centres Index ranked Dubai seventh globally in its March 2026 edition, up four places from the previous ranking, as the UAE attracted a record AED177.3 billion in foreign direct investment in 2025. UN Trade and Development World Investment Report data confirms the UAE ranked as the ninth-largest recipient of foreign investment worldwide that year while retaining its position as the second-largest destination for greenfield FDI projects. The Dubai Department of Economy and Tourism has signed a strategic agreement with HSBC to attract more international corporates, institutional investors and high-net-worth individuals, building on these trends.
Attendees at the October 2025 meeting included Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, Helal Saeed Almarri, Director-General of the Dubai Department of Economy and Tourism, and Essa Kazim, Governor of the Dubai International Financial Centre. The gathering aligns with ongoing efforts to position Dubai among the world’s top three global cities under the D33 economic agenda, which aims to double the size of the emirate’s economy by 2033. Dubai’s GDP reached approximately AED473 billion in real terms during the first half of 2026, according to the Dubai Data and Statistics Establishment.
