HSBC is experiencing a sense of optimism for growth in the country, says Abdul Hakeem Mostafawi, CEO in Qatar.
“All indicators suggest that the economic outlook is positive, boosted by the ongoing investment in the country’s infrastructure and economic diversification driven by an expected boom in the services sector ahead of the FIFA 2022 World Cup,” Mostafawi said.
The bank is putting special emphasis on investments in technology, particularly its market leading ‘HSBCnet’ application for wholesale customers to help them digitise transactional foreign exchange flows and accelerate digital payments, and with enhancements to the range of services on its mobile platform for retail customers.
HSBC is also boosting its capabilities for financing and structuring complex solutions for corporate transactions to support business customers as they invest and expand, as well as rolling out new advisory services for sovereign wealth funds and strengthening its market-leading capabilities in sustainable finance and trade, Mostafawi noted.
According to Martin Tricaud, HSBC Group CEO for Middle East, North Africa and Turkey (MENAT), the bank has ambitious plans for growth in its business in the region, where a rebound in GDP and international trade will position the region as one of the fastest growing in the world over the coming decade.
As the nine markets in which the bank operates in the region bounce back from the impact of the Covid-19 pandemic, HSBC expects economic growth and international trade in MENAT to outpace the global average and create a raft of new opportunities across the bank’s customer spectrum.
“HSBC has ambitious plans for growth in MENAT, which is positioned to be one of the fastest growing regions of the world over the coming decade,” Tricaud said.
“We are investing to support the needs of customers across the entire spectrum of our business, from the investment plans of governments, multinationals and fast-growing smaller companies in our wholesale banking portfolio, to the wealth management needs of the millions of customers in our personal banking portfolio,” Tricaud stated.
The International Monetary Fund forecasts that the economies of the nine markets in which the bank operates in the region will see the value of gross domestic product (GDP) expand by 34.7% in aggregate by the end of 2025 as nations recover from the sharp downturn triggered by the Covid-19 pandemic. Trade growth could follow a similar path.
“MENAT is a dynamic, entrepreneurial region and a return to solid growth for GDP and trade will provide a host of long term, strategic, sustainable growth opportunities for our customers across the nine markets we serve in the region and we are ready to support them as they build back better from the impact of Covid-19,” Tricaud added.