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Sat 29 Sep 2018 12:58 AM

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Global giant HSBC signals UAE intentions with new HQ

HSBC has announced the opening of its new headquarters in Downtown Dubai as it looks to grow its market share in the region

Global giant HSBC signals UAE intentions with new HQ

Global banking giant HSBC has announced the opening of its new headquarters in Downtown Dubai as it looks to grow its market share in the region.

The 20-floor free-hold tower, owned by HSBC, reflects the bank’s ambitions in the UAE, it said in a statement.

Abdulfattah Sharaf, group general manager, CEO, UAE and head of International, HSBC Bank Middle East Limited, said: “HSBC has played a significant role in the development of the UAE, contributing economically and socially across seven decades since opening Dubai’s first bank in 1946.

"The new head office will enable us to build on that legacy, setting new standards for our people, changing the way we work and sharpening our focus on customers. Flexible working is an emerging concept in the region and we are setting the standards with the group’s first ‘smart’ office in the Middle East.”

HSBC UAE said it aims to develop a culture of innovation in preparation for a digital future and an innovation lab will provide an environment for employees to test and develop ‘proof of concept’ by partnering with FinTechs and universities in the region.

“We wanted to create a workplace fit for the future. There is increasing evidence that more adaptable working environments promote productivity and well-being. Our new head office with next-generation technology, modern collaboration tools and flexible-working philosophy, will help us retain and attract the best people. It will also enhance our appeal among our growing Emirati talent base,” added Sharaf.

He said HSBC’s investment in a new HQ signals the bank’s plans to increase strategic investments across its consumer and wholesale banking business as part of its three-year country plan.

He added: “Our strategy is based around the UAE’s ambitious economic transformation agenda and key growth sectors - from trade and infrastructure, to tourism and retail.

"We will grow our market share in retail banking through customised propositions that meet the needs of specific customer segments such as UAE nationals and expats that envisage a long-term stay in the UAE. Digitisation is a key pillar of our growth strategy and we are looking to significantly drive digital adoption among corporate and retail clients.”

HSBC’s new building is also designed with wellness in mind and includes a new gym, studio space for yoga classes, reflection room, an outdoor terrace and a number of coffee shops and restaurants.

HSBC has operations in the UAE, Egypt, Turkey, Qatar, Oman, Bahrain, Kuwait and Algeria. In Saudi Arabia, HSBC is a 40 percent shareholder of Saudi British Bank, and a 49 percent shareholder of HSBC Saudi Arabia.

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