Global banking giant HSBC has announced a $5 billion support package through to 2023 for companies in the UAE to help drive worldwide expansion plans.
Incentives include green lending discounts and certifications, access to targeted growth programmes, and trade-related benefits such as green trade assessments and facilities, which will be offered to businesses that meet the required criteria.
“In the year that the nation celebrates its Golden Jubilee and that HSBC marks 75 years of being the first bank to open its doors for business here, the time is right to launch an initiative to support strong UAE businesses that have bold visions of the future and the prospects to achieve them,” Abdulfattah Sharaf, CEO HSBC UAE and head of international, said.
According to HSBC’s Navigator 2020 report, 81 percent of UAE companies intend to increase investment spending by the end of 2021 against 66 percent of companies globally, while 90 percent expect to expand international trade over 12-18 months versus 72 percent globally.
The same research shows that 99 percent of UAE companies see opportunities to benefit from increasing investments in environmental, ethical and sustainable strategies, compared with a global average of 90 percent.
“Our research clearly indicates that UAE companies are ready to invest internationally and sustainably. Our $5bn commitment, between now and 2023, will support plans that strong companies have to enter new trade markets, re-engineer their supply chains, to innovate – and to play an active part in helping shape the nation’s future growth story,” Sharaf said.
Abdulfattah Sharaf, group general manager, CEO of HSBC UAE and head of international, HSBC Bank Middle East
“We will use our international network and our balance sheet to support the ambitions of our customers in the UAE to deliver long-term growth and stability as the economy continues its transition to a sustainable and digitally-led future,” he added.
HSBC expects to receive enquiries from companies in the agriculture, education, financial technology, green energy, green transport, healthcare, trade, and urban design and mobility sectors.
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