HSBC pledges $5bn to help UAE businesses with global expansion plans

By Amirtha P S, Desk Reporter
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The British multinational investment bank HSBC is committing $5 billion of lending to support companies in the UAE that need new capital to drive well-developed plans to grow their businesses globally.

HSBC’s Navigator 2020 report shows that 81 percent of UAE companies aim to boost investment spending by the end of this year versus 66 percent of companies globally, while 90 percent expect to expand international trade over 12-18 months versus 72 percent worldwide.

“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 of HSBC UAE said.

The report also 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.

Abdulfattah Sharaf
Abdulfattah Sharaf

“Our $5 billion commitment, between now and 2023, will support plans that strong companies have to enter new trade markets, re-engineer their supply chains, innovate and play an active part in helping shape the nation’s future growth story. 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.”

Incentives, including green lending discounts and certifications, access to targeted growth programs, and trade-related benefits like green trade assessments and facilities, will be provided to businesses that meet the required criteria which are available on the initiative’s website.

Considering the innovation and growth patterns in the country over the past 18 months, HSBC expects to receive inquiries from companies in agriculture, education, financial technology, green energy, green transport, healthcare, trade, and urban design & mobility sectors.

Related: HSBC unveils Global Money Account feature for UAE mobile banking users