HSBC sees potential in Middle East, China growth

The Middle East-China trade corridor is encouraging HSBC clients to invest in the region, as the corridor was the focus of discussion at an exclusive International Connections briefing organised by HSBC and the UAE China Business Council.

HSBC hosted Zhang Yiming, China’s ambassador to the UAE, and senior a delegation from a business council of the two countries at the briefing. The briefing was attended by 100 representatives from Chinese enterprises, with operations and interests across the MENAT region.

“The Middle East is a growth region for the Group, and China’s pro-growth policies and the Middle East’s ambitious economic transformation programmes offer significant opportunities for our clients across a broad range of sectors…” said HSBC’s regional CEO for MENAT, Stephen Moss.

Strong trade ties between China and the Middle East have helped accelerate the recovery of trade and investment flows between the countries of the Gulf Cooperation Council (GCC) and China post COVID-19, Moss added.

“Chinese-based enterprises have displayed keen interest in expanding into the UAE and Middle Eastern markets, and we aim to encourage even more Chinese companies to invest and start businesses in the region,” said Zhang Yiming.

The 2021 GCC’s trade with China has exceeded commerce with the US and the Eurozone combined. Saudi Arabia has been leading the boost of ties with China, and welcomed Chinese President Xi Jinping to the Kingdom on an official visit in December 2022.