HSBC opens new branch in Jafza, Dubai free zone

HSBC today announced that it has opened a new 1,600 square foot Customer Service Unit – a dedicated automated outlet for retail and commercial banking customers – with the capacity to provide express banking services 24 hours a day. Comprising of cheque and cash deposit machines, ATMs and internet kiosks, this new branch is located at block no 1, The Galleries, Downtown Jebel Ali.

Abdulfattah Sharaf, Chief Executive Officer, HSBC Bank Middle East Limited, UAE said: “This new unit increases our ability to serve our commercial customers and their staff in the one of the region’s most important free zones. At HSBC we believe these trading businesses are the lifeblood of the region – not only importing and exporting goods, but employing a large sector of the nation’s workers. As an emerging-markets-focused trading bank, we’re proud to be able to establish another milestone in trade banking.”
Nicholas Levitt, Head of Commercial Banking, HSBC Bank Middle East Limited, UAE added: “While we already have a thriving branch in Jebel Ali our customers told us that they would value another dedicated unit tailored to their needs. There’s over 6000 businesses registered in the free zone, and that shows real need for a branch that can offer a 24 hour a day automated service to both free zone businesses and their busy staff. The location, and easy accessibility of this branch means that this new unit will become pivotal to the banking sector in the free zone. We look forward to welcoming customers old and new to this important new branch.”, Zawya reported.

HSBC recently announced the latest results of the Quarterly Trade Connections report. This report highlighted that trade in the Middle East and North Africa (MENA) region is expected to grow by 131% to 2026, faster than world trade growth over the same period (86%). It predicted that, while the US would remain an important trading partner for the region, in 2012 the region’s current largest trading partners will be the USA, China and India, reflecting the dominance of oil, gas and hydrocarbons to the region. And, looking at the UAE in particular, the Trade Forecast data showed that local companies expect to increase trade activity by 5.52% annually over the next 15 years, with overall trade growth expected to now grow by 124.03% to 2026.
Growth is expected to be fuelled by the emergence of trade in electrical apparatus, jewelry and aircraft as well as the oil and oil derived products