The UAE‘s economy suffered in 2020, as vital sectors like tourism and hospitality were crippled by the COVID-19 pandemic.
“Our research clearly indicates that UAE companies are ready to invest internationally and sustainably.” Abdulfattah Sharaf, HSBC’s CEO for the UAE and head of international, said.
“Our US$5 billion 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 added in a statement.
The commitment by the British bank marks 75 years since HSBC opened its business in the UAE, which is a major oil producer as well as a trade and commerce hub.
HSBC said its Navigator 2020 report showed 81% of companies in the UAE were expected to increase investment spending by end-2021, compared to 66% globally.