HSBC has launched its first wealth management center in the Middle East, opening a 24,000 sq ft facility in Dubai, UAE.

The bank said this is its largest investment in its premier banking business in the region in 20 years.

Around 90 relationship managers at the new center will serve high-net-worth clients in the UAE, a country that has seen rising inflows from wealthy individuals and entrepreneurs.

HSBC said the move reflects its increased focus on Asia and the Middle East.

According to a recent HSBC survey of 5,750 international firms, businesses in the UAE reported higher confidence in global trade prospects compared to other markets, with more than 60% increasing reliance on the Middle East, 47% on China, and 43% on Europe.

The bank noted growing demand for yuan financing as cross-border trade with China expands.

HSBC also said it is supporting UAE liquefied natural gas exports in yuan and expects this to rise.

🔗 Source: South China Morning Post

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