HSBC commits $5 billion to support strong companies in UAE

The Investment bank HSBC is committing $5 billion of lending to support strong companies in the United Arab Emirates ( UAE ) that need new capital to drive well-developed plans to grow their businesses globally.

The initiative is a meaningful way for HSBC to recognise both its 75th year in the UAE and its support of the nation’s strategy, by financing businesses looking to invest for international growth, in sustainable and innovative ways.

According to a report, 81 per cent of UAE companies intend to increase investment spending by the end of 2021 versus 66 per cent of companies globally, while 90 per cent expect to expand international trade over 12-18 months versus 72 per cent globally.

The same research shows that 99 per cent of UAE companies see opportunities to benefit from increasing investments in environmental, ethical and sustainable strategies, compared with a global average of 90 per cent.

Incentives, including green lending discounts and certifications, access to targeted growth programmes, and trade-related benefits such as green trade assessments and facilities, will be offered to businesses that meet the required criteria.

The Cheif Executive Officer of HSBC UAE and Head of International, Abdulfattah Sharaf, said:

“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.”

“Our research clearly indicates that UAE companies are ready to invest internationally and sustainably. 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, to innovate – and to play an active part in helping shape the nation’s future growth story.”