Dubai: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International Connections briefing organised by HSBC and the UAE China Business Council, for Chinese businesses and clients based in the UAE.

HSBC hosted His Excellency Zhang Yiming, Ambassador of the People’s Republic of China to the UAE, and a senior delegation from the UAE China Business Council. The briefing was attended by over 100 representatives from Chinese enterprises, with operations and interests across the Middle East North Africa and Türkiye (MENAT) region.

Speaking at the event, held at HSBC UAE’s headquarters, His Excellency Zhang Yiming, said: “We congratulate HSBC for successfully hosting an exclusive exchange event for Chinese-based enterprises in the UAE, in appreciation of the strong partnership between China and the UAE. The UAE has been a close friend, brother, and partner to China, with the two countries enjoying a comprehensive strategic partnership that continues to operate at a high level.”

“As the UAE stands as China's second-largest trading partner in the Arab world and the largest investment destination, there is significant potential for further cooperation between the two countries. 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.”

Stephen Moss, HSBC’s Regional Chief Executive, Middle East North Africa and Türkiye (MENAT) said: “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, whether in international trade, investment, tourism, technology, infrastructure or energy transition. Our long heritage and strong relationships in the UAE and China, and our international network covering more than 90% of global GDP, trade and financial flows, put us at the forefront of connecting clients to some of the world’s most exciting growth and investment prospects.”

Strong trade ties between China and the Middle East have helped expedite the recovery of trade and investment flows between the countries of the Gulf Cooperation Council (GCC) and China post the global COVID-19 pandemic.

GCC-China trade surpassed GCC trade with the US and Euro Area combined for the first time in 2021.[1] Meanwhile trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4%.[2]

HSBC in the MENAT region

 

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi British Bank (SABB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$71bn as at 31 December 2022. www.hsbc.ae

[1] IMF’s Direction of Trade Statistics Database. Data points extracted in August 2022.
[2] Source: Embassy of the People’s Republic of China in the UAE