General News, The Leader - 26 September, 2024

Mohammed bin Rashid meets with Group Chairman of HSBC Holdings

- Mohammed bin Rashid meets with Group Chairman of HSBC Holdings, local dignitaries, businessmen and investors during his weekly Majlis
- His Highness highlights ongoing efforts in Dubai to enhance infrastructure, reinforcing its status as a key investment hub, a vital link in global trade, and a favoured tourist destination
- His Highness emphasises the UAE's international standing as a force for positive change

HH Sheikh Mohammed: We recognise the critical role of the business community in achieving our developmental goals and are committed to providing optimal conditions and resources to foster the growth of our partners’ enterprises

- His Highness stresses Dubai’s commitment to building strong partnerships with leading global financial institutions during his meeting with the HSBC Chairman

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, highlighted that the UAE and Dubai draw upon a distinctive vision and clear roadmap for development, with the focus set on social, economic and investment priorities. The nation has read the future well, closely tracking global changes, always ready to seize positive opportunities.

His Highness also emphasised the UAE's growing influence on the international stage and its reputation as a global force for positive change. Under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, all such efforts are directed towards the benefit of people and the wellbeing of humanity worldwide, he said.

Sheikh Mohammed bin Rashid was addressing his weekly Majlis in Za’abeel Palace in the presence of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE and Chairman of The Executive Council of Dubai; along with His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai; His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports, Chairman and Chief Executive of Emirates Airline and Group, and Chairman of the Dubai World Trade Centre Authority; Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture) and member of the Dubai Council; His Excellency Lieutenant General Dhahi Khalfan Tamim, Deputy Chairman of Police and Public Security; and Sir Mark Tucker, Group Chairman of HSBC Holdings.

The Majlis was also attended by a group of local dignitaries, senior government officials, women's leaders, investors, businesspersons, and members of the Federal National Council.

Model partnership
HH Sheikh Mohammed said that the UAE has laid strong foundations to chart a remarkable developmental course that is driven by a partnership between the public and private sectors. His Highness also highlighted the UAE’s commitment to fostering an environment conducive to business growth, both for local entrepreneurs and international investors. He underscored the country's efforts to ensure optimal conditions for businesses to prosper and its efforts to always incorporate best practices that foster comprehensive development and benefit humanity at large.

“We have nurtured a business environment characterised by openness, flexibility, and transparency, supported by regulatory frameworks that undergo continuous evaluation and review. Dubai is a forward-thinking global economic partner and a vibrant hub for future creative sectors. We recognise the critical role of the business community in achieving our developmental goals and are committed to providing optimal conditions and resources to foster the growth of our partners’ enterprises,” His Highness said.

His Highness highlighted Dubai as a symbol of creativity and innovation, reflecting prosperity and sustainable development, with its achievements rooted in a strong work ethic and dedicated workforce. He also mentioned ongoing efforts to enhance infrastructure, reinforcing Dubai's status as a key investment hub, a vital link in global trade, and a leading tourism destination.

HH Sheikh Mohammed discussed with attendees ways to advance development across diverse sectors, aligning with the objectives of the Dubai Economic Agenda D33, the Dubai Social Agenda 33, and the Dubai 2040 Urban Master Plan, all while keeping pace with rapid global developments.

HH Sheikh Mohammed bin Rashid also met with Sir Mark Tucker, Group Chairman of HSBC Holdings, one of the world's largest banking and financial services organisations, on the sidelines of the Majlis.

During the meeting, His Highness stressed Dubai’s commitment to building strong partnerships with leading global financial institutions, as part of its vision to create a new phase of growth and innovation in the region. He further said that Dubai offers world-class infrastructure and agile legislation that meets the industry’s needs in a rapidly changing global environment, enabling companies like HSBC to explore new opportunities and expand their business in the region and beyond. By fostering collaboration between the public and private sectors, Dubai continues to unlock fresh opportunities for investment and create a thriving, sustainable financial ecosystem that will evolve and drive success and value creation, His Highness noted.

The discussions touched on HSBC’s operations in the region, expansion plans, and the new opportunities emerging for financial companies from Dubai’s growth as a global economic hub. HSBC, which has been operating in the UAE for more than 76 years, is the largest foreign bank in the country. The bank had a net profit of $1 billion in the UAE in 2023.  The bank employs 590 Emiratis, reflecting its deep integration into the UAE’s financial sector. HSBC has over 40 million customers in 62 countries and territories across the world.

During the Majlis, His Highness also attended a lecture by Emirati astronaut Mohammed Al Mulla titled ‘From the Desert to Space,’ which highlighted the UAE's space missions inspired by the late Sheikh Zayed bin Sultan Al Nahyan. Sheikh Zayed expressed his space ambitions for the UAE at a reception held in 1974 for a NASA delegation. “With our arrival on Mars, the UAE has fulfilled a promise made half a century ago to join the elite in space. Our programme is a testament to what determination can achieve for nations,” Al Mulla said.

His Highness also received the book ‘Seventy Years with Sheikh Zayed and Sheikh Rashid: A Biography’ as a gift from Sheikh Hilal bin Dhiyab bin Hilal Al Nahyan and his brothers, Sheikh Sultan and Sheikh Khalifa.