Georges Elhedery: HSBC’s GCC Conviction is «Unchanged»
HSBC’s confidence in the business outlook in the Gulf region remains «unchanged», CEO Georges Elhedery said in the midst of the ongoing conflict.
The US-Israel-Iran conflict is extending to its second week with the total death toll nearing 2,000. For the financial sector, there have been serious questions about the region’s future despite significant progress in recent years, as some of the attacks have hit leading hubs like Dubai and Abu Dhabi.
According to HSBC CEO Georges Elhedery, the British lender remains optimistic about the long-term prospects of the GCC (Gulf Cooperation Council).
«HSBC remains steadfast in our confidence in the GCC and in the long-term strength, resilience and promise of the region,» Elhedery said in a statement. «Our conviction in the GCC’s fundamentals and its future is unchanged. The region has repeatedly shown its ability to endure periods of disruption, adapt with determination, and emerge stronger.»
HSBC has previously highlighted its GCC ambitions, especially with regard to the Asia-Middle East corridor being a major growth driver. Recent examples of expansion include the launch of an asset management business and wealth center in the UAE.
