DUBAI, United Arab Emirates : Dubai’s Department of Economy and Tourism (DET) and HSBC Bank Middle East have signed a Memorandum of Understanding (MoU), paving the way for increased cooperation in further enhancing Dubai’s position as a global liveability destination.

The MoU was signed by Issam Kazim, Chief Executive Officer, Dubai Corporation for Tourism and Commerce Marketing and Abdulfattah Sharaf, CEO of HSBC UAE and Head of International, HSBC Bank Middle East Limited. Under the terms of the agreement, DET and HSBC will promote to HSBC customers and employees the unparalleled quality of life in Dubai, its position as a global investment hub and the diverse features of the destination that everyone can enjoy. The MoU also envisages collaboration in marketing activities designed to promote events and experiences across the tourism ecosystem to further amplify the city’s position as a leading international business, leisure and events destination.

Issam Kazim, Chief Executive Officer, Dubai Corporation for Tourism and Commerce Marketing, commented: “We are pleased to partner with HSBC, a global brand that has played a significant role in the development of Dubai’s business, banking and finance sectors, in showcasing our multi-faceted business and tourism offering. This MoU reflects the trust and confidence reposed in Dubai by multinational corporations and will further enhance our efforts to support the aim of our visionary leadership to make Dubai the most sought-after international city and the most attractive location to live and work in. Our partnership with HSBC is also testament to the continued efforts being made in collaboration with our stakeholders to leverage the city’s strategic location, world-class infrastructure and its position as one of the world’s safest destinations to attract multinationals, entrepreneurs, investors and tourists to Dubai.”

Abdulfattah Sharaf, CEO of HSBC UAE and Head of International, HSBC Bank Middle East Limited, said: “Opening up a world of opportunity is our purpose at HSBC and it is what we have been doing every day for our customers in the UAE since we became the first bank to open our doors for business here more than 75 years ago. In that time the UAE has built itself into a global trade and logistics hub, an international financial market, a leader in Sustainable Finance, a magnet for innovation, and a focus of global wealth creation. HSBC has been with the UAE on every step of that journey and this MoU reflects our commitment to the future of the UAE and our ambitious plans for growth here.”

With an increasing number of international firms choosing Dubai as their base of operations, DET and HSBC will work closely to support these companies with the aim of making it easier for them to set up their business in the city. DET and HSBC will further elevate the city’s standing as a global liveability hub by highlighting and promoting the initiatives launched by Dubai to ease barriers to entry for business and leisure travellers, as well as the long-term residency initiatives that have been launched to offer pathways for deeper engagement and longevity with Dubai. These include the new visas and programmes such as Golden Visa targeting investors, entrepreneurs and specialised talents, the Five-Year Multi-Entry Visa for employees of multinational companies, and the Virtual working and Retire in Dubai Programmes.


HSBC in the MENAT region

HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Turkey (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Turkey 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$68.9bn as at 31 December 2020. 

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