HSBC pledges to provide US$5 billion in corporate loans to help the UAE grow

This UAEChina’s economy has been hit hard in 2020, and important industries such as tourism and hotels have been paralyzed by the COVID-19 pandemic.

Companies, government-related agencies, and sovereign states Abu Dhabi, Dubai And Sharjah, has borrowed billions of dollars to support its finances and expenditures.

“Our research clearly shows that UAE companies are ready to make international and sustainable investments,” said Abdulfattah Sharaf, Chief Executive Officer and International Head of HSBC UAE.

“From now to 2023, our $5 billion pledge will support plans for powerful companies that must enter new trade markets, redesign their supply chains, innovate, and play an active role in helping to shape the country’s future growth story,” Sala The husband added in a statement.

This British bank’s commitment marks the 75th anniversary of HSBC’s operations in the UAE, a major oil producer and center of trade and commerce.

HSBC said its Navigator 2020 report shows that by the end of 2021, 81% of UAE companies are expected to increase investment spending, compared with 66% globally.