HSBC Set to Launch Its Second Wealth Centre in Abu Dhabi by the End of the Year.
As HSBC celebrates 80 years of uninterrupted operations in the UAE, the international banking group has announced plans to establish its second wealth centre in the country, with the new facility scheduled to open in Abu Dhabi before the end of 2026.
In an exclusive interview with Gulf News, Mohamed Al Marzooqi, Chief Executive Officer of HSBC Bank Middle East in the UAE, confirmed the expansion.
He explained that HSBC launched its first wealth centre in Dubai last year, establishing what the bank describes as the largest facility of its kind in the region. The upcoming Abu Dhabi centre will further strengthen its wealth management presence.
The announcement highlights the UAE’s increasing significance as a destination for investment, institutional funding and wealth generation. It also forms part of HSBC’s largest investment in its UAE wealth business in the past 20 years.
Growing Wealth Retention in the UAE
HSBC has observed a notable transformation in how wealth generated across the region is managed, with a greater proportion of capital remaining within the UAE for reinvestment.
According to Al Marzooqi, this shift has encouraged the bank to expand its domestic investment in financial products, digital technology and skilled professionals.
He noted that more wealth created in the UAE is now being retained and reinvested locally instead of being transferred to overseas markets.
The continued expansion of the country’s leading financial hubs reflects this development.
During the first half of 2026, assets under management in Abu Dhabi Global Market’s (ADGM) asset management sector increased by 54 per cent compared with the same period a year earlier. Meanwhile, Dubai International Financial Centre (DIFC) reported hosting 592 wealth and asset management companies.
Despite ongoing geopolitical uncertainties, HSBC UAE recorded strong growth in its Premier customer segment during the first six months of 2026.
Al Marzooqi attributed this performance to customer confidence in HSBC’s international presence, established reputation and eight-decade history in the Emirates.
He explained that clients continue to choose HSBC because of its recognised brand, extensive global banking network and longstanding relationships with customers.
Earlier this year, HSBC became the first international asset manager to introduce onshore investment funds in the UAE.
The bank has also expanded its digital investment offerings through its World Trader platform, which provides access to more than 30 international markets and 80 stock exchanges.
Through HSBC’s mobile banking application, customers can trade shares, exchange-traded funds (ETFs) and bonds, while also accessing mutual funds and fixed-income investment products.
Eight Decades of Continuous Banking Operations
HSBC has maintained an uninterrupted presence in the UAE since 1946, navigating numerous periods of international economic instability and geopolitical uncertainty.
Al Marzooqi described the bank’s consistent operations over the past 80 years as one of its greatest strengths.
He emphasised that HSBC’s commitment to the UAE remains unchanged regardless of global economic cycles, with its long-term strategy closely aligned with the country’s development objectives and national vision.
The bank continues to prioritise sustainable, long-term investment rather than focusing on immediate financial returns.
According to Al Marzooqi, meaningful investment requires patience and a clear strategy, as financial returns are not necessarily achieved immediately.
He added that HSBC has become closely connected to the UAE’s business community, workforce development and broader society.
Recognising the Emirates as a major growth market, HSBC is directing additional resources towards wealth management, transaction banking, capital markets and digital financial services.
HSBC Maintains Its UAE Expansion Strategy
Al Marzooqi reaffirmed that HSBC’s business plans support the UAE government’s broader efforts to diversify the national economy.
He highlighted several factors that make the country an attractive destination for international businesses and investors, including its strategic geographical position, convenient time zone, competitive tax environment and high standards of safety.
The UAE’s advanced healthcare and education systems also contribute to its appeal as a location for business operations and long-term investment.
Additionally, the presence of two internationally recognised financial free zones, DIFC and ADGM, provides further advantages for companies seeking to establish or expand their regional operations.
Al Marzooqi said these combined strengths create a favourable environment for continued economic growth and business development.
New Investment Opportunities on the Horizon
HSBC anticipates further business opportunities as the UAE continues investing in infrastructure development, economic diversification and long-term resilience.
The bank expects growing demand for financial services such as project financing, corporate advisory, trade finance, capital market transactions and commercial lending.
These opportunities will feature prominently at the upcoming HSBC Future Forum and Wealth Investment Summit, scheduled to take place in Dubai from October 20 to 22.
The event will bring together investors, corporate executives, regulators and high-net-worth individuals to examine emerging global economic opportunities.
Discussions will also explore how the UAE can strengthen its position as an international financial centre connecting markets and facilitating cross-border trade and investment.
Beyond its wealth management activities, HSBC has played a significant role in the UAE’s capital markets.
Since 2021, the bank has led initial public offerings worth approximately $19.75 billion (Dh72.5 billion) in the Emirates.
It has also arranged around $19.7 billion across 174 bond and sukuk transactions.
HSBC has continued introducing financial innovations, including the launch of TradeCash in June, described as a first for the region.
In August, the bank also introduced its Premier Global Money Account, marking the first rollout of the product across HSBC’s international network.
Al Marzooqi said the UAE’s continued infrastructure expansion is expected to generate additional business opportunities as the country works towards a more diversified and resilient economy.
He also noted that international investors remain focused on the UAE’s long-term economic strengths and future development plans.
Although investors acknowledge existing geopolitical challenges, he said many regard their effects as temporary rather than fundamental obstacles to the country’s growth prospects.
Strengthening Emirati Talent and Career Development
Alongside its financial expansion, HSBC is increasing its investment in local talent and workforce development.
The bank expects to employ approximately 900 Emirati professionals by the end of 2026, reflecting its continued commitment to supporting national employment opportunities.
Its Al Ain Centre of Excellence has already created career opportunities for 124 UAE nationals within a 12-month period.
Al Marzooqi’s own professional journey demonstrates the bank’s focus on internal career progression.
He began working at HSBC’s call centre at the age of 18, approximately 23 years ago.
Over the following two decades, he held 18 different positions within the organisation before being appointed Chief Executive Officer three years ago.
Reflecting on his career, Al Marzooqi credited HSBC with supporting his professional development from the beginning and providing opportunities for continued growth.
He emphasised that the most meaningful way for HSBC to celebrate its 80-year presence in the UAE is by continuing to invest in its employees, strengthen customer relationships and develop financial solutions that meet clients’ future needs.
In association with HSBC Bank Middle East
