Dubai places a high priority on building sustainable partnerships with players in the financial services value chain to accelerate the development of the sector
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance, with Noel Quinn, CEO of HSBC Holdings – Supplied
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance, met on Thursday with representatives of the world’s leading financial institutions to discuss ways in which Dubai can support them in expanding their growth by providing them with a business-friendly ecosystem and a growth-friendly legislative framework.
During a meeting with Noel Quinn, CEO of HSBC Holdings, Sheikh Maktoum highlighted how Dubai can further support the company in enhancing its growth and investments in the UAE, the region and beyond.
He said Dubai is keen to expand cooperation with global banking leaders like HSBC to shape a new future for the financial services industry. Dubai has created unique models of public-private partnerships to create new opportunities for growth and unlock new opportunities for investment and innovation in banking and the wider financial industry, he said. he adds.
As a leading foreign bank, HSBC is a well-established player in Dubai and in the banking and financial sector of the United Arab Emirates. The year 2021 marks 75 years since HSBC began operations in the UAE. The group has contributed to the development of the banking sector in Dubai and the United Arab Emirates for seven decades since the opening of its first bank in Dubai in 1946.
Noel Quinn, CEO of HSBC Holdings, discussed ways his company can further strengthen its cooperation with the Government of Dubai to contribute to the emirate’s innovation-driven growth and further enhance the development potential of the banking sector and financial. He expressed gratitude for Dubai’s outstanding support to HSBC’s Middle East headquarters in the emirate, which has enabled the company to expand its regional operations outside the emirate.
The meeting was attended by Abdullah Mohammed Al Basti, Secretary General of Dubai Executive Council; Helal Saeed Al Marri, Director General of Dubai Department of Economy and Tourism; and Essa Kazim, Governor of the Dubai International Financial Centre.
Sheikh Maktoum also met with Kenneth M. Jacobs, Chairman and CEO of Lazard, one of the world’s leading financial advisory and asset management firms.
During his discussions with Lazard’s CEO, Sheikh Maktoum reinforced Dubai’s commitment to supporting global financial services companies. He said Dubai places a high priority on building sustainable partnerships with players in the financial services value chain to accelerate the development of the sector. He added that one of the main objectives of the partnerships is to improve asset management and enhance the competitiveness of family businesses, a key driver of the economy in the GCC region.
Lazard’s financial advisory firm’s Dubai office was established in 2007 at the Dubai International Financial Centre. In 2014, Lazard opened a separate office from Lazard Asset Management in Dubai. Kenneth M. Jacobs, Chairman and CEO of Lazard, said the company’s strategic location in Dubai, one of the world’s leading financial centers, has helped the company serve as a bridge for customers in Europe, Africa and in Asia. He said Dubai has provided the ideal base and enabling environment for Lazard to enhance its business and growth prospects in the region and beyond.