HSBC: 80 years of banking on the UAE’s ambition
On October 12, 1946, an international bank opened a small branch beside Dubai Creek. It was the first bank ever in Dubai. It was the result of a meeting between Frank Johnson, a manager of the Imperial Bank, with the late Sheikh Saeed Bin Maktoum Al Maktoum and his son, the late Sheikh Rashid Bin Saeed Al Maktoum. Johnson found rulers who already saw Dubai as a place the world would come to…
In 1946, an international bank established a small branch in Dubai, marking the beginning of a long-standing relationship between HSBC and the UAE. The bank's manager, Frank Johnson, met with Sheikh Saeed Bin Maktoum Al Maktoum and his son, Sheikh Rashid Bin Saeed Al Maktoum. The rulers of Dubai recognized the potential for Dubai to become a global trade hub.
Eighty years later, HSBC Bank Middle East and the city they serve continue to thrive as a major center of trade and finance. The partnership between HSBC and Dubai started with infrastructure, such as helping to finance the dredging of Dubai Creek in 1954. Over time, HSBC expanded its presence to include branches in Sharjah, Abu Dhabi, and across the UAE.
Throughout the years, HSBC has supported various projects, such as introducing the UAE's first operational ATM in 1984, opening the first branch in Jebel Ali's new banking complex in 1990, and advising on several water and power projects in Abu Dhabi. In 2016, HSBC moved its regional headquarters to the Dubai International Financial Centre.
Alongside infrastructure development, HSBC has focused on financial education, women's empowerment, and environmental sustainability. The bank's success is attributed to the UAE's vision and the determination of its people. As HSBC celebrates 80 years of partnership with the UAE, the company looks forward to continuing its role in supporting the country's growth and prosperity.
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