{
  "id": 16290102,
  "title": "HSBC to open new wealth centre in Abu Dhabi despite regional conflict",
  "url": "https://urgent.news/2026/10/24/hsbc-to-open-new-wealth-centre-in-abu-dhabi-despite-regional-conflict",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-24T06:00:21.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/article/3371958/hsbc-open-new-wealth-centre-abu-dhabi-despite-regional-conflict"
  },
  "original_language": "en",
  "account": "HSBC, a major UK-based financial institution, plans to open a new wealth management center in Abu Dhabi in December. According to Mohamed Al Marzooqi, CEO of HSBC in the UAE, the bank is not deterred by regional conflicts when it comes to expanding its wealth business in the Middle East. This new center marks one of their largest investments in the region in the past 20 years, following a similar opening in Dubai last year.\n\nDespite the ongoing geopolitical tensions, HSBC has been able to attract new high-net-worth clients in the UAE during the first half of 2025. Even with the US-Israel war on Iran beginning in late February, the bank has continued to increase its presence in the region. Al Marzooqi explained that while many Middle Eastern investors diversify their portfolios through other regions like Singapore, Hong Kong, London, and Geneva, a growing number are choosing to invest more of their wealth onshore in the UAE.\n\nThe bank's 10th annual Future Forum and first Wealth Investment Summit, held in Dubai, showed that global investors anticipate the Middle East, North Africa, and Turkey to play a more significant role in infrastructure investment and capital flows over the next decade. The survey also revealed that 4,500 infrastructure projects are currently underway in the region, with a combined value of $872 billion.\n\nHSBC's Asia and Middle East banking head, Jo Miyake, stated that while geopolitical instability remains a concern, many business leaders still plan to expand in the region. 88% of business leaders intend to expand in the Middle East within the next four years, with 14% planning to increase their exposure by more than 25%. Despite the uncertainties, HSBC remains optimistic about the long-term opportunities and strategic rationale of its clients in the region.\n\nIn recent years, HSBC has made substantial investments in the UAE, including launching 10 onshore funds in January, introducing tokenized deposits in June, and launching the region's first digital bond on the Abu Dhabi Exchange. Al Marzooqi emphasized the bank's 80-year history of building trust in the UAE and its alignment with the UAE government's approach to economic repositioning. He also suggested that Hong Kong and Dubai could work together to promote two-way capital flows through HSBC, coexisting as financial hubs serving internationally minded clients who diversify their investments across multiple locations.",
  "summary": "HSBC, the biggest lender in Hong Kong and Europe, will open a new wealth management centre in Abu Dhabi in December, as the lender has not found the conflicts in the Middle East have dampened demand for its wealth business in the region, according to a senior executive. Mohamed Al Marzooqi, CEO of HSBC in the United Arab Emirates (UAE), said the new project formed part of the lender’s largest…",
  "key_points": [
    "HSBC plans to open a new wealth management center in Abu Dhabi in December.",
    "CEO Mohamed Al Marzooqi states conflicts won't deter wealth business expansion in the Middle East.",
    "Despite geopolitical tensions, HSBC attracts new high-net-worth clients in UAE."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}