HSBC commits $ 5 billion in loans to UAE businesses to drive growth
HSBC, Europe’s Largest Bank by Assets HSBC, Europe’s Largest Bank by Assets, has committed $ 5 billion to support the global expansion of UAE businesses.
The lender expects to receive inquiries in the coming months from companies in agriculture, education, FinTech, green energy, green transport, health, commerce. , urban planning and mobility, he said on Sunday.
“Our $ 5 billion pledge, by 2023, will support the plans of strong companies to enter new commercial markets, reorganize their supply chains, innovate – and play an active role in helping shape the country’s future growth. “said Abdulfattah Sharaf, Managing Director of HSBC UAE.
Business lenders are looking to capitalize on the post-pandemic economic recovery as businesses increase spending, economies open and trade rebounds.
About 81% of UAE businesses plan to increase spending by the end of 2021, according to HSBC’s Navigator 2020 report.
This compares to 66 percent of businesses worldwide.
About 90 percent of UAE businesses plan to expand their international trade in the next 12 months to 18 months, compared to 72 percent globally, according to the report.
“Our research clearly indicates that UAE companies are ready to invest internationally and in a sustainable manner,” said Mr. Sharaf.
“We will use our international network and track record to support the ambitions of our clients in the UAE to generate long-term growth and stability as the economy continues to transition to a sustainable, digital future.”
HSBC will also extend incentives such as discounts and certifications for green loans, access to targeted growth programs, and trade-related benefits such as green trade assessments to companies that meet the requirements. required criteria.
The bank’s move comes as nine in ten UAE companies surveyed in its Navigator 2020 According to the report, they expect to benefit from ESG investments, HSBC said.
In May, HSBC announced that it had issued the first green mortgages in the United Arab Emirates, expanding its portfolio of sustainable loans in the country.
The bank has approved three mortgages for customers buying homes in the sustainable city community in Dubai. Green home loans will be available for properties across the UAE if they meet sustainability criteria, HSBC said.