-
HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending by end-2021
-
The funding is intended to drive UAE economy back on the path of growth
In a big boost to companies in the United Arab Emirates, HSBC disclosed on Sunday that it was going to commit $5 billion in lending in order to help spur the country’s growth plans.
The UAE’s economy, like all economies of the world, suffered in 2020, as vital sectors like tourism and hospitality were crippled by the COVID-19 pandemic. Companies and government-linked institutions have borrowed billions to bolster their finances and fund spending. “Our research clearly indicates that UAE companies are ready to invest internationally and sustainably,” Abdulfattah Sharaf, HSBC’s CEO for the UAE and head of international, said.
“Our US$5 billion commitment, between now and 2023, will support plans that strong companies have to enter new trade markets, re-engineer their supply chains, to innovate – and to play an active part in helping shape the nation’s future growth story,” Sharaf added in a statement.
HSBC said its Navigator 2020 report showed 81 percent of companies in the UAE were expected to increase investment spending by end-2021, compared to 66 percent globally.