HSBC Kuwait and Hong Kong Trade Development Council discuss avenues for business growth
Kuwait City: Trade and investment are set to accelerate between Hong Kong and Kuwait as companies from high growth sectors, entrepreneurs and government bodies prioritise strategic partnerships and economic ties. Expected annual two-way goods trade between Asia and the Middle East is projected to more than double to over USD1.9trn by 2035, and businesses within these two regions are identifying the opportunities in potential high-growth sectors for each market.
'As the largest international bank in Kuwait, the wider MENAT region as well as in Asia, we are perfectly positioned to facilitate discussions and connect clients with opportunities in both regions,' said Samer Alabed, CEO of HSBC in Kuwait. 'HSBC has been present in Kuwait for 20 years and we see Kuwait as a key market with growth potential in the GCC with its wealth, financial strength and young ambitious population.'
At a meeting hosted by HSBC discussions around these topics were held between delegates from the Hong Kong Trade Development Council, senior leaders from HSBC MENAT and major Kuwait-based clients from the bank, including local and international businesses and financial institutions. The meeting aimed to explore further collaboration in different sectors such as infrastructure development and logistics and trade facilitation, as well as renewable energy, sustainability, and smart cities.
'At HSBC we believe investors will continue to play an important role in the Kuwaiti government's plans and will look to access those opportunities via the Private Public Partnership framework,' said Ahmed AlMurad, Head of Wholesale Banking at HSBC Kuwait. 'Mainland China has already been part of infrastructure and construction with projects such as the Mubarak Al Kabeer port (China Harbour) and the Road Network project (China Gezoubha).
Hong Kong, one of the world's top financial hubs, offers Kuwait a gateway to Asian markets, especially in asset management and Islamic finance. According to the Hong Kong Monetary Authority (HKMA), Hong Kong's assets under management reached over HK$35 trillion in 2023. With Kuwait's robust sovereign wealth fund and growing FinTech ecosystem, collaborative platforms in wealth management, digital banking, and green finance are gaining momentum.
MENAT and Asia are fast growing markets signified by the dynamic shift in the global economy from West to East driven by the Middle East's investment-led economic transformation drive, GCC and Asia's rising wealth, and the necessity of creating sustainable economies.
Media Enquiries
Greta Madgwick
greta.madgwick@hsbc.com
HSBC in the MENAT region
HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$73bn as at 31 December 2024.
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