(MENAFN- Khaleej Times) The growth outlook for Gulf countries is positive and they are in good shape to continue the rising trend, according to top officials of HSBC.
They also mentioned that the bank is very optimistic about its growth and opportunities available in the Middle East and North Africa (Mena).
"The Mena is one of the five regions that the bank identified as potential growth areas two years ago because fundamentals are strong here," said Simon Cooper, deputy chairman and CEO of HSBC Middle East and North Africa.
"The UAE, Qatar, Oman and Saudi Arabia are priority areas for HSBC Middle East," Cooper told reporters on Sunday at a media roundtable meeting.
The CEO of HSBC Mena region said mentioned that there is increasing growth in infrastructure investment, specially in Gulf countries and HSBC is one of the largest players in this segment.
Talking about the UAE, he said the country is centre of wealth that creates opportunities for retail. For Dubai, he said: "I am optimistic in terms of growth, trade and tourists arrivals."
Francesca McDonagh, regional head of Retail Banking and Wealth Management, said: "The UAE has fantastic wealth growth opportunities and we are investing in wealth."
Recently, HSBC Bank Middle East Limited has upgraded its investment platform, to allow its wealth management customers to view their entire investment portfolios through internet banking. This facility will add to the extended suite of wealth management solutions the bank already offers to enhance customer experience and meet the needs of the Middle East's growing segment of affluent individuals.
In addition to the UAE, McDonagh said, Egypt and Saudi Arabia are priority markets and the bank sees growth opportunities there.
The bank also have positive outlook for Oman and sees strong potential in medium term, she said. Talking about the first credit bureau in the UAE, she appreciated the step and said: "It will be good for the industry and customers."
Tim Reid, regional head of Commercial Banking, said that the banks strategy remains unchanged for its focus on fastest growing markets.
Reid mentioned that Turkey and China are strong examples as the former remains one of the fastest growing markets. He also talked about the bank's focus on international SMEs.
HSBC officials strongly believe that the Chinese currency will continue to increase its share in global trade. It is estimated that trade worth $2 trillion will be carried using the renminbi in the next two years.
Simon Cooper said around 12 per cent of the total trade between China and Mena region was settled in renminbi.
"It was only three per cent in 2010, he added. US dollar will remain the major currency of trade globally, he explained.Â
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