HSBC aims to capture more of Saudi market using innovative products
Innovation is a priority for
HSBC Saudi Arabia as it aims to enhance its offerings, according to the bank’s CEO.
Faris Al-Ghannam, CEO and board member of HSBC Saudi Arabia, provided a comprehensive overview of the financial institution’s prospective plans, along with the Kingdom’s economic landscape and the investment opportunities it presents.
In an interview with Arab
News on the sidelines of the third Saudi Capital Market Forum held in Riyadh, Al-Ghannam shared insights on the bank’s endeavors, saying: “Innovation is definitely a priority for us, especially considering our global reach and the focus on the Saudi capital markets. We will always look at adding to what we have done so far.”
The top executive said his bank aims to explore different areas in the Saudi market. He laid emphasis on focusing on debt capital market, the Kingdom’s initial public offerings market and expressed resolved to take “technology to the next level and activate the derivates and the future markets.”
According to the CEO, these areas are a priority for HSBC to contribute to in the immediate future.
Highlighting Saudi Arabia’s exceptional performance on the global stage, he said: “The Kingdom, in the year 2023, was the best-performing, or one of the best-performing, large economies in the world, with nearly 8 percent growth in
GDP (gross domestic product),” stressing the significance of this achievement beyond the confines of the energy sector.
Al-Ghannam underlined the surge in investment flows into the Kingdom over the past three years and said: “The investment that flows into the Kingdom has seen more than 70 percent growth over the last three years.”
Amid global economic headwinds, he reaffirmed Saudi Arabia’s robust position as a standout performer in absolute and relative terms. He highlighted the Kingdom’s ability to weather economic uncertainties, attributing its resilience to a confluence of factors, including prudent financial policies and strategic investments.
In tandem with the Kingdom’s economic ascendancy, Al-Ghannam lauded HSBC’s commitment to the Saudi Capital Market Forum, underscoring the bank’s role as a key partner in facilitating meaningful dialogue and fostering collaboration within the financial ecosystem.
Reflecting on the forum’s evolution, the top banker expressed satisfaction with its trajectory, noting a marked increase in the participation of international investors and corporates.
“We are very proud to be a partner from the inception of this conference,” the CEO remarked, highlighting HSBC’s multifaceted support in enhancing the forum’s prominence and efficacy over the years. Transitioning to the subject of capital expenditure initiatives, Al-Ghannam explained Saudi Arabia’s Vision 2030, which entails a substantial CapEx program spanning several billion dollars over the next six to seven years. He underscored the instrumental role of capital sectors in facilitating these initiatives, particularly in deepening the debt capital markets to enable financing for transformative projects.
“In order to deliver that program, you need to tap all financing and investment pools,” Al-Ghannam affirmed, emphasizing the indispensable role of capital markets in driving sustainable economic development.