HSBC Saudi Arabia Prioritizes Innovation in Business Strategy
HSBC Saudi Arabia, under the leadership of CEO Faris Al-Ghannam, is setting its sights on further enhancing its services through innovation. This initiative is in line with the bank’s strategic goals and the dynamic market in which it operates.
Speaking at the third Saudi Capital Market Forum in Riyadh, Al-Ghannam discussed the bank’s future direction. He highlighted the importance of innovation, stating, Innovation is definitely a priority for us, especially given our horizon and the market. And we will always look at adding to what we have done so far.
The bank is looking to delve into various segments of the Saudi market, with a focus on the debt capital market, IPO market, and advancing technology to enhance derivatives and future markets.
Al-Ghannam pointed out that these areas are key for HSBC to contribute to in the near term and that the bank is poised to explore new avenues in the Saudi economy.
Saudi Arabia’s economic prowess was also a point of discussion, with its GDP growth reaching nearly 8 percent in 2023. This achievement is not limited to the energy sector, as Al-Ghannam emphasized the increased investment flows into the kingdom, which have grown by over 70 percent in the past three years.
Despite global economic challenges, Saudi Arabia’s economy stands out for its robustness, a testament to its sound financial policies and strategic investments. The CEO also noted the potential for sustained growth and diversification in the economy, particularly in the global investment sector.
Al-Ghannam praised HSBC’s contribution to the Saudi Capital Market Forum, noting the bank’s role in facilitating constructive discussions and collaborations within the financial sector. He expressed pride in the forum’s growth and the increasing participation of international investors and corporations.
Discussing the ambitious Vision 2030, Al-Ghannam underlined the significance of capital sectors in supporting the kingdom’s substantial CapEx program. He emphasized the necessity of tapping into various financing and investment pools to drive sustainable economic development.
HSBC has consistently led in financial innovation, from the initiation of derivatives and futures markets to launching the first Saudi exchange-traded funds in Asia. Al-Ghannam also shed light on the bank’s involvement in environmental, social, and governance (ESG) initiatives, assisting Saudi companies in developing ESG frameworks and facilitating green issuances.
With a global focus on ESG and transition, HSBC remains committed to promoting sustainable finance agendas in collaboration with stakeholders. The CEO concluded with an optimistic view of the accelerated progress in ESG initiatives and sustainable finance both in Saudi Arabia and worldwide.