HSBC projects strong China-Middle East economic growth
In 2021, trade between countries of the Gulf Cooperation Council (GCC) and China surpassed GCC trade with the United States and Europe for the first time, according to the IMF.
The economic growth potential of the Middle East-China trade corridor is strong due to Beijing's "pro-growth policies" and the region's "ambitious economic transformation programs," according to Stephen Moss, HSBC’s regional chief executive officer for the Middle East, North Africa and Turkey.
Moss made the comments at a briefing at the bank’s UAE headquarters on Thursday. The event was organized by the bank and the UAE-China Business Council, which represents Chinese enterprises registered in the Emirates.
“The Middle East is a growth region for the group, and China’s pro-growth policies and the Middle East’s ambitious economic transformation programs offer significant opportunities for our clients across a broad range of sectors, whether in international trade, investment, tourism, technology, infrastructure or energy transition,” Moss said.
China’s Ambassador to the UAE Zhang Yiming was also at the briefing, which saw the attendance of more than 100 representatives from Chinese companies with operations and interests across the MENA region.
