عربي English Türkçe اردو فارسى
Logo
Latest News
Business

HSBC Eyes New Growth Opportunities in Middle East

HSBC Eyes New Growth Opportunities in Middle East
TT
TT

HSBC Eyes New Growth Opportunities in Middle East

HSBC Eyes New Growth Opportunities in Middle East

HSBC is working on ambitious growth plans in the Middle East, North Africa and Turkey (MENAT), where a faster recovery in economic growth and trading in the post-COVID era is expected in the coming years, said Martin Tricaud, the Group CEO of MENAT and Vice Chairman of HSBC Bank Middle East Ltd.

“HSBC has ambitious plans for growth in MENAT, which is positioned to be one of the fastest growing regions of the world over the coming decade,” revealed Tricaud.

“We are investing to support the needs of customers across the entire spectrum of our business, from the investment plans of governments, multinationals and fast-growing smaller companies in our wholesale banking portfolio, to the wealth management needs of the millions of customers in our personal banking portfolio.”

The International Monetary Fund forecasts that the economies of the nine markets in which the bank operates in the region will see the value of gross domestic product (GDP) expand by 34.7 per cent in aggregate by the end of 2025 as nations recover from the sharp downturn triggered by the COVID-19 pandemic. Trade growth could follow a similar path.

Tricaud also said that HSBC is putting special emphasis on investments in technology, particularly its market leading HSBCnet application for wholesale customers to help them digitize transactional foreign exchange flows and accelerate digital payments, and with enhancements to the range of services on its mobile platform for retail customers.

Most Viewed

 
 
Business

BP Wins US Approval for Kaskida Project in Gulf of Mexico

FILE PHOTO: 3D-printed oil pump jacks and the British Petroleum (BP) logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: 3D-printed oil pump jacks and the British Petroleum (BP) logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
TT
TT

BP Wins US Approval for Kaskida Project in Gulf of Mexico

FILE PHOTO: 3D-printed oil pump jacks and the British Petroleum (BP) logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: 3D-printed oil pump jacks and the British Petroleum (BP) logo appear in this illustration taken March 2, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

British energy major BP has received approval from the Trump administration to advance its Kaskida project in the Gulf of Mexico, a company spokesperson told Reuters in an emailed statement late ⁠on Friday.

The $5 billion ⁠investment would unlock 10 billion barrels of resources that BP has discovered in the Paleogene fields of the US Gulf, the spokesperson said.

The US Department of ⁠the Interior's approval of Kaskida follows a year-long review of the company's development plan, the statement said, according to Reuters.

Bloomberg News first reported on Friday that the Kaskida project is scheduled to start crude production in 2029. The Kaskida project will follow BP’s 2023 start-up of the Argos project, which ⁠was ⁠its first platform launch in the US. Gulf since 2008 and the first since the Deepwater Horizon disaster.

The explosion of BP's Deepwater Horizon rig in April 2010 killed 11 rig workers and caused $70 billion in damages in the largest oil spill in US history.

Business

S&P: Saudi Arabia’s Robust Economy Guarantees its Ability to Withstand Regional Conflict

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
TT
TT

S&P: Saudi Arabia’s Robust Economy Guarantees its Ability to Withstand Regional Conflict

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Credit ratings agency S&P Global affirmed Saudi Arabia’s sovereign credit rating at “A+/A-1,” with a “stable outlook” on Friday.

The agency said that the Kingdom was well-positioned to withstand the ongoing conflict in the Middle East.

S&P stated in a press release that “the outlook reflects the Kingdom’s ability to redirect oil exports to the Red Sea port via the East-West oil pipeline, utilize its large oil storage capacity, and its ability to increase oil production post-conflict.”

It noted that “the outlook also reflects our view that non-oil growth momentum and associated non-oil revenues, as well as the government’s ability to calibrate investment expenditure tied to Vision 2030, should support the economy and fiscal trajectory.”

S&P forecast real GDP growth of 4.4% for 2026, saying real GDP growth will average 3.3% per year for 2027-2028.

It said the government diversifying away from oil, economic volatility is starting to decrease--albeit sensitivity to oil remains. “The non-oil sector (including government activities) now accounts for about 70% of GDP, up from 65% in 2018. This structural shift is a key objective of Vision 2030,” the agency noted.

It added that “Saudi Arabia’s substantial asset position should remain a key strength over our forecast period even as gross debt rises.”

The ratings agency noted that before the conflict, the government in Riyadh had already been looking at adjusting spending on diversification projects tied to Vision 2030 to manage plans more in line with available resources.

Saudi Arabia's Vision 2030, the Kingdom's “long-term transformation” plan, has a fiscal policy that is expansive to encourage economic diversification. This has been done despite oil price volatility which has put pressure on public finances.

The agency said: “We expect the authorities will continue to adopt a prudent and flexible approach in this regard, having stressed a commitment to achieving Vision 2030 goals without jeopardizing public finances.”

The US and Israeli war on Iran is causing the Strait of Hormuz to be close to shutting down, forcing regional producers to reduce oil output.

Business

Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
TT
TT

Iraq Studies Alternative Options for Oil Exports

Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty
Floating oil export loading platforms at the Basra Oil Port, Iraq, March 12, 2026. REUTERS/Mohammed Aty

Iraq is studying alternative measures to export crude oil after disruptions to the process amid the US-Israeli war against Iran. At the same time, the country intends to continue producing crude oil at a level of 1.4 million barrels per day.

Iraqi Oil Minister Hayyan Abdul Ghani told the official television channel Al-Iraqiya News that oil exports account for 90 percent of Iraq’s revenues, and that the ministry has decided to continue producing crude oil at 1.4 million barrels per day.

He emphasized that the production and supply of petroleum products to meet domestic demand have not stopped.

He added that refineries are operating at full design capacity to cover local needs, and that sufficient quantities of liquefied gas are available to fully meet domestic needs.

Regarding exports, he explained that the export process has stopped in the south, prompting the government to search for possible alternatives to export crude oil. He revealed that an agreement is close to being signed to export oil through the Turkish Ceyhan pipeline.

Abdul Ghani added that the ministry has prepared a comprehensive plan to manage the current phase, particularly after the new circumstances in the Strait of Hormuz, noting that a plan has been activated to transport 200,000 barrels per day by tanker trucks through Türkiye, Syria, and Jordan.

In a separate context, the oil minister denied that tankers targeted in Iraqi waters belonged to Iraq, explaining that they were not Iraqi vessels and were carrying naphtha.

Iraq recently lost its entire oil export capacity of 3.35 million barrels per day after Iran closed the Strait of Hormuz following escalating conflict in the region.

Iraq relies on crude oil sales for about 95 percent of its revenues to meet the needs of the country’s annual federal budget. This means that the country would face a critical situation if the conflict in the Gulf region and the Strait of Hormuz continues.