HSBC Appoints New CEO for UAE Amid Leadership Overhaul

HSBC has appointed Mohamed Al Marzooqi as the new CEO of its UAE operations, effective from May 2023. This move marks a significant shift in leadership, as Al Marzooqi takes over from Abdulfattah Sharaf, who now assumes the role of Chairman of the Board of HSBC Bank Middle East Limited. This leadership reshuffle comes as part of the bank's broader strategy to accelerate its growth in the Middle East, North Africa, and Türkiye (MENAT) region.

Al Marzooqi, a seasoned HSBC veteran, has a long history with the bank, having joined in 2002. His expertise spans retail, commercial, corporate, and investment banking. His most recent role was Head of Global Banking in the UAE, where he led key client relationships and spearheaded the bank’s business initiatives. His appointment is seen as a strategic step towards reinforcing HSBC’s position as the largest international bank in the MENAT region, with a strong presence in nine countries, including Saudi Arabia, Egypt, and Qatar.

Under Sharaf’s leadership, HSBC UAE expanded significantly, and his appointment as Chairman reflects his ongoing commitment to supporting HSBC’s regional growth. As CEO of HSBC UAE for over a decade, Sharaf was instrumental in shaping the bank's strategy and operations across the Middle East and North Africa. His transition to Chairman is aimed at continuing to strengthen HSBC’s long-standing relationships with clients while positioning the bank to capitalize on the growth opportunities in the MENAT region.

These changes come at a critical juncture as HSBC seeks to build on its legacy and drive further expansion in key markets. With assets amounting to US$71 billion by the end of 2022, HSBC is focused on enhancing its presence in the rapidly evolving financial landscape of the MENAT region. As part of this strategy, the bank is focused on creating momentum through strategic leadership and its deep knowledge of the local markets.

Al Marzooqi’s appointment is also a signal of HSBC’s commitment to local leadership, as his extensive career within the UAE positions him well to lead the bank’s ongoing development. The UAE, with its dynamic financial sector and global connectivity, remains a cornerstone of HSBC’s operations in the region, and his leadership is expected to drive the next phase of growth.