HSBC commits $5 bln in corporate lending to help UAE growth – Reuters
- Date: 27-Jun-2021
- Source: Reuters
- Sector:Financial Services
- Country:UAE
HSBC commits $5 bln in corporate lending to help UAE growth – Reuters
DUBAI, June 27 (Reuters) - HSBC (HSBA.L) said on Sunday it is committing $5 billion in lending to "strong" companies in the United Arab Emirates to help drive the Gulf country's growth plans.
The UAE's economy suffered in 2020, as vital sectors like tourism and hospitality were crippled by the COVID-19 pandemic.
Companies, government-linked institutions, as well as sovereigns Abu Dhabi, Dubai and Sharjah, have borrowed billions to bolster their finances and fund spending.
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