Sami Abouzahr named HSBC wealth head for UAE, Middle East

HSBC has appointed Sami Abouzahr as Head of International Wealth and Premier Banking for the UAE and Middle East, effective immediately, the bank said on Friday, 16 October 2026. He relocates from Hong Kong.

Abouzahr takes charge of the lender’s affluent and high-net-worth franchise in the region at a time when HSBC describes its UAE wealth spending as the largest in two decades. The appointment was announced by Selim Kervancı, Chief Executive Officer of HSBC Middle East, North Africa and Türkiye.

Who is Sami Abouzahr?

Sami Abouzahr has spent more than 20 years at HSBC, most of it in senior wealth roles across the group’s two home markets, the UK and Hong Kong. Since July 2025 he has been Head of Investments and Managed Solutions within Wealth and Premier Solutions, based in Hong Kong.

Before that he held global and regional roles spanning wealth management, asset management and banking, according to the bank. HSBC did not say who he succeeds in the UAE and Middle East role.

Kervancı said Abouzahr’s understanding of affluent and high-net-worth clients made him “the right leader to capture the significant opportunity in the region.” Abouzahr, for his part, described the UAE as “one of the most exciting wealth markets in the world.”

HSBC Middle East wealth push gathers pace

The appointment follows a run of investment in HSBC’s UAE wealth business. In September 2025 the bank opened the Middle East’s first HSBC Wealth Centre at its flagship Jumeirah branch in Dubai, and a second centre is due to open in Abu Dhabi later in 2026.

Over the same period HSBC launched an enhanced Premier account, doubled its frontline headcount serving affluent customers and set up an onshore asset management business. The bank says it became the first global asset manager to launch onshore funds in the UAE.

Its World Trader digital investment platform, which offers access to more than 30 markets, reached USD 800 million in trading volumes within 12 months of launch, according to the bank. HSBC UAE reported strong growth in Premier customers in the first half of 2026.

Those moves sit alongside a broader anniversary push. HSBC marked 80 years of continuous operations in the UAE this month and has said it expects to employ 900 Emiratis by the end of 2026.

Why the role matters for UAE wealth management

The UAE has become one of the fastest-growing destinations for private wealth, drawing family offices, fund managers and relocating millionaires from Europe and Asia. Assets under management in Abu Dhabi Global Market’s asset management sector rose 54 per cent year on year in the first half of 2026, according to figures reported by Gulf News, while the Dubai International Financial Centre counts more than 590 wealth and asset management firms.

International banks are competing hard for that business. Rivals have expanded private banking teams in Dubai and Abu Dhabi, and several Gulf lenders have launched their own wealth centres and digital brokerage products aimed at the same affluent segment.

For HSBC, International Wealth and Premier Banking is one of the group’s priority growth businesses, and the Middle East is positioned as a hub connecting clients in Asia, Europe and the Gulf. Abouzahr said his aim was to reposition the region as a leading wealth hub for the group, drawing on HSBC’s international network to connect clients with global opportunities.

The move also adds to a busy season of senior leadership changes in the region’s financial and professional services sector, including KPMG Middle East’s appointment of Islam Al Bayaa as chief executive.

Abouzahr’s first public test comes quickly. HSBC’s Future Forum and Wealth Investment Summit runs in Dubai from 20 to 22 October, bringing the bank’s clients and investment specialists together ahead of the Abu Dhabi wealth centre opening.

Investors will watch whether the new head can convert HSBC’s heavy UAE spending into market share in Premier accounts, onshore funds and brokerage volumes, where local and international rivals are expanding at pace. Further details on HSBC’s UAE wealth strategy are available on the bank’s UAE newsroom.

More regional business coverage is available in the Outlook Middle East news section.