HSBC CEO says confidence in GCC remains despite regional developments

HSBC on Monday expressed confidence in the Gulf Cooperation Council (GCC) members' economic prospects as the region and the wider Middle East brace for the economic shock from the U.S.-Israeli conflict with Iran.

“HSBC remains steadfast in our confidence in the GCC and in the long-term strength, resilience and promise of the region. Our conviction in the GCC's fundamentals and its future is unchanged," CEO Georges Elhedery said in a statement.

"We continue to believe that the years ahead will bring renewed stability, growth, and prosperity," he said.

Since the start of the war 10 days ago, Iranian drones and ballistic missiles have hit countries across the GCC, which comprises Bahrain, Kuwait, Saudi Arabia, Qatar, Oman and the United Arab Emirates, severely disrupting oil and gas exports that underpin regional revenue.