HSBC CEO: New Routes Could Replace Hormuz
HSBC Chief Executive George Al-Haidari stated that investing in the development of alternative and flexible logistics routes will help the region recover from the impacts of Iran's war. It is expected that the Strait of Hormuz will become dispensable within five years. He affirmed that the bank’s commitment to the Gulf Cooperation Council countries is firm, during an event in Dubai, highlighting that the development of alternative maritime and land routes will enhance the security of oil and energy supplies in the region and reduce reliance on the strait as a main passage.
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