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International Business Times

Business

The Strait Of Hormuz Could Become Redundant In Five Years as Countries Build Alternatives, HSBC CEO Says

HSBC Hormuz Georges Elhedery Oil Gulf International Energy Agency United Arab Emirates

Georges Elhedery, CEO of HSBC, listens during a meeting between China's President Xi Jinping and a group of foreign executives at the Great Hall of the People in Beijing on March 28, 2025. (Credit: Getty Images)

The Strait of Hormuz, one of the world's most important energy shipping routes, could become largely unnecessary within five years as Gulf countries invest in alternative pipelines and ports amid ongoing conflicts, HSBC Group Chief Executive Georges Elhedery said Tuesday.

Speaking at the bank's Future Forum in Dubai, Elhedery said the Iran war is accelerating investment in new transport infrastructure that could allow Gulf exporters to move oil without relying on the strategic waterway.

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