First Abu Dhabi Bank Plans to Expand Operations in Saudi Arabia, Egypt

It was a landmark year for FAB on the international front. (Asharq Al-Awsat Arabic)
It was a landmark year for FAB on the international front. (Asharq Al-Awsat Arabic)
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First Abu Dhabi Bank Plans to Expand Operations in Saudi Arabia, Egypt

It was a landmark year for FAB on the international front. (Asharq Al-Awsat Arabic)
It was a landmark year for FAB on the international front. (Asharq Al-Awsat Arabic)

The UAE’s largest bank, First Abu Dhabi Bank, revealed plans to expand in the domestic market as well as in Saudi Arabia and Egypt in the coming period.

The acquisition of “Bank Audi Egypt” will be completed during the third quarter of 2022, said FAB.

The First Abu Dhabi Bank announced Thursday it scooped a record annual net profit of $3.4 billion in 2021 (12.5 billion dirhams), up from 10.6 billion dirhams, which is a 19 percent increase over the previous year.

FAB’s board of directors recommended dividends per share of 70 fils equivalent, split into 49 fils in cash and 21 fils as scrip dividend in lieu of cash to enable future growth of the bank, it said.

"2021 has been a year of a strong economic rebound, with unprecedented opportunities for innovation and growth, despite continued uncertainties due to Covid-19," said Sheikh Tahnoon bin Zayed, chairman of First Abu Dhabi Bank.

"Against this backdrop, the UAE has once again demonstrated great vision and leadership, leading the way towards recovery, regionally and globally, on the back of its world-class vaccination program, monetary and fiscal stimulus measures including the UAE Central Bank Tess program, structural reforms and plans to drive long-term economic growth and prosperity,” said Sheikh Tahnoon.

Total assets exceeded a historic high of one trillion dirhams ($272 billion), FAB said.

"This performance reflects positive underlying trends across core businesses in a year of economic rebound and expansion," said Hana Al Rostamani, group chief executive of FAB.

"It was also a landmark year for FAB on the international front, as we continued to expand in our targeted markets, helped by the acquisition of Bank Audi Egypt."

Revenue from the bank's international operations grew 26 percent year on year, with the Middle East and North Africa contributing 52 percent last year compared with 39 percent in 2020, Rostamani added.

James Burdett, FAB Group Chief Financial Officer, said: "While we remain cautiously optimistic and cognisant of the uncertainties arising from the pandemic and potential market volatility, the rising interest rate outlook and the expected acceleration in economic activity across the region present significant opportunities for the bank," Burdett concluded.



Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
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Saudi Arabia Unveils Pavilion at International Defense Exhibition and Conference in UAE

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)
The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030. (SPA)

The activities of the Saudi pavilion, organized by the General Authority for Military Industries (GAMI), kicked off on Monday at the International Defense Exhibition and Conference "IDEX 2025" in Abu Dhabi. This event is being held under the patronage of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates.

Governor of GAMI Eng. Ahmad Abdulaziz Al-Ohali participated in the launch, in the presence of Lt.-Gen. Mohammad Bin Abdulrahman bin Hamed Al-Gharibi, Chief of Staff of the Royal Saudi Naval Forces, Sultan bin Abdullah Al-Angari, Saudi ambassador to the UAE, and a number of officials, international investors and decision-makers in the sector.

Al-Ohali emphasized the significance of the Kingdom's participation in IDEX 2025 as a leading global platform for showcasing the latest military technologies.

He underscored the importance of establishing international partnerships that enhance the Kingdom's defense and security capabilities.

The Saudi pavilion serves as a strategic window that reaffirms the Kingdom's commitment to developing its defense sector and strengthening national competencies, contributing to the ambitious goal of localizing over 50% of military spending by 2030, he added.

During the exhibition, GAMI signed a cooperation agreement in the field of government quality assurance with the Defense Acquisition Program Administration in South Korea.

The agreement aims to boost the assurance and reliability of defense products and services carried out under purchasing and acquisition operations, in accordance with the local laws and regulations of both sides.

The agreement reflects the mutual desire of both parties to deepen joint cooperation in the field of defense industry and technology, in a way that achieves the national interests of both countries. The two parties also intend to expand the scope of cooperation by exchanging experiences and best practices in the field of government quality assurance for defense products and services.

The Saudi pavilion is showcasing the latest technologies and advanced systems, underscoring the significant progress the Kingdom has made in localizing military industries, in alignment with the objectives of Saudi Vision 2030.

It is presenting the latest locally developed defense technologies across military, defense, and security industries. It features a variety of military products aimed at highlighting the capabilities of the defense and military sectors. Additionally, it presents investors with a conducive investment environment and the promising opportunities available in the sector.

In addition to GAMI and the General Authority for Defense Development (GADD), the pavilion includes the World Defense Show (WDS), along with several national companies operating in the military industries sector. The companies include the Saudi Arabian Military Industries (SAMI), the National Company for Mechanical Systems (NCMS), the Middle East Propulsion Company (MEPC), the Saudi Chemical Company Holding (SCCH), AlKorayef Group, Life Shield Military Industries (LIFE SHIELD), Emaan International, QUDRA Industrial Company, and the Saudi Company for Aircraft Maintenance and Preparation (GDC).