First Abu Dhabi Bank adds Al Khobar to growing Saudi Arabia branch network
Al Khobar, Saudi Arabia; 29 October 2019: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has expanded its operations in Saudi Arabia with the opening of a branch in Al Khobar. The new branch joins Riyadh to give FAB an on-ground presence in two regions of Saudi Arabia and cement its role as a key financial services partner to the Kingdom.
The ribbon-cutting ceremony to mark the opening was attended by Mr. Abdul Hakim Al-Ammar Al-Khaldi, Chairman of Asharqia Chamber of Commerce, Mr. Mohammed Abdullah Al-Neaim, Head of Saudi Arabian Monetary Authority in Dammam, Mr. Layth Saleh Al-Shaiban, Country CEO of FAB KSA, along with other members of the bank’s senior leadership.
Abdulhamid Saeed, Group Chief Executive Officer of FAB, said: “It gives me great pleasure to open our second branch in Saudi Arabia. The opening reflects the bank’s growth ambitions and commitment to evolving its corporate banking footprint and expanding its retail banking services in markets with the highest growth potential. We look forward to providing the best banking services to our new customers in the Eastern Province of KSA, and support the Kingdom’s 2030 Vision, a multi-year plan to diversify its economy. We are again grateful for the support and guidance of the Saudi Arabian Monetary Authority and Capital Market Authority throughout our expansion journey in the Kingdom. FAB is well placed to be a key financial services partner to the Kingdom, especially given the strength of the UAE’s relationship with Saudi Arabia and the complementary nature of the two countries’ economic development plans.”
Saudi Arabia is a growing part of FAB’s international network spanning five continents, which enables the bank to use its global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.
In February 2018, the Capital Market Authority (CMA) provided FAB with the necessary approvals to commence investment banking activities in the Kingdom as FAB Capital (formerly ‘FAB Investments KSA’). The Abu Dhabi-headquartered bank was also granted a licence from the Saudi Arabian Monetary Authority (SAMA) in March to establish a commercial banking business in the country. The licence allows FAB to operate three branches in Saudi Arabia, with Riyadh opening in May 2019, Al Khobar now fully operational, and Jeddah scheduled to follow soon.
Through its growing presence in the Kingdom, FAB is seeking to support promising opportunities in Saudi Arabia and strengthen its position as an engine of economic growth for both the UAE and wider region. The bank’s personal and corporate banking activities in the Kingdom will benefit individuals and businesses with interests in Saudi Arabia, the UAE or across the two countries.