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Chairman's Statement

Annual Report

“FAB continued to make great strides towards its vision, achieving a record financial performance while accelerating the transformation to build the strategic foundations for a sustainable, future-proofed organisation”

70 fils

equivalent dividend per share

AED 12.5

billion net profit

Dear Shareholders

We have witnessed a strong economic rebound in 2021 with unprecedented opportunities for renewal, innovation, and growth in the business ecosystem, despite COVID-19 presenting lingering uncertainties and an uneven global economic recovery. FAB continued to make great strides towards its vision, achieving a record financial performance while accelerating the transformation to build the strategic foundations for a sustainable, future-proofed organisation.

In a step reflecting our deep commitment to deliver superior and sustainable returns for our shareholders, enable future growth and invest in our market-leading franchise, FAB’s Board of Directors is recommending a dividend per share of 70 fils equivalent for the full year ended 31 December 2021, split into 49 fils in cash and 21 fils as scrip dividend in lieu of cash, for a total amount of AED 7.64 billion.

The successful strategy established by the Board of Directors, and the Group Executive Committee under the leadership of Group CEO, Hana Al Rostamani, is evidence of FAB’s leadership in our sector, enabling the Bank to achieve success as both a driver and beneficiary of economic activity. The country’s increasingly important global role requires us to make unremitting efforts and work diligently to promote sustainable development, advance our commitment to inclusion and diversity, and continue to accelerate growth and drive value creation for customers, employees, and stakeholders in the UAE and abroad. The current business environment provides promising opportunities for growth and prosperity for Abu Dhabi, the UAE, and the region as a whole, as we continue on the path of sustainable economic development and diversification for the post-pandemic era.

While 2021 was a landmark year for the business, it also marked the UAE’s Golden Jubilee and the launch of an ambitious new vision comprising ten key principles that will guide the nation’s development over the coming 50 years. FAB enters 2022 with an integral role to play in furthering economic prosperity in the markets we serve. As we move forward, we will continue to drive growth in our key business areas, create efficiencies and agility across the organisation, and strengthen our market position in targeted markets.

On ESG and as part of our Group-wide strategy, our new target to finance or facilitate over USD 75 billion of sustainable finance projects by 2030 underlines our commitment to act as a key enabler to the regional sustainable finance agenda, and to work hand in hand with our customers and communities to create sustainable growth.

On behalf of the Board, I would like to take this opportunity to thank the President of the United Arab Emirates, His Highness Sheikh Khalifa bin Zayed Al Nahyan, for his continued leadership and support; as well as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and the Ruler of Dubai; His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi; and their Highnesses, the Rulers of the Emirates and Members of the Supreme Council for their enduring guidance. I also wish to thank our customers, partners, and shareholders for their trust during this year, and our Board, management, and employees for their tireless dedication to FAB’s strategic goals and ongoing success.

As the UAE marks 50 years of exceptional growth and development, and looks ahead to the next half-century of progress, FAB will remain committed to delivering on our promises to our customers, employees, shareholders and the people of the UAE, and to fulfilling our central role in supporting the government’s pioneering vision for the future of the nation.


Tahnoon bin Zayed Al Nahyan
Chairman

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