First Abu Dhabi Bank debuts in Saudi Arabia

First Abu Dhabi Bank (FAB) has officially inaugurated its Saudi Arabia operations by unveiling its new Riyadh branch.

The new branch, located in Al Cayan Tower, Riyadh, joins FAB’s international network which spans five continents, enabling customers in Saudi Arabia to draw on the bank’s global relationships, expertise and financial strength to grow stronger. 

“Our expansion into Saudi Arabia represents an important milestone in our international business strategy as well as a testament to the strong ties between the UAE and Saudi Arabia,” Sheikh Tahnoon Bin Zayed Al Nahyan, chairman of FAB, said.

Following the official approval in February 2018 from the Capital Market Authority (CMA) to commence investment banking activities in the Kingdom as FAB Capital, the Abu Dhabi-headquartered bank was granted a license from Saudi Arabian Monetary Authority (SAMA) one month later to establish a commercial banking business in the country.

The licence allows FAB to operate three branches in Saudi Arabia, with the Riyadh opening planned to be followed by Jeddah and Al Khobar later this year.